,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #cjjb  ,,in ,,the ,,house ,,of  
,,representatives  ,august #b1 #bjac    
,mr4 ,barr 7for himself1 ,mr4 ,scalise1 
,mr4 ,fleming1 ,mr4 ,roe of ,tennessee1 
,mr4 ,brooks of ,alabama1 ,mr4          
,labrador1 ,mr4 ,stutzman1 ,mrs4        
,blackburn1 ,mr4 ,salmon1 ,mr4 ,weber of
 ,texas1 ,mr4 ,ribble1 ,mr4 ,posey1 and 
,mr4 ,conaway7 introduced the following 
bill2 which was referred to the         
,committee on ,oversight and ,government
 ,reform1 and in addition to the        
,committee on ,financial ,services1 for 
a period to be subsequently determined  
by the ,speaker1 in each case for       
consideration of such provisions as fall
 within the jurisdiction of the         
committee concerned  ,a ,,bill  ,to     
prohibit the provision of ,federal funds
 to ,state and local governments for    
payment of obligations1 to prohibit the 
,board of ,governors of the ,federal    
,reserve ,system from financially       
assisting ,state and local governments1 

and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the ,no
 ,bailouts for ,state and local         
,governments ,act4  #b4 ,prohibition on 
the use of ,federal funds to pay ,state 
and local obligations  7a7 ,in general  
,notwithstanding any other provision of 
law1 no ,federal funds may be used to   
purchase or guarantee obligations of1   
issue lines of credit to1 or provide    
direct or indirect grants-in-aid to any 
,state government1 municipal government1
 local government1 or county government 
which1 on or after ,january #a1 #bjac1  
has filed for bankruptcy1 has defaulted 
on its obligations1 is at risk of       
defaulting1 or is likely to default1    
absent such assistance from the ,united 
,states ,government1 if such purchase1  
guarantee1 extension of credit1 or grant
 is made for the purpose of assisting   
the government in--  7#a7 avoiding      
defaulting on the payment of principal  
or interest due on an obligation of the 
government2 or  7#b7 curing such a      

default4  7b7 ,limit on ,use of         
,borrowed ,funds ,the ,secretary of the 
,treasury shall not1 directly or        
indirectly1 use general fund revenues or
 funds borrowed pursuant to title #ca1  
,united ,states ,code1 to purchase or   
guarantee any asset or obligation of any
 ,state government1 municipal           
government1 local government1 or county 
government1 or otherwise to assist such 
government entity1 if1 on or after      
,january #a1 #bjac1 that ,state         
government1 municipal government1 or    
county government has filed for         
bankruptcy1 defaulted on its            
obligations1 is at risk of defaulting1  
or is likely to default1 absent such    
assistance from the ,united ,states     
,government1 if such purchase1          
guarantee1 extension of credit1 or grant
 is made for the purpose of assisting   
the government in--  7#a7 avoiding      
defaulting on the payment of principal  
or interest due on an obligation of the 
government2 or  7#b7 curing such a      

default4  7c7 ,prohibition on ,federal  
,reserve assistance ,notwithstanding any
 other provision of law1 the ,board of  
,governors of the ,federal ,reserve     
,system shall not provide or extend to1 
or authorize with respect to1 any ,state
 government1 municipal government1 local
 government1 county government1 or other
 entity that has taxing authority or    
bonding authority1 any funds1 loan      
guarantees1 credits1 or any other       
financial instrument or other authority1
 including the purchasing of the bonds  
of such ,state1 municipality1 locality1 
county1 or other bonding authority1 or  
to otherwise assist such government     
entity under any authority of the ,board
 of ,governors1 if such purchase1       
guarantee1 extension of credit1 or grant
 is made for the purpose of assisting   
the government in--  7#a7 avoiding      
defaulting on the payment of principal  
or interest due on an obligation of the 
government2 or  7#b7 curing such a      
default4  7d7 ,limitation ,subsections  

7a7 through 7c7 shall not apply to      
,federal assistance provided in response
 to a natural disaster4