H.R. 5340: Intergenerational Financial Obligations Reform Act

117th Congress · introduced 2021-09-22 · Economics and Public Finance · Latest: Sponsor introductory remarks on measure. (CR H5516)

federal

Follow this bill, step by step

Where it came from: introduced 2021-09-22 · official record
Who proposed it: Rep. Murphy, Gregory [R-NC-3] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Sponsor introductory remarks on measure. (CR H5516) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Intergenerational Financial Obligations Reform Act

Plain summary

Intergenerational Financial Obligations Reform Act This bill requires the Congressional Budget Office, the Office of Management and Budget, and the Government Accountability Office to provide various reports that include a fiscal gap analysis and a generational accounting analysis. Under the bill, the fiscal gap generally refers to the sum of (1) the total amount of Treasury liabilities outstanding on the last day of the budget year, and (2) the discounted present value of the projected difference between federal spending and revenues during the period of the budget year and at least the next 75 fiscal years (excluding spending for net interest and principal payments on Treasury liabilities). A generational accounting analysis addresses the fiscal impact that projected federal spending and tax burdens will have on various generations of individuals.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Intergenerational Financial Obligations Reform Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Murphy, Gregory [R-NC-3] · 9 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Randy K. Weber, Sr. (R-TX), Ted Budd (R-NC), William R. Timmons IV (R-SC), Dan Crenshaw (R-TX), Steve Womack (R-AR)

Sponsor's campaign money: Rep. Murphy, Gregory [R-NC-3] reported raising $2.9 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
CBO cost estimate: The Congressional Budget Office's estimate of how a federal bill would change government spending and revenue. CBO is nonpartisan.
Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-117hr5340.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/hr>

Record fed-us-cong117-hr5340 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117