The Newspaper Revitalization Act? Yes, there is now such a thing floating in the US Senate halls via a bill by Senator Benjamin Cardin.
It appears that Senator Cardin, for some reason, cares deeply about newspapers or investigative journalism. While it is clear that the business model for newspapers is indeed broken, it is not clear that it is appropriate or timely for the US government to step in for a bailout. Plus, I believe there are options already in place to ensure that investigative journalism (what I believe to be the most important component of newspapers) is preserved. We have already seen this association in California and some successful web-based journalism. And, as I've proposed previously, the for-profit paper can go through a conversion process and even ensure there are some resources preserved for the benefit of what is most important about newspapers. Bottom lines, there are currently solutions to the problem.
But a federal initiative to preserve newspapers? In effect the public has already spoken -- they are not valuing this form of printed media. Do the feds know better?