S. 101: A bill to prohibit the provision of Federal funds to State and local governments for payment of obligations, to prohibit the Board of Governors of the Federal Reserve System from financially assisting State and local governments, and for other purposes.

Introduced:: Jan 23, 2013 (113^th Congress, 2013–2015)
Sponsor:: Sen. David Vitter [R-LA]
Status:: Referred to Committee

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

Overview
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Status

This bill was assigned to a congressional committee on January 23, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress

Introduced	Jan 23, 2013
Referred to Committee	Jan 23, 2013
Reported by Committee	...
Passed Senate	...
Passed House	...
Signed by the President	...

Prognosis

1% chance of getting past committee.
0% chance of being enacted.

Only 12% of Senate bills made it past committee and only 2% were enacted in 2011–2013. [show factors | methodology]

Cosponsors: none

Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

Summary: No summaries available.

Text

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Last updated Jan 23, 2013.
3 pages

Primary Source

View on THOMAS (The Library of Congress)

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Our Summary
Library of Congress
House Republicans
House Democrats

GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/23/2013--Introduced.

Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-and-aid to any state, municipal, local, or county government which, on or after January 26, 2011, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance.

Prohibits the Secretary of the Treasury from using, directly or indirectly, general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of any such state, municipal, local, or county government.

Prohibits the Board of Governors of the Federal Reserve System from:

(1) providing or extending to, or authorizing with respect to, such a state, municipal, local, or county government, or other entity with taxing authority or bonding authority, any funds, loan guarantees, credits, or any other financial instrument or other authority, including bond purchases; or

(2) otherwise assisting such a government entity under any Board authority.

Waives the application of this Act for federal assistance provided in response to a natural disaster.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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