S T A T E O F N E W Y O R K
________________________________________________________________________
8170
2009-2010 Regular Sessions
I N A S S E M B L Y
May 6, 2009
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Introduced by M. of A. ZEBROWSKI, BARRON, CASTRO, FIELDS, GABRYSZAK,
GALEF, KOON, STIRPE, TOWNS -- Multi-Sponsored by -- M. of A. BOYLAND,
CAMARA, GUNTHER, JAFFEE, JOHN, MENG, ROBINSON, TITUS -- read once and
referred to the Committee on Election Law
AN ACT to amend the election law, in relation to enacting the "Bailout
Integrity Act" prohibiting the receipt by state candidates, political
committees or constituted committees of donations by certain corpo-
rations that have received federal emergency economic assistance and
the making of such donations by recipient corporations
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. This act shall be known and may be cited as the "Bailout
Integrity Act".
S 2. The election law is amended by adding a new section 14-132 to
read as follows:
S 14-132. POLITICAL CONTRIBUTIONS BY FEDERAL EMERGENCY ECONOMIC
ASSISTANCE RECIPIENTS. 1. A. NO CANDIDATE, POLITICAL COMMITTEE OR
CONSTITUTED COMMITTEE SHALL ACCEPT ANY CONTRIBUTIONS FOR CANDIDATE OR
NON-CANDIDATE EXPENDITURES FROM ANY CORPORATION THAT HAS RECEIVED FEDER-
AL EMERGENCY ECONOMIC ASSISTANCE. ANY CANDIDATE, POLITICAL COMMITTEE OR
CONSTITUTED COMMITTEE IN THIS STATE ACCEPTING CAMPAIGN CONTRIBUTIONS
FROM A FEDERAL EMERGENCY ECONOMIC ASSISTANCE RECIPIENT SHALL RETURN SUCH
CAMPAIGN CONTRIBUTION TO THE FEDERAL EMERGENCY ECONOMIC ASSISTANCE
RECIPIENT WITHIN SIXTY DAYS OF NOTICE GIVEN BY THE BOARD OF ELECTIONS TO
SUCH CANDIDATE, POLITICAL COMMITTEE OR CONSTITUTED COMMITTEE.
B. NO CORPORATION THAT HAS RECEIVED FEDERAL EMERGENCY ECONOMIC ASSIST-
ANCE SHALL MAKE ANY CONTRIBUTIONS FOR CANDIDATE OR NON-CANDIDATE EXPEND-
ITURES TO ANY CANDIDATE, POLITICAL COMMITTEE OR CONSTITUTED COMMITTEE IN
THIS STATE.
2. A. A CIVIL PENALTY OF UP TO THE AMOUNT OF THE CONTRIBUTION ACCEPTED
BY A CANDIDATE, POLITICAL COMMITTEE OR CONSTITUTED COMMITTEE IN
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11690-01-9
A. 8170 2
VIOLATION OF THE PROVISIONS OF THIS SECTION SHALL BE IMPOSED UPON ANY
CANDIDATE, POLITICAL COMMITTEE OR CONSTITUTED COMMITTEE KNOWINGLY
ACCEPTING A CONTRIBUTION FROM A FEDERAL EMERGENCY ECONOMIC ASSISTANCE
RECIPIENT.
B. A CIVIL PENALTY OF UP TO ONE HUNDRED THOUSAND DOLLARS SHALL BE
IMPOSED ON ANY FEDERAL EMERGENCY ECONOMIC ASSISTANCE RECIPIENT CORPO-
RATION THAT CONTRIBUTES TO A CANDIDATE, POLITICAL COMMITTEE OR CONSTI-
TUTED COMMITTEE IN THIS STATE.
3. THE BOARD OF ELECTIONS SHALL IDENTIFY ALL CORPORATIONS IN WHICH THE
FEDERAL GOVERNMENT HAS ACQUIRED AN EQUITY INTEREST ON OR AFTER DECEMBER
THIRTY-FIRST, TWO THOUSAND SEVEN THROUGH THE PROGRAM AUTHORIZED BY THE
EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 OR THE THIRD UNDESIGNATED
PARAGRAPH OF SECTION 13 OF THE FEDERAL RESERVE ACT (12 U.S.C. 343) AND
SHALL COMPILE A LIST OF THOSE CORPORATIONS DESIGNATED AS BEING RECIPI-
ENTS OF FEDERAL EMERGENCY ECONOMIC ASSISTANCE. SUCH LIST SHALL BE MADE
AVAILABLE BY THE BOARD OF ELECTIONS TO ALL STATE CANDIDATES, POLITICAL
COMMITTEES OR CONSTITUTED COMMITTEES NO LATER THAN DECEMBER
THIRTY-FIRST, TWO THOUSAND NINE. THE BOARD OF ELECTIONS SHALL PERIOD-
ICALLY UPDATE THE LIST OF CORPORATIONS DESIGNATED AS BEING RECIPIENTS OF
FEDERAL EMERGENCY ECONOMIC ASSISTANCE.
4. AS USED IN THIS SECTION, "CORPORATION THAT HAS RECEIVED FEDERAL
EMERGENCY ECONOMIC ASSISTANCE" MEANS ALL CORPORATIONS, INCLUDING THE
FEDERAL NATIONAL MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE
CORPORATION, THAT HAVE RECEIVED FEDERAL EMERGENCY ECONOMIC ASSISTANCE
UNDER THE PROGRAM AUTHORIZED BY THE EMERGENCY ECONOMIC STABILIZATION ACT
OF 2008 OR THE THIRD UNDESIGNATED PARAGRAPH OF SECTION 13 OF THE FEDERAL
RESERVE ACT (12 U.S.C. 343) IN AN OUTSTANDING AGGREGATE AMOUNT EXCEEDING
ONE HUNDRED MILLION DOLLARS.
S 3. This act shall take effect immediately.