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HR737119th CongressWALLET

Extraordinary Measures Transparency Act

Sponsored By: Representative Nunn, Zachary [R-IA-3]

Introduced

Summary

Requires clear, timely reporting when Treasury would use extraordinary measures to avoid the federal debt limit. The bill would make Treasury provide Congress a pre-limit report 30 days before reaching the limit describing which measures it intends to use, estimate their cost and duration, and project administrative costs.

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  • Congress would get daily and end-of-use detail on which measures were taken and the specific amounts and accounts involved, improving visibility into short-term financing actions.
  • Treasury would have to estimate and later itemize administrative costs, including personnel and consultant costs and any fees, when implementing extraordinary measures.
  • The bill defines which actions count as extraordinary measures and lists examples, such as using the Federal Financing Bank, suspending certain retirement and stabilization fund investments, selling or redeeming invested assets, and suspending State and Local Government Series sales.

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Bill Overview

Analyzed Economic Effects

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

Treasury reporting on debt-limit measures

This bill would require the Treasury Secretary to tell Congress 30 days before the public debt limit is reached. The pre-limit report would say which "extraordinary measures" the Treasury plans to use, estimate their costs, how long they would fund the government, and projected administrative costs. While extraordinary measures are in use, the Treasury would send daily reports listing each measure used, amounts moved, and the accounts involved. After the period ends, the Treasury would send a final report summarizing measures used and the administrative cost. The bill would define "administrative cost" and give examples of extraordinary measures, like suspending certain fund investments, selling or redeeming some securities early, and Federal Financing Bank exchanges.

Sponsors & CoSponsors

Sponsor

Nunn, Zachary [R-IA-3]

IA • R

Cosponsors

  • Rep. Davis, Donald G. [D-NC-1]

    NC • D

    Sponsored 1/24/2025

Roll Call Votes

No roll call votes available for this bill.

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