In CommitteeFiled May 21, 2026
Sponsor: Sen. Young, Todd [R-IN] (R)
Latest Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 21, 2026
Summary
The Government Bailout Prevention Act forbids any federal funding, loan guarantees, or assistance from the Treasury, Federal Reserve, or other agencies to state, municipal, county or school entities that have filed for bankruptcy, defaulted, or are at risk of default after Jan. 1 2026. The ban does not apply to disaster‑relief aid or discretionary appropriations and grants. The goal is to stop the federal government from bailing out financially distressed local governments.
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