H.R. 5276 · 114th Congress
No Bailouts for State, Territory, and Local Governments Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BarrSponsor31 cosponsors · 31 R
R
Blackburn
JB
R
Bridenstine
BB
R
Byrne
DB
R
Brat
BB
R
Babin
SF
R
Fincher
GG
R
Grothman
AH
R
Harris
JH
R
Hice
EJ
R
Jenkins
CL
R
Lummis
MM
R
Mulvaney
MM
R
Meadows
MP
R
Pompeo
RP
R
Pittenger
TR
R
Rokita
TR
R
Rice
MS
R
Stutzman
AS
R
Scott
CS
R
Stewart
MW
R
Walker
KY
R
Yoder
TY
R
Yoho
JC
R
Culberson
TF
R
Franks
RN
R
Neugebauer
DR
R
Rouzer
JW
R
Walorski
RW
R
Weber
BC
R
Carter
BP
R
Posey23 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-in-aid to any state (defined to include the District of Columbia and any U.S.
What it does: CRS summary · Introduced in House · May 18, 2016
No Bailouts for State, Territory, and Local Governments Act
This bill prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-in-aid to any state (defined to include the District of Columbia and any U.S. territory or possession), municipal, local, or county government that, on or after January 1, 2013, has filed for bankruptcy, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance, if such purchase, guarantee, extension of credit, or grant is made to assist the government in: (1) avoiding defaulting on the payment of principal or interest due on an obligation of the government, or (2) curing such a default.
The Departrment of the Treasury is prohibited from using general fund revenues or borrowed funds to purchase or guarantee, for the same purposes, any asset or obligation of any such state, municipal, local, or county government.
The Board of Governors of the Federal Reserve System is prohibited 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, for the same purposes, any funds, loan guarantees, credits, or any other financial instrument or other authority, including bond purchases; or (2) otherwise assisting such a government entity, for the same purposes, under any Board authority.
Such prohibitions shall not apply to 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: No Bailouts for State, Territory, and Local Governments Act
Latest action (May 18, 2016): Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Economics and Public Finance · Origin: House · Introduced: May 18, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.