Prohibition on Federal Bailouts for State and Local Pensions
This act aims to prevent federal taxpayer money from being used to bail out state and local pension funds. This means that if pension funds face financial difficulties, state and local governments will need to find their own solutions, without federal budget support. This could impact the stability of pension benefits in some regions.
Key points
The federal government will not provide loans or grants to state and local pension funds.
Federal money given to states and local governments cannot be used to fund pension plans.
Expired
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