Bill SponsorBILLSPONSOR
Bill Sponsor
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Bills
Senate Bill 2120
116th Congress(2019-2020)
Government Bailout Prevention Act
Introduced
Introduced
Introduced in Senate on Jul 15, 2019
Overview
Text
Sponsor
Republican
Introduced
Jul 15, 2019
Latest Action
Jul 15, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2120
Congress
116
Policy Area
Economics and Public Finance
Economics and Public Finance
Primary focus of measure is budgetary matters such as appropriations, public debt, the budget process, government lending, government accounts and trust funds; monetary policy and inflation; economic development, performance, and economic theory.
Sponsorship by Party
Republican
Todd Young
Indiana
Republican
Tom Cotton
Arkansas
Republican
Pat Toomey
Pennsylvania
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

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.

Text (1)
Introduced in Senate
July 15, 2019
Related Bills (1)
Sep 27, 2019
Introduced in House
1
Sponsorship
House Bill 4572
Government Bailout Prevention Act
Introduced
Type
Identical Bill
Identical Bill
A bill that is word-for-word identical to another bill. Bills are characterized as identical to each other at the introduced stage only, even though a later (e.g., reported or passed) version of a bill might meet the same criteria for text similarity. Companion measures, procedurally-related measures, and legislation with text similarities are other related bill types.
Identified By
CRS
Actions (2)
07/15/2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
07/15/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 1:50:38 PM
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