To prohibit the provision of Federal funds to State and local governments and school districts for payment of obligations, to prohibit the Federal Reserve banks, the Department of the Treasury, and other Federal agencies from financially assisting State and local governments and school districts that have defaulted on their obligations, and for other purposes.
Sponsor
Full profile: /officials/S001214
Source: Congress.gov · FEC
Cosponsors (2)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Referred to the Committee on Oversight and Government 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.
2026-06-15
Source: Congress.gov
Committee Activity
Currently in
- House Committee on Financial ServicesReferred To · 2026-06-15
- House Committee on Oversight and Government ReformReferred To · 2026-06-15
Plain-English Summary
This bill would prevent the federal government from using taxpayer money to bail out state and local governments or school districts that fail to pay their debts, and would block the Federal Reserve and Treasury Department from providing financial assistance to these entities if they default on their obligations. The measure aims to hold states, cities, and school districts financially accountable by forcing them to manage their own budgets without federal rescue funds. It would affect state and local officials, school administrators, and potentially taxpayers in those jurisdictions.
AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.
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