US Congress Senate Bill 2939 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on May 17 2016 - 25% progression, died in committee
Action: 2016-05-17 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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.

State, Territory, and Local Government Bailout Prevention Act

Sen. David Vitter [R-LA]

Date	Chamber	Action
2016-05-17	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SB94 (Related) 2015-01-07 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/2939/all-info
Text	https://www.congress.gov/114/bills/s2939/BILLS-114s2939is.pdf