US Congress House Bill 4014 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 25-1)
Status: Introduced on November 4 2009 - 25% progression, died in committee
Action: 2009-11-04 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Catastrophe Obligation Guarantee Act of 2009 - Directs the Secretary of the Treasury to guarantee holders against loss of principal, interest, or both, on obligations issued by eligible state programs that are established to provide insurance and reinsurance coverage for residential property in the case of catastrophic events. Prescribes standards for eligible state programs, and for catastrophic debt guarantees. Limits the aggregate principal amount of guaranteed debt following a catastrophic event to the amount by which the insured losses expected to be sustained by the state program as a result of the events exceed 80% of: (1) the qualifying assets of an eligible state program as stated in its most recent quarterly financial statement filed with the domiciliary regulator; or (2) a state's unrestricted net assets as stated in its annual financial statement. Pledges the full faith and credit of the United States to the payment of all guarantees issued under the program. Limits the aggregate total principal amount of guaranteed debt obligations to: (1) $5 billion for earthquake peril; and (2) $20 billion for all other perils. Makes appropriations to satisfy debt guarantee commitments and attendant administrative expenses.

Catastrophe Obligation Guarantee Act of 2009

Rep. Howard Berman [D-CA]	Rep. John Campbell [R-CA]	Rep. Lois Capps [D-CA]	Rep. Judy Chu [D-CA]
Rep. Jim Costa [D-CA]	Rep. Susan Davis [D-CA]	Rep. Sam Farr [D-CA]	Rep. Bob Filner [D-CA]
Rep. John Garamendi [D-CA]	Rep. Michael Honda [D-CA]	Rep. Barbara Lee [D-CA]	Rep. Zoe Lofgren [D-CA]
Rep. Doris Matsui [D-CA]	Rep. Jerry McNerney [D-CA]	Rep. Charlie Melancon [D-LA]	Rep. Grace Napolitano [D-CA]
Rep. Laura Richardson [D-CA]	Rep. Lucille Roybal-Allard [D-CA]	Rep. Linda Sanchez [D-CA]	Rep. Loretta Sanchez [D-CA]
Rep. Adam Schiff [D-CA]	Rep. Brad Sherman [D-CA]	Rep. Jackie Speier [D-CA]	Rep. Fortney Stark [D-CA]
Rep. Mike Thompson [D-CA]	Rep. Lynn Woolsey [D-CA]

Date	Chamber	Action
2009-11-04		Referred to the House Committee on Financial Services.

SB886 (Related) 2009-09-15 - S.AMDT.2387 Referred to the Committee on Banking, Housing, and Urban Affairs.To make technical corrections.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/4014/all-info
Text	https://www.congress.gov/111/bills/hr4014/BILLS-111hr4014ih.pdf