HB 3062 Summary

• Oklahoma enacts the "Compact for a Balanced Budget," a multi-state compact requiring participating states to apply to Congress for an Article V constitutional convention limited to proposing a balanced budget amendment.

• Establishes a Compact Commission consisting of three initial unpaid members (one from each state) to oversee the convention, appoint a Compact Administrator, and coordinate state participation.

• Defines the proposed Balanced Budget Amendment requiring federal total outlays not exceed receipts unless financed by debt, sets initial authorized debt at 105% of current levels, and mandates a two-thirds congressional vote for new general revenue taxes.

• Each participating state's chief executive officer serves as sole delegate to the convention with strictly limited authority to only debate and vote on the balanced budget amendment; delegates must take an oath to comply with the compact and state constitutions.

• Compact terminates upon successful ratification of the balanced budget amendment or automatically seven years after the first state joins if ratification has not occurred.