- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on AppropriationsIntroducedJanuary 15th, 2013
- house Committees
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To rescind certain Federal funds identified by States as unwanted and use the funds to reduce the Federal debt.
Returned Exclusively For Unpaid National Debt Act or REFUND Act - Rescinds unwanted amounts, as identified by a state from a projected allocation, from any federal funds required to be allocated by formula among all states that agree to use them for a specified purpose. Prescribes a procedure by which a state legislature may identify a projected federal allocation as unwanted funds. Requires such rescinded amounts to: (1) be deposited by the Secretary of the Treasury in the special fund account entitled "Gifts to Reduce Debt Held by the Public, Bureau of the Public Debt, Treasury"; and (2) be used to reduce the federal debt.