,i #aacth ,,congress #ast ,session ,h4 ,r4 #bhcj ,,in ,,the ,,house ,,of ,,representatives ,july #be1 #bjac ,mr4 ,mc,caul introduced the following bill2 which was referred to the ,committee on ,foreign ,affairs ,a ,,bill ,to prohibit assistance to foreign countries whose governments hold more than #ejj1jjj1jjj1jjj in ,united ,states ,treasury securities1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,prioritizing ,debt ,reduction in ,u4,s4 ,foreign ,assistance ,act of #bjac4 #b4 ,definitions ,in this ,act3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,foreign ,relations1 the ,committee on ,appropriations1 and the ,committee on the ,budget of the ,senate2 and 7,b7 the ,committee on ,foreign ,affairs1 the ,committee on ,appropriations1 and the ,committee on the ,budget of the ,house of ,representatives4 7#b7 ,major foreign debt holder ,the term major foreign debt holder means any foreign country the government of which the ,secretary of the ,treasury determines holds more than #ejj1jjj1jjj1jjj in ,united ,states ,treasury securities4 7#c7 ,united ,states ,treasury securities ,the term ,united ,states ,treasury securities means obligations issued by the ,united ,states under chapter #ca of title #ca1 ,united ,states ,code4 #c4 ,findings ,congress makes the following findings3 7#a7 ,the ,federal debt of the ,united ,states is approximately #ag trillion4 7#b7 ,former ,joint ,chiefs of ,staff ,chairman1 ,admiral ,mike ,mullen1 has repeatedly stated that the biggest threat to the national security of the ,united ,states is its debt4 7#c7 ,a growing proportion of the ,federal debt of the ,united ,states is held by foreign governments1 to some of which the ,united ,states provides direct foreign assistance4 7#d7 ,according to a ,department of the ,treasury report entitled ,major ,foreign ,holders of ,treasury ,securities1 foreign holdings of ,united ,states ,treasury securities stood at more than #d trillion at the end of ,december #bjab4 7#e7 ,in ,august #bjaa1 ,standard and ,poor's downgraded the ,united ,states long-term sovereign credit from ,,aaa to ,,aa due to ,america's excessive borrowing and unsustainable spending levels4 #d4 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 the growing ,federal debt of the ,united ,states jeopardizes the national security and economic stability of the ,united ,states2 and 7#b7 paying money owed to ,america's major foreign debt holders is a better use of ,american taxpayer dollars than providing such debt holders with ,united ,states foreign assistance4 #e4 ,statement of policy ,it shall be the policy of the ,united ,states to-- 7#a7 prohibit further ,united ,states foreign assistance to major foreign debt holders2 and 7#b7 aggressively address the unsustainable ,federal debt of the ,united ,states4 #f4 ,prohibition on assistance to major foreign debt holders ,chapter #a of part ,,iii of the ,foreign ,assistance ,act of #aifa is amended by adding at the end the following new section3 #fbj,n4 ,prohibition on assistance to major foreign debt holders 7a7 ,prohibition ,except as provided in subsection 7b71 no assistance may be provided directly or indirectly under this ,act to any foreign country the government of which the ,secretary of the ,treasury determines holds more than #ejj1jjj1jjj1jjj in ,united ,states ,treasury securities4 7b7 ,exceptions ,subsection 7a7 shall not apply with respect to the following3 7#a7 ,assistance to respond to an emergency4 7#b7 ,assistance to meet humanitarian needs1 including needs for food1 medicine1 medical supplies and equipment1 education1 and clothing4 7c7 ,waiver ,the ,secretary of ,state may waive the prohibition under subsection 7a7 if the ,secretary submits to the appropriate congressional committees a written certification that the waiver is in the national security interests of the ,united ,states4 7d7 ,definitions ,in this section-- 7#a7 the term appropriate congressional committees means-- 7,a7 the ,committee on ,foreign ,relations1 the ,committee on ,appropriations1 and the ,committee on the ,budget of the ,senate2 and 7,b7 the ,committee on ,foreign ,affairs1 the ,committee on ,appropriations1 and the ,committee on the ,budget of the ,house of ,representatives2 and 7#b7 the term ,united ,states ,treasury securities means obligations issued by the ,united ,states under chapter #ca of title #ca1 ,united ,states ,code4 4 #g4 ,report on assistance to foreign debt holders 7a7 ,annual report ,not later than ,september #cj of each year1 the ,secretary of ,state shall submit to the appropriate congressional committees a report on the provision of ,united ,states foreign assistance to foreign countries whose governments hold ,united ,states ,treasury securities4 7b7 ,content of report ,each report submitted under this section shall include the following3 7#a7 ,an analysis of the current and foreseeable risks to the long-term national security and economic stability of the ,united ,states posed by the ,federal debt of the ,united ,states4 7#b7 ,how much foreign assistance per country1 per year1 has been provided to foreign countries whose governments hold ,united ,states ,treasury securities4 7c7 ,form ,each report submitted under this section shall be submitted in unclassified form1 but may contain a classified annex if necessary4 7d7 ,public availability ,the ,secretary of ,state shall make each report required by subsection 7a7 available1 in its unclassified form1 to the public by posting it on the ,internet website of the ,department of ,state in a conspicuous manner and location4