[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4768 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4768

  To prevent funding provided through the Federal Reserve System from 
 being made available to corporations that finance political campaigns 
            or political propaganda, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 4, 2010

 Mr. Grayson introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To prevent funding provided through the Federal Reserve System from 
 being made available to corporations that finance political campaigns 
            or political propaganda, 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. SHORT TITLE.

    This Act may be cited as the ``Bailouts Are Not For Sale Act''.

SEC. 2. PROHIBITION ON ACCESS TO THE FEDERAL RESERVE DISCOUNT WINDOW 
              FOR CORPORATIONS WHICH INTERFERE IN ELECTIONS.

    (a) In General.--Notwithstanding section 13 of the Federal Reserve 
Act, any other provision of the Federal Reserve Act, or any other 
provision of law, a corporation which has made any independent 
expenditure or any disbursement for an electioneering communication, in 
connection with an election campaign for a Federal office, directly or 
through any affiliate, after the date of the enactment of such Act may 
not have any notes discounted by any Federal reserve bank and may not 
otherwise have access to or receive the benefit of, directly or 
indirectly through any affiliate or third party, any financing provided 
by or through the Board or any Federal reserve bank or any credit 
facility established by the Board or any Federal reserve bank.
    (b) Prompt Reimbursement During Transition.--If any corporation 
subject to subsection (a) has, before the date of the enactment of this 
Act, entered into any transaction or financing arrangement prohibited 
by such subsection, the Board shall require the corporation to unwind 
the transaction and repay any amount outstanding as soon as practicable 
but, in any case, before the end of the 90-day period beginning on such 
date of enactment.
    (c) Regulations.--Before the end of the 90-day period beginning on 
the date of the enactment of this Act, the Board shall prescribe, in 
final form, such regulations as may be appropriate to implement this 
Act.
    (d) Definitions.--For purposes of this section, the terms ``Board'' 
and ``affiliate'' have the same meanings as in section 2 of the Bank 
Holding Company Act of 1956.
    (e) Effective Date.--This Act shall apply as of the date of the 
enactment of this Act, without regard to the effective date of any 
regulation prescribed under subsection (c).
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