HB1006 Summary

• Arkansas enacts and adopts the Compact for a Balanced Budget, an interstate agreement to coordinate state efforts in proposing a federal balanced budget constitutional amendment through Article V of the U.S. Constitution.

• The compact establishes a Balanced Budget Amendment requiring federal outlays not exceed receipts unless financed by debt, with authorized debt capped at 105% of current levels and increases requiring state legislature approval.

• Creates a Compact Commission with initial membership of three unpaid members (one per Member State), empowered to organize a convention, coordinate state participation, and oversee amendment proceedings.

• Appoints each Member State's chief executive officer (governor) as sole delegate to the convention, strictly limited to introducing and voting on the Balanced Budget Amendment and convention rules; delegates must take an oath and can be recalled for violations.

• Declares an emergency clause due to time sensitivity, noting only the first three Member States may appoint commission members and Congress is expected to vote on activating the compact between January-May 2015.