A bill 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/Y000064
Source: Congress.gov · FEC
Cosponsors (1)
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 →
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2026-05-21
Source: Congress.gov
Committee Activity
Currently in
- Senate Committee on Banking, Housing, and Urban AffairsReferred To · 2026-05-21
Plain-English Summary
The bill would prevent the federal government from giving money to states, cities, and school districts that fail to pay their debts, and would block the Federal Reserve and Treasury Department from providing financial assistance to these governments if they default on their obligations. This would affect state and local governments, school districts, and potentially the services they provide to residents if they face financial crises. The measure aims to enforce financial responsibility by cutting off federal aid to governments that don't meet their payment obligations.
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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