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.

referredUnited States· United States Congress· EN

Introduced

7 January 2015

Last action

7 January 2015 · Introduced

Status

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

Summary

Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-and-aid to any state, municipal, local, or county government which, on or after January 26, 2011, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance. Prohibits the Secretary of the Treasury from using, directly or indirectly, general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of any such state, municipal, local, or county government. Prohibits the Board of Governors of the Federal Reserve System 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. Waives the application of this Act for federal assistance provided in response to a natural disaster.

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

Timeline

7 January 2015
Introduced
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral
7 January 2015
Introduced
Introduced in Senate
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in Senate · 7 January 2015 · Download file

Documents

3 official files

Introduced in Senate (text)

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Introduced in Senate (text)
Introduced in Senate · EN · 7 January 2015
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Introduced in Senate (PDF)
Introduced in Senate · EN · 7 January 2015
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Introduced in Senate
summary · EN · 7 January 2015
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to ← State, Territory, and Local Government Bailout Prevention Act
related to ← No Bailouts for State, Territory, and Local Governments Act

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/114th-congress/senate-bill/94
Open data entity: https://api.congress.gov/v3/bill/114/s/94
us · 114-s-94 · source updated 14 January 2025