S. 1428 — Safeguarding Charity Act

This section establishes in 1 U.S.C. §9 that, for purposes of federal law, the term "Federal financial assistance" (or similar terms) does not include exemptions from federal income tax for organizations described in IRC §§501(c) or (d) or 401(a), unless explicitly provided otherwise. The section includes a rule of construction clarifying that such exemptions did not constitute federal assistance prior to enactment.