S. 251 · 112th Congress
A bill to prohibit the provision of Federal funds to State and local governments for payment of obligations…
Full title
A bill to prohibit the provision of Federal funds to State and local governments for payment of obligations, to prohibit the Board of Governors of the Federal Reserve System from financially assisting State and local governments, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
VitterSponsor19 cosponsors · 19 R
R
Crapo
JD
R
DeMint
RB
R
Blunt
SC
R
Chambliss
DC
R
Coats
TC
R
Coburn
JC
R
Cornyn
OH
R
Hatch
KH
R
Hutchison
RJ
R
Johnson
JK
R
Kyl
MK
R
Kirk
JR
R
Risch
JT
R
Thune
RW
R
Wicker
KA
R
Ayotte
MJ
R
Johanns
JB
R
Barrasso
BC
R
Corker2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-and-aid to any state, municipal, local, or county government which, on or after January 26, 2011, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance.
What it does: CRS summary · Introduced in Senate · Feb 1, 2011
Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-and-aid to any state, municipal, local, or county government which, on or after January 26, 2011, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance.
Prohibits the Secretary of the Treasury from using, directly or indirectly, general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of any such state, municipal, local, or county government.
Prohibits the Board of Governors of the Federal Reserve System from: (1) providing or extending to, or authorizing with respect to, such a state, municipal, local, or county government, or other entity with taxing authority or bonding authority, any funds, loan guarantees, credits, or any other financial instrument or other authority, including bond purchases; or (2) otherwise assisting such a government entity under any Board authority.
Waives the application of this Act for federal assistance provided in response to a natural disaster.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to prohibit the provision of Federal funds to State and local governments for payment of obligations, to prohibit the Board of Governors of the Federal Reserve System from financially assisting State and local governments, and for other purposes.
Latest action (Feb 1, 2011): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Feb 1, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.