1. Short title; findings (a) Short title This Act may be cited as the Protecting Financial Aid for Students and Taxpayers Act . (b) Findings Congress finds the following: (1) From 1998 to 2013, enrollment in for-profit institutions of higher education increased by 314 percent, from 498,176 students to 2,064,920 students. (2) In the 2012–2013 academic year, students who enrolled at for-profit institutions of higher education received $26,469,028,523 in Federal Pell Grants and student loans. (3) Eight out of the 10 top recipients of Post- 9/11 Educational Assistance funds are for-profit institutions of higher education. These 8 companies have received $2,900,000,000 in taxpayer funds to enroll veterans from 2009 to 2013. (4) An analysis of 15 publicly traded companies that operate institutions of higher education shows that, on average, such companies spend 28 percent of expenditures on advertising, marketing, and recruiting. 2. Restrictions on sources of funds for recruiting and marketing activities Section 119 of the Higher Education Opportunity Act ( 20 U.S.C. 1011m ) is amended— (1) in the section heading, by inserting and Restrictions on Sources of Funds for Recruiting and Marketing Activities after Funds ; (2) in subsection (d), by striking subsections (a) through (c) and inserting subsections (a), (b), (c), and (e) ; (3) by redesignating subsection (e) as subsection (f)