H.R.3494 - Restoring America's Faith and Trust Act

To restore faith and trust in the United States economy and financial system by reducing Federal spending, reducing the size of the Federal workforce, liquidating certain property and assets of the Federal Government, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To restore faith and trust in the United States economy and financial system by reducing Federal spending, reducing the size of the Federal workforce, liquidating certain property and assets of the Federal Government, and for other purposes. as introduced.
  • Short: Restoring America's Faith and Trust Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
11/18/11
 
 
 
 
 
 
 

Official Summary

Restoring America's Faith and Trust Act - Makes rescissions in the discretionary budget authority for FY2012-FY2014.  Limits increases in total new budget authority after FY2013 to the percentage by which the U.S. gross domestic product increases from the previous year. Directs the Off

Official Summary

Restoring America's Faith and Trust Act - Makes rescissions in the discretionary budget authority for FY2012-FY2014.  Limits increases in total new budget authority after FY2013 to the percentage by which the U.S. gross domestic product increases from the previous year. Directs the Office of Management and Budget (OMB) to take appropriate measures to ensure that the total number of federal employees does not exceed the total number of such employees as of October 1, 2007.  Requires such reduction to be achieved through voluntary separation of employees.  Allows the President to waive requirements for the reduction of the federal workforce upon a determination that the existence of a state of war or other national security concern or the existence of an extraordinary emergency threatening life, health, public safety, property, or the environment so requires.  Requires the Administrator of the General Services Administration (GSA) to conduct a Federal Real Property Disposal Program for the disposal of surplus real property. Requires the Secretary of the Interior to offer for sale at fair market value certain lands under the jurisdiction of the Secretary that are located in states where more than 50% of the total land area is federally-owned. Requires the net proceeds from the sale of such lands to be used for the reduction of the public debt. Requires the Director of OMB to submit a plan to Congress for the phased-in expiration of all federal programs every three years.  Requires any federal program scheduled to expire to be reauthorized by an act of Congress.

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