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I
116TH CONGRESS
1ST SESSION H. R. 2126
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.
IN THE HOUSE OF REPRESENTATIVES
APRIL 8, 2019
Mr. BABIN 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 jurisdic-
tion of the committee concerned
A BILL
To prohibit the Secretary of the Treasury and the Board
of Governors of the Federal Reserve System from pro-
viding bailouts or other financial assistance to a pension
plan of a State or political subdivision thereof, and for
other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘State and Local Pen-
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sions Accountability and Security Act’’.
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•HR 2126 IH
SEC. 2. PROHIBITION ON BAILOUTS FOR STATE AND LOCAL
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PENSION FUNDS.
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The Secretary of the Treasury and the Board of Gov-
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ernors of the Federal Reserve System may not provide any
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loan, grant, or other form of financial assistance—
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(1) to a pension plan (as defined under section
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3 of the Employee Retirement Income Security Act
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of 1974 (29 U.S.C. 1002)) established or main-
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tained by the government of any State or political
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subdivision thereof, or by any agency or instrumen-
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tality of such a State or political subdivision; or
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(2) to the government of any State or political
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subdivision thereof, or by any agency or instrumen-
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tality of such a State or political subdivision, unless
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such government, agency, or instrumentality certifies
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that the financial assistance will not be used, di-
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rectly or indirectly, to fund such a pension plan.
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