,,ii  #aagth ,,congress  #b;d ,session  
,s4 #chja  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #aj     
7legislative day1 ,march #g71 #bjbb,ms4 
,ernst 7for herself1 ,mr4 ,braun1 and   
,mr4 ,cassidy7 introduced the following 
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to establish limitations on the      
amount of debt issued by the ,united    
,states which may be held by foreign    
governments1 entities1 and individuals4 
#a4 ,short title ,this ,act may be cited
 as the ,national ,debt is ,national    
,security ,act4  #b4 ,limit on public   
debt held by foreign governments1       
entities1 and individuals  7a7 ,in      
general ,subchapter ,i of chapter #ca of
 title #ca1 ,united ,states ,code1 is   
amended by inserting after section #caac
 the following3  #caad4 ,limit on public
 debt held by foreign governments1      
entities1 and individuals  7a7 ,in      
general  7#a7 ,cumulative limit         
,notwithstanding any other provision of 

this chapter1 the amount of the national
 debt which is cumulatively held by     
foreign governments1 entities organized 
or incorporated under the laws of a     
foreign country1 and citizens of foreign
 countries shall not exceed an amount   
equal to one-third of the national debt4
  7#b7 ,country-specific limit          
,notwithstanding any other provision of 
this chapter1 with respect to any       
foreign country1 the amount of the      
national debt which is cumulatively held
 by the government of such country1     
entities organized or incorporated under
 the laws of such country1 and citizens 
of such country shall not exceed an     
amount equal to #e percent of the       
national debt4  7b7 ,determination ,the 
,secretary of the ,treasury1 in         
coordination with the ,director of the  
,office of ,management and ,budget1     
shall issue guidance regarding          
implementation of this section1         
including calculation of the amount of  
the national debt held by foreign       

governments1 entities organized or      
incorporated under the laws of a foreign
 country1 and citizens of foreign       
countries4  7c7 ,presidential waiver    
7#a7 ,in general ,the ,president may    
waive the application of paragraph 7#a7 
or 7#b7 of subsection 7a7 if the        
,president determines and1 pursuant to  
paragraph 7#b71 so reports that the     
important national interest of the      
,united ,states requires the exercise of
 such waiver authority4  7#b7           
,congressional notification ,not later  
than the date of the exercise of a      
waiver under paragraph 7#a71 the        
,president shall notify the ,committee  
on ,ways and ,means of the ,house of    
,representatives and the ,committee on  
,finance of the ,senate of the waiver or
 the intention to exercise the waiver1  
together with a detailed justification  
thereof4  7d7 ,national debt ,for       
purposes of this section1 the term      
national debt means the face amount of  
obligations issued under this chapter   

and the face amount of obligations whose
 principal and interest are guaranteed  
by the ,united ,states ,government      
7except guaranteed obligations held by  
the ,secretary of the ,treasury74  4    
7b7 ,clerical amendment ,the table of   
sections of subchapter ,i of chapter #ca
 of title #ca1 ,united ,states ,code1 is
 amended by inserting after the item    
relating to section #caac the following3
  #caad4 ,limit on public debt held by  
foreign governments1 entities1 and      
individuals4  4