The "Extraordinary Measures Transparency Act" mandates that the Secretary of the Treasury provide Congress with detailed reports regarding the use of extraordinary measures to prevent the federal government from exceeding the statutory debt limit. Specifically, the Secretary must issue a report 30 days before the public debt is projected to reach the debt limit, outlining the intended measures, their estimated costs, and how long they are expected to fund the Federal Government. During any period when these measures are actively being used, the Secretary is required to submit a daily report to Congress, listing the specific actions taken, including money transferred and from which accounts. Upon the conclusion of a period during which extraordinary measures were employed, the Secretary must provide a final report summarizing all measures used and their associated administrative costs . These administrative costs encompass personnel, consultant fees, and other government expenses related to implementing the measures. Examples of such extraordinary measures include suspending investments in various government funds like the Government Securities Investment Fund or the Civil Service Retirement and Disability Fund, and suspending sales of State and Local Government Series Treasury securities, aiming to increase transparency around these critical financial actions.
Referred to the House Committee on Ways and Means.
Economics and Public Finance
Budget deficits and national debtCongressional oversightDepartment of the TreasuryGovernment information and archives
Extraordinary Measures Transparency Act
USA119th CongressHR-737| House
| Updated: 1/24/2025
The "Extraordinary Measures Transparency Act" mandates that the Secretary of the Treasury provide Congress with detailed reports regarding the use of extraordinary measures to prevent the federal government from exceeding the statutory debt limit. Specifically, the Secretary must issue a report 30 days before the public debt is projected to reach the debt limit, outlining the intended measures, their estimated costs, and how long they are expected to fund the Federal Government. During any period when these measures are actively being used, the Secretary is required to submit a daily report to Congress, listing the specific actions taken, including money transferred and from which accounts. Upon the conclusion of a period during which extraordinary measures were employed, the Secretary must provide a final report summarizing all measures used and their associated administrative costs . These administrative costs encompass personnel, consultant fees, and other government expenses related to implementing the measures. Examples of such extraordinary measures include suspending investments in various government funds like the Government Securities Investment Fund or the Civil Service Retirement and Disability Fund, and suspending sales of State and Local Government Series Treasury securities, aiming to increase transparency around these critical financial actions.