A bill to authorize a program of fiscal assistance during economic recessions and to authorize a program of targeted fiscal assistance, and for other purposes.

[AI summary unavailable — showing source text] Amends the State and Local Fiscal Assistance Act of 1972 to add a fourth title, "Fiscal Assistance During Periods of Recession," which authorizes the Secretary of the Treasury to make payments to State and local governments during calendar quarters in which there is a decline in real wages, salaries, and the gross national product. Authorizes appropriations of up to $1,000,000,000 for such payments made during the calendar quarters of fiscal year 1980. Establishes ceilings on appropriations for each such quarter. Requires one-third of such appropriations to be allocated to State governments and two-thirds to local governments. Sets forth formulas for determining the amount of such allocations to State and local governments. Directs the Secretary to receive assurances from each State and unit of local government before issuing payments that: (1) standard fiscal, accounting, and auditing practices will be used; (2) the Secretary and the Comptroller General will be given access to documents in order to review compliance; (3) reports required by the Secretary will be furnished; (4) the State or unit of local government will comply with provisions of law prohibiting discrimination on th…