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]
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.
Title
No Bailouts for State, Territory, and Local Governments Act
Sponsors
Rep. Garland Barr [R-KY] | Rep. Robert Pittenger [R-NC] | Rep. Chris Stewart [R-UT] | Sen. Marsha Blackburn [R-TN] |
Rep. Todd Rokita [R-IN] | Rep. Kevin Yoder [R-KS] | Rep. Andy Harris [R-MD] | Rep. Ted Yoho [R-FL] |
Rep. Evan Jenkins [R-WV] | Rep. Mark Meadows [R-NC] | Rep. Jim Bridenstine [R-OK] | Rep. Marlin Stutzman [R-IN] |
Rep. Mike Pompeo [R-KS] | Rep. Mick Mulvaney [R-SC] | Rep. Dave Brat [R-VA] | Rep. Jody Hice [R-GA] |
Rep. Tom Rice [R-SC] | Rep. Bradley Byrne [R-AL] | Rep. Mark Walker [R-NC] | Rep. Stephen Fincher [R-TN] |
Rep. Glenn Grothman [R-WI] | Rep. Brian Babin [R-TX] | Rep. Austin Scott [R-GA] | Sen. Cynthia Lummis [R-WY] |
Rep. Trent Franks [R-AZ] | Rep. John Culberson [R-TX] | Rep. Randy Neugebauer [R-TX] | Rep. Jackie Walorski [R-IN] |
Rep. David Rouzer [R-NC] | Rep. Randy Weber [R-TX] | Rep. Bill Posey [R-FL] | Rep. Earl Carter [R-GA] |
History
Date | Chamber | Action |
---|---|---|
2016-05-18 | House | Referred to House Financial Services |
2016-05-18 | House | Referred to House Oversight and Government Reform |
2016-05-18 | House | 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. |
2016-05-18 | House | Introduced in House |
Subjects
Economics and public finance
Federal Reserve System
Government lending and loan guarantees
State and local finance
U.S. territories and protectorates
Federal Reserve System
Government lending and loan guarantees
State and local finance
U.S. territories and protectorates
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/5276/all-info |
Text | https://www.congress.gov/114/bills/hr5276/BILLS-114hr5276ih.pdf |