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H.R. 2126: State and Local Pensions Accountability and Security Act

The text of the bill below is as of Apr 8, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 2126

IN THE HOUSE OF REPRESENTATIVES

April 8, 2019

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 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.