A bill to assure the American people that the Administration's budget goals will be met, that the deficit for fiscal year 1982 will not exceed $43,100,000,000, that the deficit will not exceed $22,900,000,000 for fiscal year 1983, and that the budget will be balanced in fiscal year 1984, and to assure the representation of small business interests on the Board of Governors of the Federal Reserve System.
Fiscal Prudence and Small Business Representation Act of 1981 - Assures the American people that the deficit for fiscal years 1982 and 1983 will not exceed specified amounts and that outlays will not exceed revenues by the first day of fiscal year 1984.
Directs the Director of the Office of Management and Budget, not later than November 15, 1981, to prepare and transmit to Congress a full and complete list of all reductions in budget authority and outlays and increases in revenues for fiscal years 1982, 1983, and 1984 which would be necessary to meet the President's objective that the deficit for fiscal years 1982 and 1983 not exceed specified amounts and that outlays not exceed revenues by the first day of fiscal year 1984.
Directs the President to nominate an individual whose background is nonbanking, but who is representative of small business, to fill the first vacancy occurring on the Board of Governors of the Federal Reserve System after the enactment of this Act.
Introduced in Senate
Read second time and referred to Senate Committee on Governmental Affairs.
Committee on Governmental Affairs received executive comment from GAO.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line