II 116th CONGRESS 1st Session S. 2120 IN THE SENATE OF THE UNITED STATES July 15, 2019 Mr. Young (for himself, Mr. Toomey , and Mr. Cotton ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit the provision of Federal funds to State and local governments for payment of obligations, to prohibit the Federal Reserve Banks, the Department of the Treasury, and other Federal agencies from financially assisting State and local governments that have defaulted on their obligations, and for other purposes.