To require the Chairperson of the Financial Stability Oversight Council to provide contingency plans for a disruption in the timing of payment on Treasury securities, and for other purposes.
HR 7691 requires the Financial Stability Oversight Council's Chair to create and report contingency plans within 180 days of enactment. The plan must cover disruptions like cyberattacks, natural disasters, or when the U.S. debt ceiling is reached and extraordinary measures run out, ensuring Treasury security payments (interest and principal) continue. It mandates a report to key congressional committees detailing these plans, recommendations for market participants to handle operational issues during disruptions, and specific steps for making payments if federal receipts are insufficient. The bill directly affects Treasury market participants, investors, and government operations by establishing concrete procedures to prevent payment delays during financial emergencies.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2024
Committee Review
Floor Vote
President
Introduced Mar 15, 2024
Last action Mar 15, 2024
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No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Mar 15, 2024
Committee
Referred to the House Committee on Financial Services.
lower
Mar 15, 2024
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Byron Donalds
RRepublican
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