US HB5276 | 2015-2016 | 114th Congress

Status

Spectrum: Partisan Bill (Republican 32-0)
Status: Introduced on May 18 2016 - 25% progression, died in committee
Action: 2016-05-18 - Referred to House Financial Services
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.

Tracking Information

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Title

No Bailouts for State, Territory, and Local Governments Act

Sponsors


History

DateChamberAction
2016-05-18HouseReferred to House Financial Services
2016-05-18HouseReferred to House Oversight and Government Reform
2016-05-18HouseReferred 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.
2016-05-18HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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