[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 400 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 400

    To amend the Federal Election Campaign Act of 1971 to prohibit 
  candidates for election for Federal office from accepting unsecured 
loans from depository institutions regulated under Federal law, and for 
                            other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 19, 1999

 Mrs. Mink of Hawaii introduced the following bill; which was referred 
                to the Committee on House Administration

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                                 A BILL


 
    To amend the Federal Election Campaign Act of 1971 to prohibit 
  candidates for election for Federal office from accepting unsecured 
loans from depository institutions regulated under Federal law, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PROHIBITING CANDIDATES FROM ACCEPTING UNSECURED LOANS.

    (a) In General.--Section 315 of the Federal Election Campaign Act 
of 1971 (2 U.S.C. 441a) is amended by adding at the end the following 
new subsection:
    ``(i)(1) Notwithstanding any other provision of this Act, a 
candidate for election may not accept--
            ``(A) any contribution consisting of an unsecured loan from 
        a depository institution;
            ``(B) any contribution from an individual serving as an 
        officer or director of a depository institution with respect to 
        which the candidate has an outstanding unsecured loan as of the 
        date of the enactment of this subsection.
    ``(2) Any candidate for election for Federal office with an 
outstanding unsecured loan from a depository institution as of the date 
of the enactment of this subsection shall repay the loan not later than 
90 days after the date of the enactment of this subsection.
    ``(3) In this subsection, the term `depository institution' has the 
meaning given such term in section 19(b)(1)(A) of the Federal Reserve 
Act.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply with respect to elections occurring after January 1999.
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