S. 1909Senate112th Congress (2011-2013)In Committee

A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds.

Introduced November 18, 2011

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833)

November 18, 2011

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SenateIntro Referral

Introduced in Senate

November 18, 2011

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S7832-7833)

November 18, 2011

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833)

November 18, 2011

Floor Debate

17 members

What members said about S. 1909 on the floor

7 Republicans10 Democrats
Carl Levin
Sen. Carl LevinD-MI · Nov 18, 2011

Mr. President, the pending business is S. 1867, the Defense Authorization Act; is that correct? Mr. President, Senators are encouraged to come to the floor to offer their amendments this morning. We…

Jeff Sessions
Sen. Jeff SessionsR-AL · Nov 18, 2011

Mr. President, I do believe the Defense authorization bill has been moved in the way more legislation needs to be handled in the Congress. I am confident that is in large part due to the leadership…

Kelly Ayotte
Sen. Kelly AyotteR-NH · Nov 18, 2011

Mr. President, I would like to thank the chairman of the Armed Services Committee for such a thorough analysis of the detainee provisions represented in section 1031 through 1034 of the Defense…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Nov 18, 2011

Mr. President, I rise today, with my colleagues, Senator Collins, Senator Akaka, and Senator Lugar, to support an amendment to improve the efficiency and effectiveness of our government by fostering…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Nov 18, 2011

Mr. President, I ask unanimous consent to speak as if in morning business. Mr. President, I suggest the absence of a quorum. Mr. President, I ask unanimous consent the order for the quorum call be…

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Tom Udall
Sen. Tom UdallD-NM · Nov 18, 2011

Mr. President, let me first say, before I talk about my amendments, I had the opportunity yesterday to listen to Senator Levin, Senator McCain, Senator Durbin, and many other Senators with regard to…

John McCain
Sen. John McCainR-AZ · Nov 18, 2011

Mr. President, I thank Senator Levin and his staff for their hard work on this very important piece of legislation. I am glad to see the chairman announced that the staff will be in working next…

Saxby Chambliss
Sen. Saxby ChamblissR-GA · Nov 18, 2011

Mr. President, first of all, let me say to the majority leader that our thoughts and prayers go out to folks in Nevada, and we certainly hope this emergency situation is rectified in the near term.…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Nov 18, 2011

I rise today to introduce my Buy Back America Bonds bill, S. 1909. This bill will not only help raise awareness of our Nation's debt crisis, but it will also give every American the chance to be a…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Nov 18, 2011

I rise today to introduce my Buy Back America Bonds bill, S. 1909. This bill will not only help raise awareness of our Nation's debt crisis, but it will also give every American the chance to be a…

Ron Wyden
Sen. Ron WydenD-OR · Nov 18, 2011

Mr. President, I ask unanimous consent for the pending amendment to be set aside, and to call up amendment No. 1160 and amendment No. 1253 en bloc. Mr. President, this first amendment has previously…

Jack Reed
Sen. Jack ReedD-RI · Nov 18, 2011

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I rise in support of the National Defense Authorization Act for Fiscal Year 2012. I wish to…

Jack Reed
Sen. Jack ReedD-RI · Nov 18, 2011

Mr. President, today I am introducing the PCAOB Enforcement Transparency Act of 2011 along with Senator Grassley. One of the largest securities frauds in history began unraveling in August 2001 when…

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Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Nov 18, 2011

Mr. President, I ask unanimous consent that the pending amendment be set aside, and amendment No. 1087, the Leahy FOIA amendment, be called up and then be set aside. Mr. President, today I offer an…

Robert Menendez
Sen. Robert MenendezD-NJ · Nov 18, 2011

Mr. President, one of the greatest--if not the greatest threats to the security of our Nation and our ally Israel--is the concerted effort by the Government of Iran to acquire the technology and…

Harry Reid
Sen. Harry ReidD-NV · Nov 18, 2011

Mr. President, Reno, NV, is a beautiful place. It is right below the great Lake Tahoe, the beautiful Sierra Nevada Mountains. It is a beautiful picturesque place. I was troubled this morning to wake…

Mark  Begich
Sen. Mark Begich D-AK · Nov 18, 2011

Mr. President, I am pleased to speak on amendment No. 1114 to S.1867, the National Defense Authorization Act for Fiscal Year 2012. The amendment is cosponsored by Senators Snowe, Casey, Leahy,…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · Nov 18, 2011

Mr. President, I rise to speak about bipartisan legislation I am introducing today, the Cut Energy Bills at Home Act, which would provide a 30 percent tax credit for Americans to cut their energy…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Nov 18, 2011

Mr. President, I rise today to introduce the Volunteer Emergency Services Recruitment and Retention Act of 2011. This bill fixes a long-standing problem with the tax code that harms the ability of…

Jeff Merkley
Sen. Jeff MerkleyD-OR · Nov 18, 2011

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I ask unanimous consent that the pending amendment be set aside. I call up en bloc 1239, 1256,…

Bill Text

Latest available legislative text

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Introduced in SenateIssued November 18, 2011

II

112th CONGRESS

1st Session

S. 1909

IN THE SENATE OF THE UNITED STATES

November 18, 2011

Mr. Enzi introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds.

1.

Buy Back America Bonds

(a)

In general

Subchapter I of chapter 31 of subtitle III of title 31, United States Code, is amended by inserting after section 3105 the following new section:

3105a.

Buy Back America Bonds

(a)

The Secretary shall establish and administer a new series of United States savings bonds, to be known as Buy Back America Bonds. Proceeds from the bonds shall be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt.

(b)

A Buy Back America Bond shall be subject to such terms and conditions of issue, conversion, redemption, and maturation as the Secretary may prescribe, except that a Buy Back America Bond shall not mature, and may not be redeemed by the holder, earlier than 10 years from the date of issue and shall mature not more than 20 years from the date of issue. Interest on a Buy Back America Bond whenever paid shall not be includible in gross income under the Internal Revenue Code of 1986.

(c)

Buy Back America Bonds shall be issued at face value and in denominations of not less than $25.

(d)

The redemption value of a Buy Back America Bond shall be determined as the Secretary shall provide—

(1)

at a fixed interest rate equal to the rate applicable to a Series I savings bond for the rate period during which the Buy Back America Bond is purchased, and

(2)

for purposes of calculating yearly interest, by increasing the purchase price of such Buy Back America Bond in each calendar year after the year of purchase by an amount equal to—

(A)

such purchase price, multiplied by

(B)

the cost-of-living adjustment determined under section 1(f)(3) of the Internal Revenue Code of 1986 for such calendar year, determined by substituting the calendar year in which such bond was purchased for 1992 in subparagraph (B) thereof.

(e)

If during any fiscal year during which any Buy Back America Bond is outstanding—

(1)

the Federal budget deficit for such fiscal year is less than the amount equal to 3 percent of gross domestic product (as most recently computed and published by the Department of Commerce); and

(2)

the public debt is less than the amount equal to 10 percent of gross domestic product (as so computed and published);

then any such bond may be redeemed without regard to subsection (b).
(f)

A Buy Back America Bond may only be held by—

(1)

a citizen or resident of the United States;

(2)

a domestic partnership, or domestic corporation, not more than 1 percent of the ownership interest of which is held (directly or indirectly) by a person who is not a United States person (as defined in section 7701(a)(30) of the Internal Revenue Code of 1986); or

(3)

an estate or trust which is a United States person (as so defined), unless there is a beneficiary of the trust who is not a United States person (as so defined),

and may be purchased only by an individual who provides a valid social security account number (not including a taxpayer identification number provided by the Internal Revenue Service).
(g)

A Buy Back America Bond may be transferred as provided by the Secretary, but only to an individual who has a valid social security account number (not including a taxpayer identification number provided by the Internal Revenue Service).

.

(b)

Clerical amendment

The table of sections subchapter I of chapter 31 of subtitle III of title 31, United States Code, is amended by inserting after section 3105 the following new item:

3105. Buy Back America Bonds.

.

2.

Deficit reduction

(a)

Calculation

The Office of Management and Budget shall calculate the net deficit reduction resulting from the implementation of this Act and the sale of Buy Back America Bonds for the period beginning on the date of the sale of the first such Buy Back America Bond and ending on the date that is 1 year after such date.

(b)

Adjustment of the discretionary caps

Effective on the effective date of this Act, the limit for the appropriate discretionary budget category set forth in section 251(c) and 251A of the Balanced Budget and Emergency Deficit Control Act of 1985 for the first fiscal year beginning after the date that is 1 year after the date of the sale of the first Buy Back America Bond shall be reduced by the amount of the net deficit reduction calculated pursuant to subsection (a).