An act to facilitate the management of the public debt by permitting an increase in the investment yield on United States savings bonds above the existing 7 percentum ceiling, and by increasing the amount of the bonds paying interest in excess of 4 1/4 percentum which may be outstanding.
Public Law 96-377 · H.R. 7478 · 96th Congress · began in the House
Signed by Jimmy Carter (D) on Oct 3, 1980 · Economics and Public Finance
Sponsor: Rep. Albert Ullman (D-OR-2)
Cosponsors: None
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Amends the Second Liberty Bond Act to authorize the Secretary of the Treasury to increase the investment yield on U.S. savings bonds as long as the aggregate increases in a six month period do not exceed one percent per annum compounded semiannually (currently, there is a seven percent ceiling).
Increases the face amount of bonds with interest rates exceeding four and one-half percent which may be outstanding at any time from $50,000,000,000 to $54,000,000,000 (effective on enactment) and to $70,000,000,000 (effective October 1, 1980).
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 13 actions.
- Oct 3, 1980Became lawBecame law · Signed by President.
- PresidentPresident · Public Law 96-377.
- Sep 30, 1980PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- Sep 29, 1980PresidentPresident · Measure enrolled in House.
- Sep 26, 1980FloorFloor · Measure passed Senate.
- Aug 22, 1980CommitteeCommittee · Reported by Senate Finance Committee
- Jul 30, 1980CommitteeCommittee · Referred to Senate Finance Committee
- Jul 28, 1980FloorFloor · Measure passed House, amended.
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Jul 22, 1980CommitteeCommittee · Reported by House Ways and Means Committee
- Jun 3, 1980CommitteeCommittee · Referred to House Ways and Means Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.