Returned Exclusively For Unpaid National Debt Act or REFUND Act - Rescinds unwanted amounts, as identified by a state from a projected allocation, from any federal funds required to be allocated by formula among all states that agree to use them for a specified purpose.
Prescribes a procedure by which a state legislature may identify a projected federal allocation as unwanted funds.
Requires such rescinded amounts to: (1) be deposited by the Secretary of the Treasury in the special fund account entitled "Gifts to Reduce Debt Held by the Public, Bureau of the Public Debt, Treasury"; and (2) be used to reduce the federal debt.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1009 Introduced in Senate (IS)]
112th CONGRESS
1st Session
S. 1009
To rescind certain Federal funds identified by States as unwanted and
use the funds to reduce the Federal debt.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 17, 2011
Mr. Rubio introduced the following bill; which was read twice and
referred to the Committee on Appropriations
_______________________________________________________________________
A BILL
To rescind certain Federal funds identified by States as unwanted and
use the funds to reduce the Federal debt.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Returned Exclusively For Unpaid
National Debt Act'' or the ``REFUND Act''.
SEC. 2. USE OF UNWANTED FEDERAL FUNDS TO REDUCE FEDERAL DEBT.
(a) Rescission of Unwanted Federal Funds.--There is rescinded, from
any Federal funds required to be allocated by formula among all States
that agree to use such funds for a specified purpose, an amount equal
to the amount of such funds that would have otherwise been allocated to
a State that identifies such funds under subsection (b) as unwanted.
(b) Identification of Funds.--Subsection (a) shall only apply if,
not later than the last date on which an application or State plan must
be submitted in order for a State to be allocated, in an annual or
biennial budget cycle, funds described in such subsection--
(1) the State legislature with jurisdiction over such
budget cycle adopts a concurrent resolution identifying the
funds as unwanted; and
(2) the State submits notice of the resolution described in
paragraph (1) to the agency head responsible for allocation of
the funds, in such form and manner and containing such
information as the agency head determines appropriate to make
the determination in subsection (c).
(c) Determination of Amount To Be Rescinded.--An agency head that
receives notice described in subsection (b)(2) shall determine and
report to the Office of Management and Budget the amount to be
rescinded under subsection (a).
(d) Use for Reduction of Federal Debt.--Amounts rescinded under
subsection (a) shall be deposited by the Secretary of the Treasury in
the special fund account ``Gifts to Reduce Debt Held by the Public,
Bureau of the Public Debt, Treasury'' and used to reduce the Federal
debt as provided in section 3113(d) of title 31, United States Code.
(e) Annual Report.--The Secretary of the Treasury shall submit to
the Congress each year a report identifying the amount deposited in the
Treasury under subsection (d) with respect to each State in such year.
(f) Definitions.--In this section:
(1) The term ``agency head'' means the head of a department
or agency of the Federal Government.
(2) The term ``State'' means--
(A) each of the several States;
(B) the District of Columbia; or
(C) any commonwealth, territory, or possession of
the United States.
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Introduced in Senate
Read twice and referred to the Committee on Appropriations.
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