All Information (Except Text) for S.251 - 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.112th Congress (2011-2012)
|Sponsor:||Sen. Vitter, David [R-LA] (Introduced 02/01/2011)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 02/01/2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
There is 1 version of this bill. View text
Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Official Titles - Senate
Official Titles as Introduced
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.
Actions Overview (1)
|02/01/2011||Introduced in Senate|
02/01/2011 Introduced in Senate
All Actions (1)
|02/01/2011||Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
Action By: Senate
02/01/2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
|Sen. Crapo, Mike [R-ID]*||02/01/2011|
|Sen. DeMint, Jim [R-SC]*||02/01/2011|
|Sen. Cornyn, John [R-TX]||02/02/2011|
|Sen. Johnson, Ron [R-WI]||02/02/2011|
|Sen. Wicker, Roger F. [R-MS]||02/02/2011|
|Sen. Blunt, Roy [R-MO]||02/02/2011|
|Sen. Coats, Daniel [R-IN]||02/02/2011|
|Sen. Thune, John [R-SD]||02/02/2011|
|Sen. Kyl, Jon [R-AZ]||02/02/2011|
|Sen. Chambliss, Saxby [R-GA]||02/02/2011|
|Sen. Hatch, Orrin G. [R-UT]||02/02/2011|
|Sen. Hutchison, Kay Bailey [R-TX]||02/02/2011|
|Sen. Kirk, Mark Steven [R-IL]||02/02/2011|
|Sen. Coburn, Tom [R-OK]||02/02/2011|
|Sen. Risch, James E. [R-ID]||02/02/2011|
|Sen. Ayotte, Kelly [R-NH]||02/14/2011|
|Sen. Johanns, Mike [R-NE]||04/04/2011|
|Sen. Barrasso, John [R-WY]||05/19/2011|
|Sen. Corker, Bob [R-TN]||06/15/2011|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Banking, Housing, and Urban Affairs||02/01/2011||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
Introduced in Senate (02/01/2011)
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.