H.R. 4496 · 114th Congress
Funding Unpaid National Debt with Settlements Act
- Stage
- In committee
- Sponsor
- David Schweikert
- Introduced
- 2016-02-08
- Latest action
- 2016-02-08 · Introduced in House
Summary
Funding Unpaid National Debt with Settlements Act or the FUNDS Act
This bill requires funds collected by the federal government through legal settlements, fines, and penalties (excluding penalties or interest collected by the Internal Revenue Service under the Internal Revenue Code) to be deposited in the general fund of the Treasury for deficit reduction.
(Under current law, federal agencies are permitted to spend funds from certain settlements, fines, and penalties for specified purposes.)