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Key Votes

S Amdt 4051 - Prohibiting Funding of State and Local Governments to Prevent Defaulting on Debt - National Key Vote

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Issues Related to S Amdt 4051

Stage Details

Amendment - Amendment Rejected (Senate) (47-50) - (Key vote)
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Title: Prohibiting Funding of State and Local Governments to Prevent Defaulting on Debt

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to adopt an amendment to S Amdt 3739 to S 3217 that prohibits federal funds from being used to purchase or guarantee obligations, extend lines of credit, or provide direct or indirect grants-and-aid to any state, municipal, local, or county government that has defaulted on its obligations or is at risk of doing so without such assistance from the federal government.

Highlights:
  • Prohibits the Secretary of the Treasury from directly or indirectly using general fund revenues or funds borrowed pursuant to Title 31 of U.S. Code to purchase or guarantee any asset or obligation of (or to provide any other assistance to) any state, municipal, local, or county government that has defaulted on its obligations or is at risk of doing so without such assistance from the federal government (Sec. 5).
  • Prohibits the Board of Governors of the Federal Reserve System from directly or indirectly lending against, purchasing, or guaranteeing any asset or obligation of, or providing any other assistance to any state, municipal, local, or county government that has defaulted on its obligations or is at risk of doing so without such assistance from the federal government (Sec. 5).
Amendment - Introduced (Senate) -

Title: Prohibiting Funding of State and Local Governments to Prevent Defaulting on Debt

Sponsors

  • Judd A. Gregg (NH - R) (Out Of Office)

Co-sponsors

  • Christopher S. 'Kit' Bond (MO - R) (Out Of Office)
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