§1457 Public Safety Trust Fund

Summary

Creates a Public Safety Trust Fund in the U.S. Treasury to hold certain money. Money in the fund can be used through fiscal year 2022. Any money left after that year must go into the Treasury’s general fund and be used only to reduce the federal deficit. Money in the fund can be invested under federal rules, and any interest or earnings go back into the fund. As deposits come in, the law requires them to be spent in this order: up to $2,000,000,000 to NTIA to repay amounts borrowed under section 1427; $135,000,000 to the State and Local Implementation Fund (section 1441); $7,000,000,000 minus any amount borrowed under section 1427 to the Network Construction Fund (section 1426); $100,000,000 to NIST for section 1443; $20,400,000,000 to the Treasury general fund for deficit reduction; $115,000,000 to the Assistant Secretary and NHTSA for the grant program in section 942; $200,000,000 to NIST for section 1443; and any remaining money to the Treasury general fund for deficit reduction.