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Rep. Graves Introduces Bill Creating Fund for America’s Kids and Grandkids

Washington, May 23, 2018 - Rep. Tom Graves (R-GA-14), chairman of the Appropriations Financial Services Subcommittee, today introduced the fiscal year 2019 Financial Services and General Government Appropriations bill, which includes a new provision to create the Fund for America’s Kids and Grandkids.

This account safeguards funds for future generations, as money in the account is not accessible until the budget deficit is erased. Rep. Graves cut $585 million from across his bill to make an initial deposit, which represents 2.5 percent of the total allocation for the Financial Services Appropriations bill.

Speaking of the Fund, Rep. Graves said, “It's time to call the question: are we serious about getting our fiscal house in order? If Congress can’t save two and a half pennies for every dollar it spends in the name of our children and grandchildren, then what are we doing here?”

“This Fund sets a new tone for appropriation bills: just because you can spend it, doesn’t mean you should spend it,” Rep. Graves continued. “It’s an approach that causes us to think about what all of this deficit spending means, in whose name we are borrowing the money, and who will get stuck with the debt.”

The House Appropriations Subcommittee on Financial Services is scheduled to consider the bill tomorrow.

Below is the relevant legislative text:

There is established in the Treasury a fund to be known as the ‘‘Fund for America’s Kids and Grandkids’’ (the ‘‘Fund’’): Provided, That in addition to amounts otherwise made available by this Act, there is appropriated to the Fund $585,000,000 for the sole purpose of government efficiencies: Provided further, That amounts in the Fund may not be obligated until after the date that the Secretary of the Treasury certifies in the annual Financial Report of the United States Government that the Federal budget deficit equals $0 or that there is a budget surplus: Provided further, That no amounts may be transferred from the Fund.

Click HERE to read the full bill.


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