31 U.S.C. § 3130 — Annual public debt report
submitted 33 years ago by Pub. L. 103-202 to r/title-31-MONEY-AND-FINANCE · 835 words · no verdicts yet
Each year, the Secretary of the Treasury must report to two congressional committees about public debt and the Federal Financing Bank. The report must contain specified historical and projected debt, interest, maturity, ownership, borrowing, amortization, and bank-operation information.
(a) General rule. On or before June 1 each year after 1993, the Secretary of the Treasury must report to the House Committee on Ways and Means and the Senate Committee on Finance about (1) Treasury public-debt activities and (2) the Federal Financing Bank's operations.
(b) Required information on public-debt activities. Each report must include:
(1) A table for total public debt showing (A) past amounts and amounts projected at the end of the current fiscal year and each of the next five fiscal years under the executive branch's most recent current-services baseline projection, and (B) past debt-to-GDP ratios and those same projected ratios.
(2) A table for net public debt showing (A) past and projected amounts for the same periods, (B) past and projected debt-to-GDP ratios, (C) interest costs for past fiscal years and projected costs for the current and next five fiscal years, and (D) interest-cost-to-outlay ratios for those past and projected fiscal years, all under that baseline projection.
(3) A table showing the maturity distribution of net public debt when the report is submitted and in prior years. It must explain the overall financing strategy used to choose maturities when issuing public obligations, including projections and assumptions about interest-rate structure for the current and next five fiscal years.
(4) A table, for the submission date and prior years, describing categories of holders of public obligations and the share of total public debt held by each category.
(5) A table showing the relationship between federally assisted borrowing and total federal borrowing at the submission date and in prior years.
(6) A table showing the annual principal and interest payments that would be needed to repay, in equal annual payments, the net public debt at the submission date over the longest remaining maturity of any obligation included in that debt.
(c) Required information on the Federal Financing Bank. Each report must include information about the Bank's financial operations, including loan payments and prepayments, and the levels and categories of its lending activity for the current and prior fiscal years.
(d) Recommendations. The Secretary may include recommendations to improve issuing and selling public obligations and recommendations about other matters the Secretary considers advisable.
(e) Definitions. (1) "Current fiscal year" means the fiscal year ending in the calendar year when the report is submitted. (2) "Total public debt" means all obligations subject to the public-debt limit in section 3101 of this title. (3) "Net public debt" means the part of total public debt held by the public. (4) "Debt to GDP ratio" means the percentage found by dividing total public debt or net public debt, as applicable, by gross domestic product. (5) "Interest cost to outlay ratio" means, for a fiscal year, the percentage found by dividing interest cost on net public debt by total federal outlays for that year.
On or before June 1 of each calendar year after 1993, the Secretary of the Treasury shall submit a report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate on—
the Treasury’s public debt activities, and
the operations of the Federal Financing Bank.
Each report submitted under subsection (a) shall include the following information:
A table showing the following information with respect to the total public debt:
The past levels of such debt and the projected levels of such debt as of the close of the current fiscal year and as of the close of the next 5 fiscal years under the most recent current services baseline projection of the executive branch.
The past debt to GDP ratios and the projected debt to GDP ratios as of the close of the current fiscal year and as of the close of the next 5 fiscal years under such most recent current services baseline projection.
A table showing the following information with respect to the net public debt:
The past levels of such debt and the projected levels of such debt as of the close of the current fiscal year and as of the close of the next 5 fiscal years under the most recent current services baseline projection of the executive branch.
The past debt to GDP ratios and the projected debt to GDP ratios as of the close of the current fiscal year and as of the close of the next 5 fiscal years under such most recent current services baseline projection.
The interest cost on such debt for prior fiscal years and the projected interest cost on such debt for the current fiscal year and for the next 5 fiscal years under such most recent current services baseline projection.
The interest cost to outlay ratios for prior fiscal years and the projected interest cost to outlay ratios for the current fiscal year and for the next 5 fiscal years under such most recent current services baseline projection.
A table showing the maturity distribution of the net public debt as of the time the report is submitted and for prior years, and an explanation of the overall financing strategy used in determining the distribution of maturities when issuing public debt obligations, including a discussion of the projections and assumptions with respect to the structure of interest rates for the current fiscal year and for the succeeding 5 fiscal years.
A table showing the following information as of the time the report is submitted and for prior years:
A description of the various categories of the holders of public debt obligations.
The portions of the total public debt held by each of such categories.
A table showing the relationship of federally assisted borrowing to total Federal borrowing as of the time the report is submitted and for prior years.
A table showing the annual principal and interest payments which would be required to amortize in equal annual payments the level (as of the time the report is submitted) of the net public debt over the longest remaining term to maturity of any obligation which is a part of such debt.
Each report submitted under subsection (a) shall include (but not be limited to) information on the financial operations of the Federal Financing Bank, including loan payments and prepayments, and on the levels and categories of the lending activities of the Federal Financing Bank, for the current fiscal year and for prior fiscal years.
The Secretary of the Treasury may include in any report submitted under subsection (a) such recommendations to improve the issuance and sale of public debt obligations (and with respect to other matters) as he may deem advisable.
For purposes of this section—
The term “current fiscal year” means the fiscal year ending in the calendar year in which the report is submitted.
The term “total public debt” means the total amount of the obligations subject to the public debt limit established in section 3101 of this title.
The term “net public debt” means the portion of the total public debt which is held by the public.
The term “debt to GDP ratio” means the percentage obtained by dividing the level of the total public debt or net public debt, as the case may be, by the gross domestic product.
The term “interest cost to outlay ratio” means, with respect to any fiscal year, the percentage obtained by dividing the interest cost for such fiscal year on the net public debt by the total amount of Federal outlays for such fiscal year.
Source credit: (Added Pub. L. 103–202, title II, § 201(a), Dec. 17, 1993, 107 Stat. 2355.)
- 1993Enacted · Pub. L. 103-202 · 107 Stat. 2355
A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-202 on 1993-12-17.
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