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Contingency Plans for US Treasury Securities Payments

This bill aims to ensure financial stability by requiring the Financial Stability Oversight Council to develop contingency plans. These plans are designed to protect citizens and institutions from the effects of delays in Treasury securities payments, which could arise from system failures, cyberattacks, or reaching the debt limit. This initiative provides citizens with greater security, knowing that the government is preparing for potential financial crises.
Key points
Requires contingency plans for disruptions in Treasury securities payments due to system failures, cyberattacks, natural disasters, or reaching the debt limit.
Recommendations for Treasury market participants on overcoming operational challenges if payments are delayed.
Recommendations for making payments to domestic and foreign holders of Treasury securities if the US debt limit is reached and funds are insufficient.
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Expired
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Additional Information
Print number: 118_HR_7691
Sponsor: Rep. Donalds, Byron [R-FL-19]
Process start date: 2024-03-15
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To require the Chairperson of the Financial Stability Oversight Council to provide contingency plans for a disruption in the timing of payment on Treasury securities, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7691.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-15.

What are the main provisions?

Key points include:

  • Requires contingency plans for disruptions in Treasury securities payments due to system failures, cyberattacks, natural disasters, or reaching the debt limit.
  • Recommendations for Treasury market participants on overcoming operational challenges if payments are delayed.
  • Recommendations for making payments to domestic and foreign holders of Treasury securities if the US debt limit is reached and funds are insufficient.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Donalds, Byron [R-FL-19].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Security