Section 1 Short title
This Act may be cited as the “No Bailouts for Reparations Act” .
No Bailouts for Reparations Act
A BILL
To prohibit the United States Government from providing bailouts or other financial assistance to any State or local government that enacts any law providing reparations for slavery, and for other purposes.
Sec. 2 Prohibition on bailouts for State and local governments carrying out reparations programs
In general— The United States Government, including the Federal Reserve System and independent agencies, may not provide any loan, grant, or other form of financial assistance to the government of any State or political subdivision thereof, or any agency or instrumentality of such a State or political subdivision, that enacts into law any program providing reparations on the basis of—
slavery; or
race, ethnicity, national origin, or historical practices related thereto.
Application— Subsection (a) shall only apply to the unit of government so enacting a reparations program.
Definition— For purposes of this section, the term “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, American Samoa, Guam, and the Northern Mariana Islands, or any other territory or possession of the United States.