H.R. 1452 (106th): State and Local Government Economic Empowerment Act

Introduced:
Apr 15, 1999 (106th Congress, 1999–2000)
Status:
Died (Referred to Committee)
Sponsor
Ray LaHood
Representative for Illinois's 18th congressional district
Party
Republican
Text
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Last Updated
Apr 15, 1999
Length
14 pages
Related Bills
H.R. 4371 (108th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: May 17, 2004

 
Status

This bill was introduced on April 15, 1999, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 15, 1999
Referred to Committee Apr 15, 1999
 
Full Title

To create United States money in the form of noninterest bearing credit in accordance with the 1st and 5th clauses of section 8 of Article I of the Constitution of the United States, to provide for noninterest bearing loans of the money so created to State and local governments solely for the purpose of funding capital projects.

Summary

No summaries available.

Cosponsors
22 cosponsors (13D, 9R) (show)
Committees

House Financial Services

House Budget

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


4/15/1999--Introduced.
State and Local Government Economic Empowerment Act - Directs the Secretary of the Treasury to have money available for purposes of this Act (i.e., the creation of non-interest-bearing Government credit funds in measured or limited increments for the purpose of funding capital and environmental projects in the public interest) in an amount equal to the product of:
(1) the U.S. population, as determined by the Secretary of Commerce on the basis of the 1990 census; and
(2) $1,400.
Requires that the money be created by having the Secretary and the Board of Governors of the Federal Reserve System enter into a loan agreement whereby:
(1) the Board shall lend the U.S. Treasury a sum up to $360 billion at the rate of not more than $72 billion per annum (on a cumulative basis) in each of the five years commencing 60 days after this Act's enactment date; and
(2) the Secretary shall pay an annual fee to the Board to cover administrative costs that the Board incurs in acting as the agent of the Administrator appointed by the Secretary. Treats any amount made available pursuant to this Act as money created in the sovereign and exclusive capacity of the United States to create money.
Specifies that:
(1) money created under this section shall not be treated as revenue when it is created or made available to the Administrator, nor when the loans are repaid;
(2) the money created and the interest-free loan program established under this Act shall not be treated as budget authority, shall not be subject to apportionment or sequestration other than in accordance with this Act, and shall not be taken into account in the determination of the baseline for any fiscal year; and
(3) the disbursement of money created under this Act shall not be treated as an outlay or a budget outlay.
Section 5 -
Entitles each State, county, township, incorporated municipality, school district, and Indian tribe to obtain a loan from the Administrator, unless such governmental unit is delinquent in repaying a prior loan, subject to specified limitations.
Section 6 -
Directs the Administrator to issue an interest-free loan from the money created to any such government unit if the Administrator obtains assurances that the proceeds will be used solely for the purpose of: (1) funding capital projects of such unit, including the construction of or improvements to school facilities, streets, water and sewer systems, and public and environmental facilities; or (2) the cleanup of toxic waste sites or other environmental improvements.

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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