US Congress House Bill 3002 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 19-0)
Status: Introduced on August 2 2013 - 25% progression, died in committee
Action: 2013-08-02 - Referred to House Financial Services
Pending: House Financial Services 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 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.

No Bailouts for State and local Governments Act

Rep. Garland Barr [R-KY]	Sen. Marsha Blackburn [R-TN]	Rep. Mo Brooks [R-AL]	Rep. Michael Conaway [R-TX]
Rep. John Fleming [R-LA]	Rep. Jack Kingston [R-GA]	Rep. Raul Labrador [R-ID]	Rep. Doug LaMalfa [R-CA]
Rep. Billy Long [R-MO]	Rep. Steven Palazzo [R-MS]	Rep. Bill Posey [R-FL]	Rep. Reid Ribble [R-WI]
Rep. David Roe [R-TN]	Rep. Todd Rokita [R-IN]	Rep. Matt Salmon [R-AZ]	Rep. Steve Scalise [R-LA]
Rep. Marlin Stutzman [R-IN]	Rep. Randy Weber [R-TX]	Rep. Brad Wenstrup [R-OH]

Date	Chamber	Action
2013-08-02	House	Referred to House Financial Services
2013-08-02	House	Referred to House Oversight and Government Reform
2013-08-02	House	Referred to the Committee on Oversight and Government 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.

SB101 (Related) 2013-01-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 8/1/2013 S6153)

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/3002/all-info
Text	https://www.congress.gov/113/bills/hr3002/BILLS-113hr3002ih.pdf