[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1124 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1124

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

                           February 16, 2017

  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

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                                 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 ``State and Local Pensions 
Accountability and Security 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--
            (1) 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; or
            (2) to the government of any State or political subdivision 
        thereof, or by any agency or instrumentality of such a State or 
        political subdivision, unless such government, agency, or 
        instrumentality certifies that the financial assistance will 
        not be used, directly or indirectly, to fund such a pension 
        plan.
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