State, Territory, and Local Government Bailout Prevention Act

Summary

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.

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Timeline

1. 17 May 2016

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 17 May 2016

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 17 May 2016 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 May 2016

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 May 2016

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 17 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

• Sen. Vitter, David [R-LA] · R · Sponsor
• · ssbk00 · 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 ← No Bailouts for State, Territory, and Local Governments Act