State and Local Pensions Accountability and Security Act

Bill: 117-hr-3458
Sponsor: full_name: Rep. Babin, Brian [R-TX-36]
Introduced: 2021-05-21
Policy area: Labor and Employment
Latest action: action_date: 2021-05-21
text: Referred to the Committee on Education and Labor, 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: 2021-05-21
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 117th CONGRESS 1st Session H. R. 3458 IN THE HOUSE OF REPRESENTATIVES May 21, 2021 Mr. Babin introduced the following bill; which was referred to the Committee on Education and Labor , 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 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.