No Bailouts for State, Territory, and Local Governments Act

Summary

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 18 May 2016

   Introduced

   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.

   Source: IntroReferral

2. 18 May 2016

   Introduced

   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.

   Source: IntroReferral

3. 18 May 2016

   Introduced

   Introduced in House

   Source: IntroReferral

4. 18 May 2016

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 May 2016 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 May 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 May 2016

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 18 May 2016

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Barr, Andy [R-KY-6] · R · Sponsor
• Rep. Pittenger, Robert [R-NC-9] · R · Sponsor
• Rep. Stewart, Chris [R-UT-2] · R · Sponsor
• Sen. Blackburn, Marsha [R-TN] · R · Sponsor
• Rep. Rokita, Todd [R-IN-4] · R · Sponsor
• Rep. Yoder, Kevin [R-KS-3] · R · Sponsor
• Rep. Harris, Andy [R-MD-1] · R · Sponsor
• Rep. Yoho, Ted S. [R-FL-3] · R · Sponsor
• Rep. Jenkins, Evan H. [R-WV-3] · R · Sponsor
• Rep. Meadows, Mark [R-NC-11] · R · Sponsor
• Rep. Bridenstine, Jim [R-OK-1] · R · Sponsor
• Rep. Stutzman, Marlin A. [R-IN-3] · R · Sponsor
• Rep. Pompeo, Mike [R-KS-4] · R · Sponsor
• Rep. Mulvaney, Mick [R-SC-5] · R · Sponsor
• Rep. Brat, Dave [R-VA-7] · R · Sponsor
• Rep. Hice, Jody B. [R-GA-10] · R · Sponsor
• Rep. Rice, Tom [R-SC-7] · R · Sponsor
• Rep. Byrne, Bradley [R-AL-1] · R · Sponsor
• Rep. Walker, Mark [R-NC-6] · R · Sponsor
• Rep. Fincher, Stephen Lee [R-TN-8] · R · Sponsor
• Rep. Grothman, Glenn [R-WI-6] · R · Sponsor
• Rep. Babin, Brian [R-TX-36] · R · Sponsor
• Rep. Scott, Austin [R-GA-8] · R · Sponsor
• Sen. Lummis, Cynthia M. [R-WY] · R · Sponsor
• Rep. Franks, Trent [R-AZ-8] · R · Cosponsor
• Rep. Culberson, John Abney [R-TX-7] · R · Cosponsor
• Rep. Neugebauer, Randy [R-TX-19] · R · Cosponsor
• Rep. Walorski, Jackie [R-IN-2] · R · Cosponsor
• Rep. Rouzer, David [R-NC-7] · R · Cosponsor
• Rep. Weber, Randy K. Sr. [R-TX-14] · R · Cosponsor
• Rep. Posey, Bill [R-FL-8] · R · Cosponsor
• Rep. Carter, Earl L. "Buddy" [R-GA-1] · R · Cosponsor
• · hsba00 · Standing
• · hsgo00 · Standing

Related records

• related to → 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.
• related to → State, Territory, and Local Government Bailout Prevention Act