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Investing in Our Future Act of 2011 (H.R. 755)

Key Information

Sponsor: Stark (D-CA)
Status: Assigned to Committee (
Feb
17
2011
)
View Legislation

This bill makes numerous findings related to global health and climate issues, including that:

  • the impacts of climate change, disease, and ill health undermine the economies of developing nations and their ability to contribute to a secure, stable world;
  • predictable, adequate, sustainable, long-term, public funding to address global health and climate change in developing countries at the scale needed does not currently exist but it is urgently needed; and
  • alternative revenue generating mechanisms must be considered to reduce the national deficit and meet international development and climate needs.


Section 2

Amends Chapter 36 of the Internal Revenue Code of 1986 by adding a subchapter that imposes a tax on each currency transaction made by, or on behalf of, a U.S. person.

Section 5

  • Establishes a Global Climate Change Adaptation and Mitigation Trust Fund in the U.S. Treasury.
  • Appropriates to the Trust Fund, out of any money in the Treasury not otherwise appropriated, 25 percent of the revenues from taxes received in the Treasury under the new currency transaction tax.


The Trust Fund will be used for contributions to the Green Climate Fund and the Adaptation Fund, established pursuant to the United Nations Framework Convention on Climate Change (UNFCCC).

It is the sense of Congress that these contributions will be in addition to (and not be a replacement for) other funding for global climate change adaptation and mitigation initiatives in developing countries.

Other sections establish a Child Care Assistance Trust Fund, a Multilateral Global Health Trust Fund, and provide for deficit reduction.

» Introduced:
Feb
17
2011