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S.692 - REFUND Act

A bill to rescind certain Federal funds identified by States as unwanted and use the funds to reduce the Federal debt. view all titles (3)

All Bill Titles

  • Official: A bill to rescind certain Federal funds identified by States as unwanted and use the funds to reduce the Federal debt. as introduced.
  • Short: REFUND Act as introduced.
  • Short: Returned Exclusively For Unpaid National Debt Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
04/10/13
 
 
 
 
 
 
 

Sponsor

R000595

Senator

Marco Rubio

R-FL

View Co-Sponsors (18)

Official Summary

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 proced

Official Summary

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 Requires such rescinded amounts to: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.

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