# 114-hr-5745: Putting Main Street FIRST Act

114-hr-5745, Putting Main Street FIRST Act, is a 114th Congress bill sponsored by Rep. DeFazio, Peter A. [D-OR-4] (D-OR); status Sponsor introductory remarks on measure. (CR E1124) (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/114-hr-5745
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 114-hr-5745
- Congress: 114
- Title: Putting Main Street FIRST Act
- Status: Sponsor introductory remarks on measure. (CR E1124)
- Introduced: 2016-07-13
- Sponsor: Rep. DeFazio, Peter A. [D-OR-4] (D-OR)
- Cosponsors: 12
- Policy area: Taxation
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

Putting Main Street FIRST Act or the Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act This bill amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security if: (1) such purchase occurs on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) the purchaser or seller is a U.S. person. A "security" includes: (1) any share of stock in a corporation, (2) any partnership or beneficial ownership interest in a partnership or trust; (3) any note, bond, debenture, or other evidence of indebtedness; and (4) derivatives that meet specified criteria. The tax applies to transactions with respect to a derivative if: (1) the derivative is traded on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) any party with rights under the derivative is a U.S. person. The bill exempts from such tax: (1) initial issues of securities; (2) any note, bond, debenture, or other evidence of indebtedness which is traded on or is subject to the rules of, a qualified board or exchange located in the United States, and has a fixed maturity of not more than 100 days. The tax applies to transactions by a controlled foreign corporation and must be paid by its U.S. shareholders. The bill allows an offset against such tax for contributions to certain tax-favored savings accounts.

## Cosponsors (12)

- Rep. Schakowsky, Janice D. [D-IL-9] (D-IL), 2016-09-06T00:00:00.000Z
- Rep. Grijalva, Raúl M. [D-AZ-7] (D-AZ), 2016-09-22T00:00:00.000Z
- Del. Norton, Eleanor Holmes [D-DC-At Large] (D-DC), 2016-09-22T00:00:00.000Z
- Rep. Napolitano, Grace F. [D-CA-31] (D-CA), 2016-09-27T00:00:00.000Z
- LOUISE SLAUGHTER (D-NY), 2016-09-27T00:00:00.000Z
- JOHN CONYERS (D-MI), 2016-09-27T00:00:00.000Z
- Rep. McGovern, James P. [D-MA-2] (D-MA), 2016-09-28T00:00:00.000Z
- Rep. Cartwright, Matt [D-PA-8] (D-PA), 2016-11-14T00:00:00.000Z
- JIM MCDERMOTT (D-WA), 2016-11-14T00:00:00.000Z
- Rep. Lowenthal, Alan S. [D-CA-47] (D-CA), 2016-11-14T00:00:00.000Z
- Rep. Lofgren, Zoe [D-CA-18] (D-CA), 2016-11-17T00:00:00.000Z
- Rep. Blumenauer, Earl [D-OR-3] (D-OR), 2016-11-17T00:00:00.000Z

## Related bills

- 114-hr-5044: Making supplemental appropriations for fiscal year 2016 to respond to Zika virus.
- 114-hr-4592: Naismith Memorial Basketball Hall of Fame Commemorative Coin Act
- 114-hr-4479: Families of Flint Act
- 114-hr-4215: CLEANER Act of 2015
- 114-hr-3696: Medicare Premium Fairness Act of 2015
- 114-hr-3381: Childhood Cancer STAR Act

## Sources
- [114-hr-5745 on Congress.gov](https://www.congress.gov/bill/114th-congress/house-bill/5745)

## Related
- [114-hr-5044: Making supplemental appropriations for fiscal year 2016 to respond to Zika viru…](https://policyrisk.com/legislation/114-hr-5044)
- [114-hr-4592: Naismith Memorial Basketball Hall of Fame Commemorative Coin Act](https://policyrisk.com/legislation/114-hr-4592)
- [114-hr-4479: Families of Flint Act](https://policyrisk.com/legislation/114-hr-4479)
- [114-hr-4215: CLEANER Act of 2015](https://policyrisk.com/legislation/114-hr-4215)
- [114-hr-3696: Medicare Premium Fairness Act of 2015](https://policyrisk.com/legislation/114-hr-3696)
- [114-hr-3381: Childhood Cancer STAR Act](https://policyrisk.com/legislation/114-hr-3381)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/114-hr-5745 (as of 2025-11-18).