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 · Jan 23, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 8/1/2013 S6153)
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.
- IntroducedJan 23, 2013
- 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 1
Members who signed on, in the order they did. All signed on Jul 23, 2013.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WI | Ron Johnson | Jul 23, 2013 |
Actions 2
Everything that happened, newest first.
- Jan 23, 2013Introduced in Senate
- Jan 23, 2013Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 8/1/2013 S6153)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3002 | No Bailouts for State and local Governments Act | Related bill | Aug 2, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
Text 1
Each version as it was printed, newest first.
- Jan 23, 2013Introduced 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.