[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1223 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1223

To require prior Congressional approval of emergency funding resulting 
              in Government ownership of private entities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 10, 2009

   Mr. Johanns (for himself, Mr. Enzi, Mr. Brownback, Mr. Bond, Mr. 
Chambliss, Mr. Roberts, Mr. Risch, Mr. Barrasso, Mr. Thune, Mr. Cornyn, 
Mr. Graham, Mr. McCain, Mr. Crapo, Mr. Inhofe, Mr. Ensign, Mr. Kyl, Mr. 
Bunning, Mr. Vitter, Mrs. Hutchison, Mr. Wicker, Mr. Coburn, Mr. Hatch, 
 Mr. Isakson, Mr. Martinez, Mr. Grassley, Mr. Bennett, and Mr. DeMint) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To require prior Congressional approval of emergency funding resulting 
              in Government ownership of private entities.

    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 ``Free Enterprise Act of 2009''.

SEC. 2. CONGRESSIONAL APPROVAL OF CERTAIN TARP EXPENDITURES.

    Notwithstanding any other provision of law, including any provision 
of the Emergency Economic Stabilization Act of 2008, on and after May 
29, 2009, no funds may be disbursed or otherwise obligated under that 
Act to any entity, if such disbursement would result in the Federal 
Government acquiring any ownership of the common or preferred stock of 
the entity receiving such funds, unless the Congress first approves of 
such disbursement or obligation.
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