S. 2939 · 114th Congress
State, Territory, and Local Government Bailout Prevention 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
VitterSponsorNo cosponsors.
State, Territory, and Local Government Bailout Prevention Act
What it does: CRS summary · Introduced in Senate · May 17, 2016
State, Territory, and Local Government Bailout Prevention 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 Puerto Rico and any other U.S. territory or possession), municipal, local, or county government that, on or after May 1, 2016, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance.
The Departrment of the Treasury is prohibited from using general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of, or to otherwise assist, 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, 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.
Such prohibitions: (1) shall not apply to federal assistance provided in response to a declared disaster, (2) include debt restructuring or any other related activity, and (3) exclude any discretionary appropriations or direct spending and any grant awarded by the United States to the state, municipal, local, or county government.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: State, Territory, and Local Government Bailout Prevention Act
Latest action (May 17, 2016): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: May 17, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.