A bill to prohibit the provision of Federal funds to State and local governments for payment of obligations, to prohibit the Board of Governors of the Federal Reserve System from financially assisting State and local governments, and for other purposes.
Latest action · Feb 1, 2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 1, 2011
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-and-aid to any state, municipal, local, or county government which, on or after January 26, 2011, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance.
Prohibits the Secretary of the Treasury from using, directly or indirectly, general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of any such state, municipal, local, or county government.
Prohibits the Board of Governors of the Federal Reserve System 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.
Waives the application of this Act for federal assistance provided in response to a natural disaster.
Cosponsors 19
Members who signed on, in the order they did. Signatures ran from Feb 1, 2011 to Jun 15, 2011; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-SC | Jim DeMint | Original | Feb 1, 2011 |
| R-ID | Mike Crapo | Original | Feb 1, 2011 |
| R-IN | Daniel Coats | Feb 2, 2011 | |
| R-ID | James E. Risch | Feb 2, 2011 | |
| R-TX | John Cornyn | Feb 2, 2011 | |
| R-SD | John Thune | Feb 2, 2011 | |
| R-AZ | Jon Kyl | Feb 2, 2011 | |
| R-TX | Kay Bailey Hutchison | Feb 2, 2011 | |
| R-IL | Mark Kirk | Feb 2, 2011 | |
| R-UT | Orrin G. Hatch | Feb 2, 2011 | |
| R-MS | Roger F. Wicker | Feb 2, 2011 | |
| R-WI | Ron Johnson | Feb 2, 2011 | |
| R-MO | Roy Blunt | Feb 2, 2011 | |
| R-GA | Saxby Chambliss | Feb 2, 2011 | |
| R-OK | Tom Coburn | Feb 2, 2011 | |
| R-NH | Kelly Ayotte | Feb 14, 2011 | |
| R-NE | Mike Johanns | Apr 4, 2011 | |
| R-WY | John Barrasso | May 19, 2011 | |
| R-TN | Bob Corker | Jun 15, 2011 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Feb 1, 2011 |
Actions 2
Everything that happened, newest first.
- Feb 1, 2011Introduced in Senate
- Feb 1, 2011Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R41735 | State and Local Government Debt: An Analysis Archived | Report | Jan 23, 2012 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 184 | A bill to prohibit taxpayer bailouts of fiscally irresponsible State and local governments. | Related bill | Jan 25, 2011 |
Titles 1
Every title it has carried, official and short, at each stage.
- 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 Board of Governors of the Federal Reserve System from financially assisting State and local governments, and for other purposes.
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
Text 1
Each version as it was printed, newest first.
- Feb 1, 2011Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
