Extraordinary Measures Transparency Act
Extraordinary Measures Transparency Act
Plain Language Summary
# Extraordinary Measures Transparency Act Summary **What it does:** This bill would require the U.S. Treasury Department to provide Congress with detailed reports about "extraordinary measures"—special accounting and financial maneuvers the Treasury uses to keep the government functioning when it reaches its borrowing limit (the debt ceiling). If the debt limit is about to be hit within 30 days, Treasury would have to explain what emergency measures it plans to use, estimate their costs, predict how long they'll keep the government running, and report daily on their implementation. **Who it affects:** Congress members would gain more information about Treasury's debt management decisions, and taxpayers would have greater transparency into how the government handles its finances during debt ceiling crises.
The Treasury Department would bear the administrative burden of producing these reports. **Current status:** The bill is in committee and has not yet passed either chamber of Congress. It was introduced by Rep. Zachary Nunn (R-Iowa) in the 119th Congress.
CRS Official Summary
Extraordinary Measures Transparency ActThis bill requires the Department of the Treasury to report to Congress regarding extraordinary measures used to avoid exceeding the federal debt limit.(The term extraordinary measures refers to a series of actions that Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures often include suspensions of debt sales and suspensions or redemptions of investments in certain government funds.)If Treasury determines that the public debt will reach the limit in 30 days, Treasury must submit a report to Congress that includesa description of the extraordinary measures that Treasury intends to use if the debt limit is not raised,an estimate of the cost of the measures,a projection of how long the measures will fund the federal government, anda projection of the administrative cost of taking the measures.Treasury must also submit specified daily reports to Congress when the measures are being used. After using the measures, Treasury must report to Congress regarding the measures that were used and the administrative cost of the measures.
Latest Action
Referred to the House Committee on Ways and Means.