State and Local Pensions Accountability and Security Act

Bill: 115-hr-1124
Sponsor: full_name: Rep. Babin, Brian [R-TX-36]
Introduced: 2017-02-16
Policy area: Labor and Employment
Subjects: Employee benefits and pensions

Government employee pay, benefits, personnel management

Government lending and loan guarantees

State and local government operations
Latest action: action_date: 2017-02-16
text: Referred to the Committee on Education and the Workforce, 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.

Summaries:
action_date: 2017-02-16
action_desc: Introduced in House
text: <p><strong>State and Local Pensions Accountability and Security Act</strong></p> <p>This bill prohibits the Department of the Treasury and the Federal Reserve Board from providing any loan, grant, or other form of financial assistance&nbsp;in support of&nbsp;a state or local pension plan.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1124 IN THE HOUSE OF REPRESENTATIVES February 16, 2017 Mr. Babin (for himself and Mr. McClintock ) introduced the following bill; which was referred to the Committee on Education and the Workforce , 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.

1. Short title This Act may be cited as the State and Local Pensions Accountability and Security Act . 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 by 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.