US Congress Senate Bill 2120 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on July 15 2019 - 25% progression, died in committee
Action: 2019-07-15 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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.

Government Bailout Prevention Act

Sen. Todd Young [R-IN]

Sen. Pat Toomey [R-PA]

Sen. Tom Cotton [R-AR]

Date	Chamber	Action
2019-07-15	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB4572 (Same As) 2019-09-27 - Referred to the Committee on Oversight and Reform, 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.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2120/all-info
Text	https://www.congress.gov/116/bills/s2120/BILLS-116s2120is.pdf