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Bill116th CongressFiled Sep 27, 2019Economics and Public Finance
H.R. 4572

Government Bailout Prevention Act

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What it doesSummary introduced in house (Sep 27, 2019)

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 just happenedSep 27, 2019

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.

Who’s behind it

Rep. Rooney, Francis [R-FL-19](R-FL)Sponsor
Read on Congress.gov
2committees4actions1related bills4subjects
  1. Sep 27, 2019IntroReferralH11100

    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.

    Financial Services Committee
  2. Sep 27, 2019IntroReferralH11100

    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.

    Oversight and Accountability Committee
  3. Sep 27, 2019IntroReferralIntro-H

    Introduced in House

  4. Sep 27, 2019IntroReferral1000

    Introduced in House

Government Bailout Prevention Act — Informed