,,ii  #aaith ,,congress  #b;d ,session  
,s4 #cicg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,february #bf1 
#bjbf,mr4 ,hawley 7for himself and ,mr4 
,merkley7 introduced the following bill2
 which was read twice and referred to   
the ,committee on the ,judiciary  ,a    
,,bill  ,to amend the ,sherman ,act to  
prohibit certain entities from          
purchasing residential real estate1 and 
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,homes   
for ,american ,families ,act4  #b4      
,amendment  7a7 ,in general ,the        
,sherman ,act 7#ae ,u4,s4,c4 #a et seq47
 is amended by adding at the end the    
following3  #i4 ,residential real estate
 contracts in restraint of trade  7a7   
,definitions ,in this section3 7#a7     
,covered entity  7,a7 ,in general ,the  
term covered entity means-- 7i7 real    
estate investment trust2  7ii7 an       
insurance company2 or  7iii7 an         
investment company or private fund--    
7,i7 with assets under management of not

 less than #aej1jjj1jjj2 or  7,,ii7 that
 is directly or indirectly owned or     
controlled by a person that directly or 
indirectly owns or controls #a or more  
investment companies or private funds   
with total assets under management of   
not less than #aej1jjj1jjj4  7,b7       
,aggregation rules ,for purposes of     
determining the assets under management 
of an entity under subparagraph         
7,a77iii71 all persons which are treated
 as a single employer under subsection  
7b7 or 7c7 of section #dad of the       
,internal ,revenue ,code of #aihf shall 
be treated as one entity4 ,for purposes 
of this subsection1 in applying section 
#dad7;b7 of such ,code1 section #aefc of
 such ,code shall be applied without    
regard to subsection 7b77#b7 thereof4   
7#b7 ,insurance company ,the term       
insurance company has the meaning given 
the term in section #b7;a7 of the       
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#b7;a774  7#c7          
,investment company ,the term investment

 company has the meaning given the term 
in section #c of the ,investment        
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#c74  7#d7 ,private fund ,the term
 private fund means a corporation that  
would be considered an investment       
company under section #c of the         
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#c7 but for the         
application of paragraph 7#a7 or 7#g7 of
 subsection 7c7 of such section #c4     
7#e7 ,real estate investment trust ,the 
term real estate investment trust has   
the meaning given the term in section   
#hef of the ,internal ,revenue ,code of 
#aihf4  7#f7 ,residential real estate   
,the term residential real estate       
means-- 7,a7 a single-family home2  7,b7
 a condominium2  7,c7 a townhouse2 and  
7,d7 any land that has been zoned by a  
local government for the development of 
a property described in subparagraphs   
7,a7 through 7,c74  7b7 ,contracts in   
restraint of trade  7#a7 ,in general    
,except as provided in paragraph 7#b71  

any purchase by a covered entity of     
residential real estate shall be deemed 
a contract in restraint of trade in     
violation of section #a1 except that the
 violation shall be civil only and no   
criminal penalty under that section1    
including a term of imprisonment1 shall 
apply4  7#b7 ,exceptions ,paragraph 7#a7
 shall not apply to a homebuilder1      
developer1 or redeveloper if the units  
of residential real estate are being or 
have been constructed for ownership by a
 person or entity that is not prohibited
 from purchasing residential real estate
 under this subsection4  7#c7           
,application ,paragraph 7#a7 shall only 
apply to the purchase of residential    
real estate on or after the date of     
enactment of this section4  7c7         
,prioritized antitrust scrutiny and     
enforcement ,the ,assistant ,attorney   
,general in charge of the ,antitrust    
,division of the ,department of ,justice
 shall prioritize the review of         
purchases of residential real estate by 

a covered entity for anti-competitive   
effects and prioritize enforcement of   
antitrust laws1 as appropriate1 against 
coordinated vacancy1 pricing strategies1
 and other anticompetitive practices by 
covered entities in local residential   
real estate markets4  4  7b7 ,effective 
date ,this ,act and the amendments made 
by this ,act shall take effect on the   
date that is #ij days after the date of 
enactment of this ,act4