118th Congress Economics and Public Finance
S. 742: National Debt is National Security Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill establishes limits on the portion of the national debt that may be held by foreign governments, entities, and individuals.
Specifically, the portion of the national debt that is cumulatively held by foreign governments, entities organized or incorporated under the laws of a foreign country, and citizens of foreign countries may not exceed one-fourth of the national debt.
In addition, the portion of the national debt that is cumulatively held by the government of a single foreign country, entities organized or incorporated under the laws of the country, and citizens of the country may not exceed 5% of the national debt.
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The bill allows the President to waive these limits if the President determines and reports to Congress that an important national interest requires the waiver.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Mike Braun R-INOriginal
- Bill Cassidy R-LAOriginal
- Cynthia Lummis R-WYOriginal
Who scored on this bill
No member has earned points from it yet.
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Joni Ernst.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.