To prohibit taxpayer bailouts of fiscally irresponsible State and local governments.
Sen. Judd Gregg (R-NH)Legislative Activity
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Senate amendment not agreed to: Amendment SA 4051 not agreed to in Senate by Yea-Nay Vote. 47 - 50. Record Vote Number: 153.
May 18, 2010
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Senate amendment not agreed to: Amendment SA 4051 not agreed to in Senate by Yea-Nay Vote. 47 - 50. Record Vote Number: 153.
May 18, 2010
Roll call votes on amendments in Senate: Amendment SA 4051 not agreed to in Senate by Yea-Nay Vote. 47 - 50. Record Vote Number: 153.
May 18, 2010
Senate amendment proposed (on the floor): Amendment SA 4051 proposed by Senator Gregg to Amendment SA 3739.(consideration: CR S3856-3861, S3862; text: CR S3856-3057; text as modified: CR S3859)
May 18, 2010
Amendment SA 4051 proposed by Senator Gregg to Amendment SA 3739. (consideration: CR S3856-3861, S3862; text: CR S3856-3057; text as modified: CR S3859) To prohibit taxpayer bailouts of fiscally irresponsible State and local governments.
May 18, 2010
Amendment SA 4051 not agreed to in Senate by Yea-Nay Vote. 47 - 50. Record Vote Number: 153.
May 18, 2010
Proposed amendment SA 4051, pursuant to the order of 5/18/2010, having failed to achieve the required 60 votes for the adoption of the amendment, was withdrawn in Senate. (consideration: CR S3862)
May 18, 2010
Senate amendment submitted
May 17, 2010
Votes
1 roll call on this amendment
Text
Submitted
SA 4051. Mr. GREGG submitted an amendment intended to be proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ``too big to fail'', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes; which was ordered to lie on the table; as follows: On page 18, between lines 17 and 18, insert the following: SEC. 5. PROHIBITION ON THE USE OF FEDERAL FUNDS TO PAY STATE OBLIGATIONS. (a) In General.--Notwithstanding any other provision of law, no Federal funds may be used to purchase or guarantee obligations of, issue lines of credit to or provide direct or indirect grants-and-aid to, any State government, municipal government, local government, or county government which has defaulted on its obligations, is at risk of defaulting, or is likely to default, absent such assistance from the United States Government. (b) Limit on Use of Borrowed Funds.--The Secretary shall not, directly or indirectly, use general fund revenues or funds borrowed pursuant to title 31, United States Code, to purchase or guarantee any asset or obligation of any State government, municipal government, local government, or county government or to otherwise assist such governments, in any instance in which the State government, municipal government, or county government has defaulted on its obligations, is at risk of defaulting, or is likely to default, absent such assistance from the United States Government. (c) Limit on Federal Reserve Funds.--The Board of Governors shall not, directly or indirectly, lend against, purchase, or guarantee any asset or obligation of any State government, municipal government, local government, or county government or to otherwise assist such governments, in any instance in which the State government, municipal government, local government, or county government has defaulted on its obligations, is at risk of defaulting, or is likely to default, absent such assistance from the United States Government. Notwithstanding any other provision of law, no Federal funds may be used to pay the obligations of any State, or to issue a line of credit to any State. ______