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Washington, DC – U.S. Representative Brian Babin (TX-36) today introduced his first bill, the No Taxpayer Bailouts for Unsustainable State and Local Pensions Act (H.R. 1476), which prohibits the U.S. Treasury Department and the Federal Reserve from offering any sort of bailout to a state or local government pension system. Rep. Tom McClintock (CA-04), a prominent conservative voice in Congress, joined Rep. Babin as the bill’s lead co-sponsor.

“Since arriving in Congress, my office has been briefed extensively on the strong health of the pension systems in Harris County and throughout Texas,” said Congressman Babin. “Sadly, that’s not the case across the country. We’ve seen reports about other states and municipalities that are on an unsustainable course that threatens the retirement savings of their enrollees. It is the responsibility of the state and local governments that sponsor such plans for their employees to fund them. It is not the responsibility of the citizens of Texas to bail them out for their poor decisions. Our bill makes it clear that they will not get a bailout from the American taxpayer.”

“States that make their own problems should be responsible for fixing their own problems," said Congressman McClintock. “We should not export their folly to the federal level, which is exactly what H.R. 1476 protects our nation from. This bill is long overdue, and I’m proud to cosponsor it.”

NOTE: The full text of the bill is attached. To view Rep. Babin’s video announcing the introduction of H.R. 1476, please click here.