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H.R.807: Full Faith and Credit Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about economics and public finance
You can read the bill
Sponsor Tom McClintock, R-Calif.
Total Cosponsors 106 (All Republicans)
Introduced Feb. 25, 2013
Latest Major Action May 13, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

Full Faith and Credit Act - Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act.

Prohibits: (1) the use of the issued obligations to pay compensation for Members of Congress, and (2) these obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded.

Requires the Secretary, if such authority is exercised after enactment of this Act, to report to specified congressional committees each week the authority is in use and provide an accounting of: (1) the principal on mature obligations and...

(Source: Congressional Research Service)

Bill Actions

Date Description
May 13, 2013 Received in the Senate and Read twice and referred to the Committee on Finance.
May 9, 2013 Motion to reconsider laid on the table Agreed to without objection.
May 9, 2013

On passage Passed by the Yeas and Nays: 221 - 207 (Roll no. 142).

May 9, 2013

On motion to recommit with instructions Failed by recorded vote: 200 - 227 (Roll no. 141).

May 9, 2013 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2552)
May 9, 2013 DEBATE - The House proceeded with 10 minutes of debate on the Maffei motion to recommit with instructions pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to the prohibition on default that pays China first instead of protecting America's seniors, veterans, and those harmed by natural disasters. Subsequently, the reservation was removed.
May 9, 2013 Mr. Maffei moved to recommit with instructions to Ways and Means. (consideration: CR H2551-2553; text: CR H2551)
May 9, 2013 DEBATE - Pursuant to the provisions of H.Res. 202, the House proceeded with 10 minutes of debate on the Camp amendment.
May 9, 2013 DEBATE - The House continued with further debate on H.R. 807.
May 9, 2013 DEBATE - The House proceeded with one hour of debate on H.R. 807.
May 9, 2013 Rule provides for consideration of H.R. 807 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order.
May 9, 2013 Considered under the provisions of rule H. Res. 202. (consideration: CR H2539-2553; text of measure as reported in House: CR H2539)
May 8, 2013 Rule H. Res. 202 passed House.
May 7, 2013 Rules Committee Resolution H. Res. 202 Reported to House. Rule provides for consideration of H.R. 807 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order.
April 30, 2013 Placed on the Union Calendar, Calendar No. 29.
April 30, 2013 Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-48.
April 24, 2013 Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 14.
Feb. 25, 2013 Referred to the House Committee on Ways and Means.