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S 2120 116th Congress Senate Economics and Public Finance Bankruptcy Federal Reserve System Government lending and loan guarantees State and local finance

Government Bailout Prevention Act

Introduced: July 15, 2019 Introduced by: Young, Todd Republican · Indiana See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 15, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 15, 2019
Introduced in Senate
 Plain-English summary Congressional Research Service

Government Bailout Prevention Act

This bill prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide grants to any state (defined to include the District of Columbia and any U.S. territory or possession), municipal, local, or county government that, on or after January 1, 2019, has defaulted on its obligations, is at risk of defaulting, or has filed for bankruptcy.

The Department of the Treasury is prohibited from using general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of any such state, municipal, local, or county government.

Federal Reserve banks are prohibited from assisting such a state, municipal, local, or county government or other entity with taxing or bonding authority.

What's happening now July 15, 2019

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1