SB 118-38: Ending (Corporate) Welfare As We Know It - Failed

[Attorney General & PPT Dwarven Dragon]

Ending (Corporate) Welfare As We Know It

Section 1. Title
This bill may be cited as the Ending Corporate Welfare As We Know It Act.

Section 2. Definition(s)
A. Corporate Welfare: Defined as subsidizations or bailouts from the federal government to corporations.
B. Contraction: Defined as a decrease in economic output.
C. Recession: Defined as contraction for at least two quarters
D. Depression: Defined as 3+ years of GDP contraction as well as a contraction of at least a 10% of the total GDP.
E. Struggling local economy: Defined as a county with an unemployment rate of >5%.

Section 3. Managing Bailouts
A. This bill will prohibit the use of corporate welfare except for bailouts during times of economic recession or depression. Exceptions will be given to areas such as the Rust Belt or Appalachia who have struggling local economies in which case local or regional revitalization efforts may use government funds.

B. Any bailout of a failing industry must be audited by the receiving companies. CEOs/Presidents who abuse the money may face penalties including fines of no less than $500,000 or no fewer than 5 years imprisonment.

Section 4. Implementation
This bill will take place effective immediately.

Sponsor: Dwarven Dragon
Occupying: Slot 8

[Attorney General & PPT Dwarven Dragon]

This is a 2nd attempt at a bill that failed in the previous session in part due to several supporters missing the vote. It provides important limitations on corporate bailouts.

[Attorney General & PPT Dwarven Dragon]

Motion for a final vote

[Attorney General & PPT Dwarven Dragon]

A final vote is beginning.

Aye

[Attorney General & PPT Dwarven Dragon]

The Vote is Tied 7-7-1-2. The VP will break the Tie.

Wall of Shame Vote 37:

AFE up to 21
Cao up to 7

[Attorney General & PPT Dwarven Dragon]

Fails 7-8-1-2