Oklahoma Senate Bill 547 Summary

• Oklahoma enacts, adopts, and agrees to be bound by the Compact for a Balanced Budget, which establishes a multi-state compact to propose and ratify a balanced budget amendment to the U.S. Constitution through Article V conventions.

• The Compact requires member states to apply to Congress for calling a convention limited to proposing a specific Balanced Budget Amendment once three-fourths of states join, with the convention limited to one delegate per state.

• Member states prospectively ratify the Balanced Budget Amendment, which requires federal spending not to exceed receipts unless financed by debt, with debt limits requiring state legislative approval for increases above 105 percent of initial levels.

• The Compact establishes a Commission and Administrator to coordinate member state obligations, oversee convention logistics, maintain delegate lists, and provide notice to federal and state officials of key events in the amendment process.

• The Compact terminates automatically upon ratification of the Balanced Budget Amendment or seven years after the first state enacts the compact, whichever comes first, with detailed rules prohibiting convention actions beyond proposing the specified amendment and voiding any ultra vires actions.