H.R.3002 - No Bailouts for State and local Governments Act

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. view all titles (2)

All Bill Titles

  • Official: 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. as introduced.
  • Short: No Bailouts for State and local Governments Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
08/01/13
 
 
 
 
 
 
 

Sponsor

Representative

Garland Barr

R-KY

View Co-Sponsors (18)

Official Summary

Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-in-aid to any state, municipal, local, or county government which, on or after January 1, 2013, has filed for bankruptcy, has defaulted on its obligatio

Official Summary

Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-in-aid to any state, municipal, local, or county government which, on or after January 1, 2013, has filed for bankruptcy, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance if such purchase, guarantee, extension of credit, or grant is made to assist the government in:
(1) avoiding defaulting on the payment of principal or interest due on an obligation of the government, or
(2) curing such a default. Prohibits the Secretary of the Treasury from using, directly or indirectly, general fund revenues or borrowed funds to purchase or guarantee, for the same purposes, 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, for the same purposes, any funds, loan guarantees, credits, or any other financial instrument or other authority, including bond purchases; or
(2) otherwise assisting such a government entity, for the same purposes, under any Board authority. Waives the application of this Act for federal assistance provided in response to a natural disaster.

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