[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3458 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 3458

To prohibit the Secretary of the Treasury and the Board of Governors of 
 the Federal Reserve System from providing bailouts or other financial 
   assistance to a pension plan of a State or political subdivision 
                    thereof, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 21, 2021

  Mr. Babin introduced the following bill; which was referred to the 
 Committee on Education and Labor, 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

_______________________________________________________________________

                                 A BILL


 
To prohibit the Secretary of the Treasury and the Board of Governors of 
 the Federal Reserve System from providing bailouts or other financial 
   assistance to a pension plan of a State or political subdivision 
                    thereof, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``State and Local Pensions 
Accountability and Security Act''.

SEC. 2. PROHIBITION ON BAILOUTS FOR STATE AND LOCAL PENSION FUNDS.

    The Secretary of the Treasury and the Board of Governors of the 
Federal Reserve System may not provide any loan, grant, or other form 
of financial assistance--
            (1) to a pension plan (as defined under section 3 of the 
        Employee Retirement Income Security Act of 1974 (29 U.S.C. 
        1002)) established or maintained by the government of any State 
        or political subdivision thereof, or by any agency or 
        instrumentality of such a State or political subdivision; or
            (2) to the government of any State or political subdivision 
        thereof, or any agency or instrumentality of such a State or 
        political subdivision, unless such government, agency, or 
        instrumentality certifies that the financial assistance will 
        not be used, directly or indirectly, to fund such a pension 
        plan.
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