S 1009 REFUND Act
US Congress 112th Congress
REFUND Act
S.1009
About S.1009
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 Requires such rescinded amounts to: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.
Bill Texts
Introduced 05/20/2011
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