Congressional Record — Senate, S6132 (August 9, 2021)
Summary
Congressional Record, Senate, page S6132, August 9, 2021. The page prints amendments SA 2657 (Portman) and SA 2659 (Marshall) to the concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2022, each adding a deficit-neutral reserve fund at the end of title III. The fund topics include requiring executive branch agencies, including the White House, to report to Congress on coordination efforts with big technology companies, and strengthening the Money Follows the Person program under Medicaid. The page also carries text amending section 6045 of the Internal Revenue Code of 1986 to cover any digital asset, with an applicable date of January 1, 2023.
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“Congressional Record — Senate, S6132 (August 9, 2021).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2021-08-09-crec-2021-08-09-pt1-pgs6132-2-c7257de521/
, SHA-256 26ce312ea131b9507b53f8bacc63c3411071c8caddda1475fbd075af833ca0dc.Full text
S6132 CONGRESSIONAL RECORD — SENATE August 9, 2021
(A) TREATMENT AS SPECIFIED SECURITY.— ments made by this section shall be con- reports relating to ending the Federal Pan-
Section 6045(g)(3)(B) of the Internal Revenue strued to create any inference, for any period demic Unemployment Compensation pro-
Code of 1986 is amended by striking ‘‘and’’ at prior to the effective date of such amend- gram under the CARES Act by the amounts
the end of clause (iii), by redesignating ments, with respect to— provided in such legislation for those pur-
clause (iv) as clause (v), and by inserting (A) whether any person is a broker under poses, provided that such legislation would
after clause (iii) the following new clause: section 6045(c)(1) of the Internal Revenue not increase the deficit over either the pe-
‘‘(iv) any digital asset, and’’. Code of 1986, or riod of the total of fiscal years 2022 through
(B) DEFINITION OF DIGITAL ASSET.—Section (B) whether any digital asset is property 2026 or the period of the total of fiscal years
6045(g)(3) of such Code is amended by adding which is a specified security under section 2022 through 2031.
at the end the following new subparagraph: 6045(g)(3)(B) of such Code.
‘‘(D) DIGITAL ASSET.—Except as otherwise SA 2659. Mr. MARSHALL submitted
provided by the Secretary, the term ‘digital SA 2657. Mr. PORTMAN submitted an an amendment intended to be proposed
asset’ means any digital representation of amendment intended to be proposed by by him to the concurrent resolution S.
value which is recorded on a cryptographi- him to the concurrent resolution S. Con. Res. 14, setting forth the congres-
cally secured distributed ledger or any simi- Con. Res. 14, setting forth the congres- sional budget for the United States
lar technology as specified by the Sec- Government for fiscal year 2022 and
sional budget for the United States
retary.’’. setting forth the appropriate budgetary
(C) APPLICABLE DATE.—Section 6045(g)(3)(C) Government for fiscal year 2022 and
of such Code is amended— setting forth the appropriate budgetary levels for fiscal years 2023 through 2031;
(i) in clause (ii), by striking ‘‘and’’ at the levels for fiscal years 2023 through 2031; which was ordered to lie on the table;
end, which was ordered to lie on the table; as follows:
(ii) by redesignating clause (iii) as clause as follows: At the end of title III, add the following:
(iv), and At the end of title III, add the following: SEC. 3lll. DEFICIT-NEUTRAL RESERVE FUND
(iii) by inserting after clause (ii) the fol- RELATING TO REQUIRING EXECU-
SEC. 3lll. DEFICIT-NEUTRAL RESERVE FUND TIVE BRANCH AGENCIES, INCLUD-
lowing: RELATING TO STRENGTHENING THE ING THE WHITE HOUSE, TO REPORT
‘‘(iii) January 1, 2023, in the case of any MONEY FOLLOWS THE PERSON PRO- TO CONGRESS ON COORDINATION
specified security which is a digital asset, GRAM UNDER MEDICAID. EFFORTS WITH BIG TECHNOLOGY
and’’. The Chairman of the Committee on the COMPANIES.
(2) FURNISHING OF INFORMATION.— Budget of the Senate may revise the alloca- The Chairman of the Committee on the
(A) IN GENERAL.—Section 6045A of such tions of a committee or committees, aggre- Budget of the Senate may revise the alloca-
Code is amended— gates, and other appropriate levels in this tions of a committee or committees, aggre-
(i) in subsection (a), by striking ‘‘a secu- resolution, and make adjustments to the gates, and other appropriate levels in this
rity which is’’, and pay-as-you-go ledger, for one or more bills, resolution, and make adjustments to the
(ii) by adding at the end the following: joint resolutions, amendments, amendments pay-as-you-go ledger, for one or more bills,
‘‘(d) RETURN REQUIREMENT FOR CERTAIN between the Houses, motions, or conference joint resolutions, amendments, amendments
TRANSFERS OF DIGITAL ASSETS NOT OTHER- reports relating to strengthening the Money between the Houses, motions, or conference
WISE SUBJECT TO REPORTING.—Any broker, Follows the Person Medicaid demonstration reports relating to requiring executive
with respect to any transfer (which is not program established under section 6071 of the branch agencies, including the White House,
part of a sale or exchange executed by such Deficit Reduction Act of 2005 (42 U.S.C. 1396a to report to Congress on coordination efforts
broker) during a calendar year of a covered note), which may include permanently ex- with big technology companies by the
security which is a digital asset from an ac- tending the program in a financially sound amounts provided in such legislation for
count maintained by such broker to an ac- way to promote home and community-based those purposes, provided that such legisla-
count which is not maintained by, or an ad-
services and encourage States to utilize case tion would not increase the deficit over ei-
dress not associated with, a person that such
management and support services for eligi- ther the period of the total of fiscal years
broker knows or has reason to know is also
ble populations, by the amounts provided in 2022 through 2026 or the period of the total of
a broker, shall make a return for such cal-
such legislation for those purposes, provided fiscal years 2022 through 2031.
endar year, in such form as determined by
the Secretary, showing the information oth- that such legislation would not increase the
erwise required to be furnished with respect deficit over either the period of the total of SA 2660. Mr. MARSHALL submitted
to transfers subject to subsection (a).’’. fiscal years 2022 through 2026 or the period of an amendment intended to be proposed
(B) REPORTING PENALTIES.—Section
the total of fiscal years 2022 through 2031. by him to the concurrent resolution S.
6724(d)(1)(B) of such Code is amended by Con. Res. 14, setting forth the congres-
striking ‘‘or’’ at the end of clause (xxv), by SA 2658. Mr. MARSHALL submitted sional budget for the United States
striking ‘‘and’’ at the end of clause (xxvi), an amendment intended to be proposed Government for fiscal year 2022 and
and by inserting after clause (xxvi) the fol- by him to the concurrent resolution S. setting forth the appropriate budgetary
lowing new clause: Con. Res. 14, setting forth the congres- levels for fiscal years 2023 through 2031;
‘‘(xxvii) section 6045A(d) (relating to re- sional budget for the United States
turns for certain digital assets),’’.
which was ordered to lie on the table;
Government for fiscal year 2022 and as follows:
(3) TREATMENT AS CASH FOR PURPOSES OF setting forth the appropriate budgetary
SECTION 6050I.—Section 6050I(d) of such Code At the end of title III, add the following:
levels for fiscal years 2023 through 2031; SEC. 3lll. DEFICIT-NEUTRAL RESERVE FUND
is amended by striking ‘‘and’’ at the end of
paragraph (1), by striking the period at the which was ordered to lie on the table; RELATING TO PREVENTING IMPLE-
end of paragraph (2) and inserting ‘‘, and’’, as follows: MENTATION OF A NATIONWIDE ABC
TEST FOR INDEPENDENT CONTRAC-
and by inserting after paragraph (2) the fol- At the appropriate place in title IV, add TORS.
lowing new paragraph: the following: The Chairman of the Committee on the
‘‘(3) any digital asset (as defined in section SEC. 4lll. REPORTING ON THE BUDGET OF Budget of the Senate may revise the alloca-
6045(g)(3)(D)).’’. THE PRESIDENT.
tions of a committee or committees, aggre-
(c) EFFECTIVE DATE.—The amendments The Congressional Budget Office shall sub- gates, and other appropriate levels in this
made by this section shall apply to returns mit to Congress a report regarding each resolution, and make adjustments to the
required to be filed, and statements required budget of the President submitted under sec- pay-as-you-go ledger, for one or more bills,
to be furnished, after December 31, 2023. tion 1105(a) of title 31, United States Code,
(d) RULES OF CONSTRUCTION.— joint resolutions, amendments, amendments
that details the effects the proposed budget between the Houses, motions, or conference
(1) DEFINITION OF BROKER.—Nothing in this would have on new budget authority, out-
section or the amendments made by this sec- reports relating to preventing implementa-
lays, revenue, deficits, and the debt. tion of a nationwide ABC test for inde-
tion shall be construed to create any infer- At the end of title III, add the following:
ence that a person described in section pendent contractors by the amounts pro-
SEC. 3lll. DEFICIT-NEUTRAL RESERVE FUND vided in such legislation for those purposes,
6045(c)(1)(D) of the Internal Revenue Code of RELATING TO ENDING THE FED-
1986, as added by this section, includes any provided that such legislation would not in-
ERAL PANDEMIC UNEMPLOYMENT
person solely engaged in the business of— COMPENSATION PROGRAM UNDER crease the deficit over either the period of
(A) validating distributed ledger trans- THE CARES ACT. the total of fiscal years 2022 through 2026 or
actions, without providing other functions or The Chairman of the Committee on the the period of the total of fiscal years 2022
ctelli on DSK11ZRN23PROD with SENATE
services, or Budget of the Senate may revise the alloca- through 2031.
(B) selling hardware or software for which tions of a committee or committees, aggre-
SA 2661. Mr. MARSHALL submitted
the sole function is to permit persons to con- gates, and other appropriate levels in this
trol private keys which are used for access- resolution, and make adjustments to the an amendment intended to be proposed
ing digital assets on a distributed ledger. pay-as-you-go ledger, for one or more bills, by him to the concurrent resolution S.
(2) BROKERS AND TREATMENT OF DIGITAL AS- joint resolutions, amendments, amendments Con. Res. 14, setting forth the congres-
SETS.—Nothing in this section or the amend- between the Houses, motions, or conference sional budget for the United States
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