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Federal Rainy Day Fund: New Rules for Disaster Funding and Spending Control.

This law establishes the Federal Rainy Day Fund, dedicating 2% of previous non-emergency discretionary spending annually to cover future disasters and crises. This mechanism ensures that federal aid for natural disasters and emergencies is financed by pre-saved funds rather than immediate debt accumulation. It also introduces strict Senate rules, requiring a two-thirds majority vote to use these funds for non-emergency purposes or to bypass budget limits.
Key points
Creation of a dedicated savings account: 2% of annual discretionary spending will be set aside specifically for disaster relief and emergencies.
Savings First Policy: The government must exhaust the Rainy Day Fund before using general Treasury funds for emergency costs.
Tighter Budget Control: It becomes significantly harder for Congress to bypass spending caps by designating non-disaster items as "emergency" spending.
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Expired
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Additional Information
Print number: 118_S_718
Sponsor: Sen. Braun, Mike [R-IN]
Process start date: 2023-03-08
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to establish the Federal Rainy Day Fund to control emergency spending.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_718.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-08.

What are the main provisions?

Key points include:

  • Creation of a dedicated savings account: 2% of annual discretionary spending will be set aside specifically for disaster relief and emergencies.
  • Savings First Policy: The government must exhaust the Rainy Day Fund before using general Treasury funds for emergency costs.
  • Tighter Budget Control: It becomes significantly harder for Congress to bypass spending caps by designating non-disaster items as "emergency" spending.
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 Sen. Braun, Mike [R-IN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Security