US Congress Senate Bill 251 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 20-0)
Status: Introduced on February 1 2011 - 25% progression, died in committee
Action: 2011-02-01 - 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 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.

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.

Sen. David Vitter [R-LA]	Sen. Kelly Ayotte [R-NH]	Sen. John Barrasso [R-WY]	Sen. Roy Blunt [R-MO]
Sen. Saxby Chambliss [R-GA]	Sen. Daniel Coats [R-IN]	Sen. Tom Coburn [R-OK]	Sen. Bob Corker [R-TN]
Sen. John Cornyn [R-TX]	Sen. Mike Crapo [R-ID]	Sen. Jim DeMint [R-SC]	Sen. Orrin Hatch [R-UT]
Sen. Kay Hutchison [R-TX]	Sen. Mike Johanns [R-NE]	Sen. Ron Johnson [R-WI]	Sen. Mark Kirk [R-IL]
Sen. Jon Kyl [R-AZ]	Sen. James Risch [R-ID]	Sen. John Thune [R-SD]	Sen. Roger Wicker [R-MS]

Date	Chamber	Action
2011-02-01	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SB184 (Related) 2011-01-25 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/251/all-info
Text	https://www.congress.gov/112/bills/s251/BILLS-112s251is.pdf