S.Amdt. 724

SA 724. Mr. COBURN submitted an amendment intended to be proposed by him to the bill H.R. 1388, entitled “The Edward M. Kennedy Serve America Act, an Act to reauthorize and reform the national service laws.”; which was ordered to lie on the table; as follows:

TITLE VII--MILLIONAIRE EXEMPTION

SEC. 701. EXEMPTION FOR MILLIONAIRES.

(a) In General.--Notwithstanding any other provision of this Act, no wealthy individual who participates in a program under this Act may receive stipend, living allowance, education award, or other compensation by virtue of such participation.

(b) Wealthy Individual.--In this section, the term “wealthy individual” means an individual who is from a family with a taxable annual income of more than $1,000,000.