[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1476 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1476

To prohibit the Secretary of the Treasury and the Board of Governors of 
 the Federal Reserve System from providing bailouts or other financial 
   assistance to a pension plan of a State or political subdivision 
                    thereof, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 19, 2015

  Mr. Babin (for himself and Mr. McClintock) introduced the following 
    bill; which was referred to the Committee on Education and the 
Workforce, 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

_______________________________________________________________________

                                 A BILL


 
To prohibit the Secretary of the Treasury and the Board of Governors of 
 the Federal Reserve System from providing bailouts or other financial 
   assistance to a pension plan of a State or political subdivision 
                    thereof, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Taxpayer Bailouts for 
Unsustainable State and Local Pensions Act''.

SEC. 2. PROHIBITION ON BAILOUTS FOR STATE AND LOCAL PENSION FUNDS.

    The Secretary of the Treasury and the Board of Governors of the 
Federal Reserve System may not provide any loan, grant, or other form 
of financial assistance to a pension plan (as defined under section 3 
of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1002)) established or maintained by the government of any State or 
political subdivision thereof, or by any agency or instrumentality of 
such a State or political subdivision.
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