Extraordinary Measures Transparency Act
The Extraordinary Measures Transparency Act would require the Secretary of the Treasury to publish new, regular reports about any extraordinary measures used to avoid hitting the federal debt limit. When the debt limit is estimated to be reached within 30 days, the Treasury would issue a detailed pre-limit report explaining which extraordinary measures are planned, their estimated cost, how long they would fund government operations, and the administrative cost of implementing them. While extraordinary measures are in effect, the Treasury would provide daily reports listing which measures are being used and the specific transfers of funds. At the end of a period of use, a final report would summarize the measures and their administrative costs. The bill also defines what counts as extraordinary measures (and allows for other measures the Secretary determines appropriate) and adds a clerical update to the table of analysis in the U.S. Code.
Key Points
- 1Pre-limit reporting: If the debt limit is expected to be reached within 30 days, the Secretary must issue a report detailing the intended extraordinary measures, their estimated cost, duration, and administrative costs.
- 2Daily transparency during use: While extraordinary measures are in effect, the Secretary must provide a daily report listing which measures were used and the amount transferred and from which accounts.
- 3End-of-period reporting: After concluding the use of extraordinary measures, the Secretary must report a summary of the measures used and the administrative costs.
- 4Definitions and scope: The bill defines administrative costs, debt limit, and extraordinary measures (including specific actions such as debt issuance via the Federal Financing Bank, suspending investments in certain funds, selling assets, and suspending sales of certain Treasury securities) and allows the Secretary to determine additional appropriate measures.
- 5Administrative and clerical updates: The U.S. Code table of analysis would be amended to include a new section for reports on extraordinary measures.