II 111th CONGRESS 1st Session S. 1223 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.

1.

Short title

This Act may be cited as the Free Enterprise Act of 2009.

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.