H.R.3696 - To prohibit recipients of TARP assistance from funding ACORN, and for other purposes.111th Congress (2009-2010)
|Sponsor:||Rep. Bachus, Spencer [R-AL-6] (Introduced 10/01/2009)|
|Committees:||House - Financial Services|
|Latest Action:||10/01/2009 Referred to the House Committee on Financial Services.|
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- Economics and Public Finance
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Text: H.R.3696 — 111th Congress (2009-2010)All Bill Information (Except Text)
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Introduced in House (10/01/2009)
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[Congressional Bills 111th Congress] [From the U.S. Government Printing Office] [H.R. 3696 Introduced in House (IH)] 111th CONGRESS 1st Session H. R. 3696 To prohibit recipients of TARP assistance from funding ACORN, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES October 1, 2009 Mr. Bachus (for himself, Mr. Boehner, Mr. Hensarling, Mr. Garrett of New Jersey, Mr. Jones, Mr. Lance, Mr. McCarthy of California, Mr. Royce, Mr. McCotter, Mr. Posey, Mr. King of New York, Mrs. Capito, Mr. Gerlach, Mrs. Biggert, Mr. Lee of New York, Mr. McHenry, Mrs. Bachmann, Mr. Manzullo, Mr. Price of Georgia, Mr. Issa, and Mr. Smith of Texas) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To prohibit recipients of TARP assistance from funding ACORN, 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. PROHIBITION ON USE OF FUNDS: ACORN. Title I of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211 et seq.) is amended by adding at the end the following: ``SEC. 137. PROHIBITION ON USE OF FUNDS: ACORN. ``(a) Prohibition.-- ``(1) In general.--During the period that an entity is in receipt of financial assistance under the TARP or any other program enacted by the Secretary under the authorities granted to the Secretary under this Act, such entity shall not provide any assistance to, directly or indirectly, fund, promote, or in any way contribute to the activities of ACORN or an ACORN- related affiliate. ``(2) Limitation.--The prohibition established in paragraph (1) shall not apply to an entity that has repaid all outstanding amounts of any financial assistance that such entity received under the TARP or any other program enacted by the Secretary under the authorities granted to the Secretary under this Act. ``(b) Disclosure.--Not later than 30 days after the date of enactment of this section, each entity that has received financial assistance under the TARP or any other program enacted by the Secretary under the authorities granted to the Secretary under this Act, shall submit a report to the Secretary and to the appropriate committees of Congress detailing any assistance, whether direct or indirect, that such entity has provided to ACORN or an ACORN-related affiliate in the prior 12 months. ``(c) Definition.--For purposes of this section-- ``(1) the term `ACORN' means the Association of Community Organizations for Reform Now and any ACORN-related affiliate; ``(2) the term `ACORN-related affiliate' means any of the following: ``(A) Any State chapter of ACORN registered with the Secretary of State's office in that State. ``(B) Any organization that shares directors or employees with ACORN. ``(C) Any organization that has a financial stake, directly or indirectly, in ACORN. ``(D) Any organization whose finances, whether federally funded, donor-funded, or raised through organizational goods and services, are shared or controlled, directly or indirectly, by ACORN.''. <all>