A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds.

referredUnited States· United States Congress· EN

Introduced

18 November 2011

Last action

18 November 2011 · Introduced

Status

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833)

Summary

Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "Buy Back America Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt. Sets the redemption date of a Buy Back America Bond at 10 years from the date of issue and its maturity date at 20 years from such date. Requires annual anniversary interest payments, which shall not be includible in gross income under the Internal Revenue Code. Requires such bonds to be issued at face value and in denominations of at least $25. Allows redemption of such a Bond before 10 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit is less than 3% of gross domestic product (GDP), or (2) the public debt is less than 10% of GDP. Limits the holding of a Buy Back America Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person. Permits a Bond to be purchased by or transferred to an individual who provides a valid Social Security account number, not including a taxpayer identification number (TIN) provided by the Internal Revenue Service (IRS).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

18 November 2011
Introduced
Introduced in Senate
Source: IntroReferral
18 November 2011
Introduced
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833)
Source: IntroReferral
18 November 2011
Introduced
Sponsor introductory remarks on measure. (CR S7832-7833)
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in Senate · 18 November 2011 · Download file

Documents

3 official files

Introduced in Senate (text)

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Introduced in Senate (text)
Introduced in Senate · EN · 18 November 2011
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Introduced in Senate (PDF)
Introduced in Senate · EN · 18 November 2011
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Introduced in Senate
summary · EN · 18 November 2011
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to → War on Debt Act of 2011

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/112th-congress/senate-bill/1909
Open data entity: https://api.congress.gov/v3/bill/112/s/1909
us · 112-s-1909 · source updated 20 February 2019