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HR5438119th CongressWALLET

Incentivize Savings Act

Sponsored By: Representative McCormick, Richard [R-GA-7]

In Committee

Summary

Redirects leftover federal agency appropriations to public-debt payments and small retention bonuses. This bill would require agencies to divide unspent, time-limited funds so most are used to pay principal and interest on the public debt while a small share can be used quickly for retention bonuses, and it would cap next-year budget requests to the prior year's request adjusted for inflation.

Show full summary
  • Federal agencies: Unspent funds for a definite period would be split 49% kept available for one more fiscal year, 49% used to pay principal and interest on the public debt, and 2% used within 30 days for retention bonuses.
  • Federal employees: Retention bonuses funded from the 2% pot may not exceed 10% of an employee's basic pay, and any remaining money after bonuses must go to public-debt payments.
  • Budget rules and scope: If these rules apply, an agency's next budget submission to OMB and the President cannot exceed the prior year's request adjusted by the percentage change in the Consumer Price Index. The rule covers executive-branch agencies, including the United States Postal Service and the Postal Regulatory Commission, and excludes the American National Red Cross.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Split agencies' unspent funds for debt

If enacted, this bill would require that when a Federal agency fails to spend money made available for a fixed period, the unspent total would be split. Forty-nine percent would remain available for one more fiscal year. Forty-nine percent would be used to pay principal and interest on the public debt. Two percent would have to be used within 30 days after the availability period ends for retention bonuses under 5 U.S.C. § 5754. Each retention bonus paid from that two percent could not exceed 10 percent of the employee's basic pay. Any bonus money left after paying bonuses would also go to pay principal and interest on the public debt. If these rules apply, the agency's budget submission to OMB and the President's budget request for the next fiscal year could not exceed the agency's prior fiscal year budget request adjusted by the percentage change in the Consumer Price Index (all items—United States city average). The bill would cover Executive branch agencies, the United States Postal Service, and the Postal Regulatory Commission, but it would exclude the American National Red Cross.

Sponsors & CoSponsors

Sponsor

McCormick, Richard [R-GA-7]

GA • R

Cosponsors

  • Rep. Brecheen, Josh [R-OK-2]

    OK • R

    Sponsored 9/17/2025

  • Rep. Edwards, Chuck [R-NC-11]

    NC • R

    Sponsored 9/17/2025

  • Rep. Baird, James R. [R-IN-4]

    IN • R

    Sponsored 9/17/2025

  • Rep. Cline, Ben [R-VA-6]

    VA • R

    Sponsored 9/17/2025

  • Rep. Stutzman, Marlin A. [R-IN-3]

    IN • R

    Sponsored 9/18/2025

  • Rep. Burlison, Eric [R-MO-7]

    MO • R

    Sponsored 9/30/2025

  • Rep. Fallon, Pat [R-TX-4]

    TX • R

    Sponsored 9/30/2025

  • Rep. Van Duyne, Beth [R-TX-24]

    TX • R

    Sponsored 9/30/2025

  • Rep. Jackson, Ronny [R-TX-13]

    TX • R

    Sponsored 9/30/2025

  • Rep. Self, Keith [R-TX-3]

    TX • R

    Sponsored 9/30/2025

  • Rep. Webster, Daniel [R-FL-11]

    FL • R

    Sponsored 9/30/2025

  • Rep. Grothman, Glenn [R-WI-6]

    WI • R

    Sponsored 10/17/2025

  • Rep. Harrigan, Pat [R-NC-10]

    NC • R

    Sponsored 10/17/2025

  • Rep. Cloud, Michael [R-TX-27]

    TX • R

    Sponsored 10/21/2025

  • Rep. Shreve, Jefferson [R-IN-6]

    IN • R

    Sponsored 10/21/2025

  • Rep. Higgins, Clay [R-LA-3]

    LA • R

    Sponsored 10/24/2025

  • Rep. Bergman, Jack [R-MI-1]

    MI • R

    Sponsored 11/4/2025

  • Rep. Biggs, Sheri [R-SC-3]

    SC • R

    Sponsored 11/10/2025

  • Rep. Donalds, Byron [R-FL-19]

    FL • R

    Sponsored 11/19/2025

  • Rep. Miller-Meeks, Mariannette [R-IA-1]

    IA • R

    Sponsored 11/19/2025

  • Rep. Salazar, Maria Elvira [R-FL-27]

    FL • R

    Sponsored 11/19/2025

  • Rep. Fedorchak, Julie [R-ND-At Large]

    ND • R

    Sponsored 11/19/2025

  • Rep. Harshbarger, Diana [R-TN-1]

    TN • R

    Sponsored 12/16/2025

  • Rep. Perry, Scott [R-PA-10]

    PA • R

    Sponsored 12/16/2025

  • Rep. Palmer, Gary J. [R-AL-6]

    AL • R

    Sponsored 12/17/2025

  • Rep. Sessions, Pete [R-TX-17]

    TX • R

    Sponsored 12/17/2025

  • Rep. Hamadeh, Abraham J. [R-AZ-8]

    AZ • R

    Sponsored 12/17/2025

  • Rep. Johnson, Dusty [R-SD-At Large]

    SD • R

    Sponsored 12/17/2025

  • Rep. Smith, Adrian [R-NE-3]

    NE • R

    Sponsored 12/17/2025

  • Rep. Gooden, Lance [R-TX-5]

    TX • R

    Sponsored 12/17/2025

  • Rep. Hudson, Richard [R-NC-9]

    NC • R

    Sponsored 12/17/2025

  • Rep. McGuire, John J. [R-VA-5]

    VA • R

    Sponsored 12/17/2025

  • Rep. Fine, Randy [R-FL-6]

    FL • R

    Sponsored 12/18/2025

  • Rep. Lee, Laurel M. [R-FL-15]

    FL • R

    Sponsored 1/7/2026

  • Rep. Smith, Adam [D-WA-9]

    WA • D

    Sponsored 1/8/2026

  • Rep. Barr, Andy [R-KY-6]

    KY • R

    Sponsored 1/8/2026

  • Rep. Subramanyam, Suhas [D-VA-10]

    VA • D

    Sponsored 1/8/2026

  • Rep. Burchett, Tim [R-TN-2]

    TN • R

    Sponsored 1/8/2026

  • Rep. Pfluger, August [R-TX-11]

    TX • R

    Sponsored 1/9/2026

  • Rep. Gosar, Paul A. [R-AZ-9]

    AZ • R

    Sponsored 1/9/2026

  • Rep. Turner, Michael R. [R-OH-10]

    OH • R

    Sponsored 1/9/2026

  • Rep. Owens, Burgess [R-UT-4]

    UT • R

    Sponsored 1/12/2026

  • Rep. Carter, Earl L. "Buddy" [R-GA-1]

    GA • R

    Sponsored 1/12/2026

  • Rep. Gill, Brandon [R-TX-26]

    TX • R

    Sponsored 1/12/2026

  • Rep. Moore, Blake D. [R-UT-1]

    UT • R

    Sponsored 1/12/2026

  • Rep. Crane, Elijah [R-AZ-2]

    AZ • R

    Sponsored 1/13/2026

  • Rep. Mills, Cory [R-FL-7]

    FL • R

    Sponsored 1/13/2026

  • Rep. Davis, Donald G. [D-NC-1]

    NC • D

    Sponsored 1/13/2026

  • Rep. Lawler, Michael [R-NY-17]

    NY • R

    Sponsored 1/13/2026

  • Rep. Moskowitz, Jared [D-FL-23]

    FL • D

    Sponsored 1/13/2026

  • Rep. Boebert, Lauren [R-CO-4]

    CO • R

    Sponsored 1/13/2026

  • Rep. Houchin, Erin [R-IN-9]

    IN • R

    Sponsored 1/13/2026

  • Rep. Fong, Vince [R-CA-20]

    CA • R

    Sponsored 1/13/2026

  • Rep. Gimenez, Carlos A. [R-FL-28]

    FL • R

    Sponsored 1/13/2026

  • Rep. DesJarlais, Scott [R-TN-4]

    TN • R

    Sponsored 1/14/2026

  • Rep. Langworthy, Nicholas A. [R-NY-23]

    NY • R

    Sponsored 1/14/2026

  • Rep. Collins, Mike [R-GA-10]

    GA • R

    Sponsored 1/14/2026

  • Rep. Jack, Brian [R-GA-3]

    GA • R

    Sponsored 1/20/2026

  • Rep. Luna, Anna Paulina [R-FL-13]

    FL • R

    Sponsored 1/20/2026

  • Rep. Timmons, William R. [R-SC-4]

    SC • R

    Sponsored 1/20/2026

  • Rep. Mace, Nancy [R-SC-1]

    SC • R

    Sponsored 1/20/2026

  • Rep. Miller, Max L. [R-OH-7]

    OH • R

    Sponsored 1/20/2026

  • Rep. Loudermilk, Barry [R-GA-11]

    GA • R

    Sponsored 1/21/2026

  • Rep. Foxx, Virginia [R-NC-5]

    NC • R

    Sponsored 1/22/2026

  • Rep. Smucker, Lloyd [R-PA-11]

    PA • R

    Sponsored 2/2/2026

  • Rep. Van Epps, Matt [R-TN-7]

    TN • R

    Sponsored 2/2/2026

  • Rep. Fleischmann, Charles J. "Chuck" [R-TN-3]

    TN • R

    Sponsored 2/9/2026

  • Rep. Begich, Nicholas J. [R-AK-At Large]

    AK • R

    Sponsored 2/11/2026

  • Rep. Evans, Gabe [R-CO-8]

    CO • R

    Sponsored 3/3/2026

Roll Call Votes

No roll call votes available for this bill.

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