To establish an emergency reserve fund to provide timely financial assistance in response to domestic disasters and emergencies.

January 24, 2005

Mrs. HUTCHISON introduced the following bill; which was read twice and referred to the Committee on the Budget

To establish an emergency reserve fund to provide timely financial assistance in response to domestic disasters and emergencies.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Emergency Reserve Fund Act of 2005'.

SEC. 2. EMERGENCY RESERVE FUND.

(a) Establishment- There is established in the Treasury of the United States, under the office of the Secretary of the Treasury, an Emergency Reserve Fund (referred to in this Act as the `Fund'). The Fund shall be available to provide financial resources to respond to domestic disasters and emergencies described in subsection (c).

(b) Appropriations-

(1) IN GENERAL- The Fund shall consist of such sums as are appropriated in accordance with this subsection.

(2) DEFINITION- For purposes of this subsection, the term `operating expenditures' means an amount equal to the average domestic, non-defense, discretionary spending by the Federal Government spending for each of the last 5 years.

(3) DEPOSITS INTO FUND- On October 1 of each fiscal year, the Secretary of the Treasury shall make a cash deposit into the Fund of--

(A) an amount sufficient to bring the Fund balance up to 1.2 percent of the operating expenditures; or

(B) such an amount as may be required to replenish the Fund.

(4) REPLENISHMENT- There shall be appropriated, for each fiscal year, sufficient amounts to the Fund to replenish any amount allocated from the Fund during the preceding fiscal year so that--

(A) not less than 50 percent of any amount allocated in the preceding fiscal year or the amount necessary to restore the Fund to the 1.2 percent required balance, whichever is less, is replenished by the end of the first fiscal year following each such allocation; and

(B) 100 percent of the amount allocated or the amount necessary to restore the Fund to the 1.2 percent required balance, whichever is less, is replenished by the end of the second fiscal year following each such allocation.

(5) ADDITIONAL APPROPRIATIONS-

(A) IN GENERAL- It shall not be in order in the Senate to consider any appropriation beyond the levels described in paragraphs (2) and (3).

(B) SUPERMAJORITY WAIVER AND APPEAL- This paragraph may be waived or suspended in the Senate only by an affirmative vote of 2/3 of the Members, duly chosen and sworn. An affirmative vote of 2/3 of the Members of the Senate, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under this section.

(c) Use of Funds- Amounts in the Fund shall only be available to meet the emergency funding requirements for particular domestic disasters and security emergencies--

(1) as designated by a joint resolution of Congress; or

(2) as declared by the President pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act.

SEC. 3. PERMANENT APPROPRIATION.

Section 1305 of title 31, United States Code, is amended by adding at the end the following:

`(11) EMERGENCY RESERVE FUND- To make payments into the Emergency Reserve Fund in accordance with the Emergency Reserve Fund Act of 2005.'.

SEC. 4. CONGRESSIONAL BUDGET PROCESS.

(a) Budget Resolutions- Section 301(a) of the Congressional Budget Act of 1974 (2 U.S.C. 632(a)) is amended--

(1) by redesignating paragraphs (6) and (7) as paragraphs (7) and (8) respectively; and

(2) by inserting after paragraph (5) the following:

`(6) total new budget authority and total budget outlays for emergency funding requirements for domestic disasters and emergencies, which shall be transferred to the Emergency Reserve Fund established under section 2 of the Emergency Reserve Fund Act of 2005.'.

(b) Adjustment for Emergency Appropriations- Section 251(b)(2) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901(b)(2)) is amended--

(1) by striking subparagraph (A); and

(2) by redesignating subparagraphs (B) through (G) as subparagraphs (A) through (F).

SEC. 5. REPORTING.

Not later than November 30, 2006, and annually thereafter, the Director of the Office of Management and Budget shall submit a report to the Senate and the House of Representatives that lists the amounts expended from the Fund for the prior fiscal year for each disaster or emergency pursuant to section 2(c).

END