SB 1242 Summary

• Creates the Compact for a Balanced Budget, an interstate compact requiring Florida and other member states to apply to Congress for an Article V constitutional convention limited to proposing a balanced budget amendment to the U.S. Constitution.

• Establishes a Compact Commission with representatives from member states to oversee the convention, appoint a Compact Administrator, and coordinate member state obligations under the compact.

• Designates the President of the Florida Senate and Speaker of the Florida House (or their designees) as Florida's delegates to the convention, with strict limitations on delegate authority restricted to the balanced budget amendment only.

• Specifies detailed convention rules including voting procedures (one vote per state), quorum requirements (majority of states), and prohibits any actions that violate the compact or propose amendments other than the balanced budget amendment.

• Includes automatic ratification of the balanced budget amendment by member states and provides for compact termination if the amendment is not ratified within 7 years of the first state's enactment.