A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds.
Latest action · Nov 18, 2011 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 18, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "Buy Back America Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt.
Sets the redemption date of a Buy Back America Bond at 10 years from the date of issue and its maturity date at 20 years from such date. Requires annual anniversary interest payments, which shall not be includible in gross income under the Internal Revenue Code.
Requires such bonds to be issued at face value and in denominations of at least $25.
Allows redemption of such a Bond before 10 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit is less than 3% of gross domestic product (GDP), or (2) the public debt is less than 10% of GDP.
Limits the holding of a Buy Back America Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person.
Permits a Bond to be purchased by or transferred to an individual who provides a valid Social Security account number, not including a taxpayer identification number (TIN) provided by the Internal Revenue Service (IRS).
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Nov 18, 2011 |
Actions 3
Everything that happened, newest first.
- Nov 18, 2011Introduced in Senate
- Nov 18, 2011Sponsor introductory remarks on measure. (CR S7832-7833)
- Nov 18, 2011Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S7832Text printed S7833 | Michael B. Enzi R-WY (text) | Nov 18, 2011 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 146 | War on Debt Act of 2011 | Related bill | Jan 5, 2011 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds.
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
Text 1
Each version as it was printed, newest first.
- Nov 18, 2011Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
