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  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Appropriations
    IntroducedJanuary 15th, 2013

Bill Details

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Title

REFUND Act

Official Title

To rescind certain Federal funds identified by States as unwanted and use the funds to reduce the Federal debt.

Summary

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 Requires such rescinded amounts to: (1) be deposited by the Secretary of the Treasury in the special fund account entitled "Gifts to Reduce Debt Held by the Public, Bureau of the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.

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