§1457 Public Safety Trust Fund

Summary

Creates a Public Safety Trust Fund inside the U.S. Treasury. Money in the Fund can be used through fiscal year 2022. Any money left after fiscal year 2022 must be put into the Treasury’s general fund and used only to reduce the federal deficit. As deposits come in, the money must be spent in this order: up to $2,000,000,000 to repay amounts borrowed for the First Responder Network Authority (under section 1427); $135,000,000 to the State and Local Implementation Fund; $7,000,000,000, reduced by the amount borrowed under section 1427, to the Network Construction Fund; $100,000,000 for NIST public safety research; $20,400,000,000 to the general fund for deficit reduction; $115,000,000 for 9–1–1 and Next Generation 9–1–1 grants (under section 942); $200,000,000 more for NIST research; and any remaining money to the general fund for deficit reduction. Money in the Fund may be invested under title 31, section 9702, and any interest earned goes back into the Fund.