S. 2120 · 116th Congress
Government Bailout Prevention Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
YoungSponsor2 cosponsors · 2 R
2 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 grants to any state (defined to include the District of Columbia and any U.S.
What it does: CRS summary · Introduced in Senate · Jul 15, 2019
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 grants 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, 2019, has defaulted on its obligations, is at risk of defaulting, or has filed for bankruptcy.
The Department of the Treasury is prohibited from using general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of any such state, municipal, local, or county government.
Federal Reserve banks are prohibited from assisting such a state, municipal, local, or county government or other entity with taxing or bonding authority.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Government Bailout Prevention Act
Latest action (Jul 15, 2019): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Jul 15, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.