3.0.0 2120 2022-11-01T13:50:38Z 2022-11-01T13:50:38Z Senate S 2019-07-15 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2019-07-15T22:13:26Z Government Bailout Prevention Act 116 4572 HR 2019-09-27 Referred to the Committee on Oversight and 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. Identical bill CRS 2019-07-15 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2019-07-15 Introduced in Senate IntroReferral 10000 9 Library of Congress Y000064 Sen. Young, Todd [R-IN] Todd Young R IN C. N T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. 2019-07-15 True C001095 Sen. Cotton, Tom [R-AR] Tom Cotton R AR 2019-07-15 True Economics and Public Finance Bankruptcy Federal Reserve System Government lending and loan guarantees State and local finance Economics and Public Finance 00 2019-07-15 Introduced in Senate 2020-11-02T18:49:31Z

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 grants 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, 2019, has defaulted on its obligations, is at risk of defaulting, or has filed for bankruptcy.

The Department of the Treasury is prohibited from using general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of any such state, municipal, local, or county government.

Federal Reserve banks are prohibited from assisting such a state, municipal, local, or county government or other entity with taxing or bonding authority.

]]> Government Bailout Prevention Act Display Title Government Bailout Prevention Act Short Title(s) as Introduced Government Bailout Prevention Act Introduced in Senate IS Official Title as Introduced A bill to prohibit the provision of Federal funds to State and local governments for payment of obligations, to prohibit the Federal Reserve Banks, the Department of the Treasury, and other Federal agencies from financially assisting State and local governments that have defaulted on their obligations, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-07-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2120is/xml/BILLS-116s2120is.xml 2019-07-15 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.