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HR 1498 118th Congress House Economics and Public Finance

National Debt is National Security Act

Introduced: March 9, 2023 Introduced by: Franklin, Scott Republican · Florida See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 9, 2023
Referred to the House Committee on Ways and Means.
Mar 9, 2023
Introduced in House
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 Plain-English summary Congressional Research Service

National Debt is National Security Act

This bill establishes limits on the portion of the national debt that may be held by foreign governments, entities, and individuals.

Specifically, the portion of the national debt that is cumulatively held by foreign governments, entities organized or incorporated under the laws of a foreign country, and citizens of foreign countries may not exceed one-fourth of the national debt.

In addition, the portion of the national debt that is cumulatively held by the government of a single foreign country, entities organized or incorporated under the laws of the country, and citizens of the country may not exceed 5% of the national debt.

The bill allows the President to waive these limits if the President determines and reports to Congress that an important national interest requires the waiver.

What's happening now March 9, 2023

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • S 742 Identical bill National Debt is National Security Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 1498: National Debt is National Security Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-1498/
MLA
"H.R. 1498: National Debt is National Security Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-1498/.
Bluebook (legal)
H.R. 1498, 118th Cong. (2026), https://openamerica.io/bill/118-HR-1498/.
Markdown link
[H.R. 1498: National Debt is National Security Act](https://openamerica.io/bill/118-HR-1498/)
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