US Congress House Bill 710 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 27 2009 - 25% progression, died in committee
Action: 2009-01-27 - Referred to House Ways and Means
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Public Retiree's Investment Act of 2009 - Authorizes the Secretary of the Treasury to guarantee eligible investments, or reguarantee a guarantee of eligible investments, by any public pension bank capital infusion fund mutually owned by state and local pension plans for the sole purpose of investing in preferred stocks of U.S. banking institutions. Requires each public pension plan with a mutual ownership interest in a capital infusion fund to be authorized by state law to establish, or participate in the formation of, a wholly owned mutual fund or a limited liability corporation, in the case of joint ownership with other public pension plans. Caps the maximum amount of investments by such such a capital infusion fund at $50 billion. Restricts eligible investments to those in the preferred stock of a qualifying financial institution under the Troubled Asset Relief Program (TARP) Capital Purchase Program established under the Emergency Economic Stabilization Act of 2008 (EESA).

Public Retiree's Investment Act of 2009

Rep. Gary Ackerman [D-NY]

Rep. Gwen Moore [D-WI]

Date	Chamber	Action
2009-01-27		Referred to House Ways and Means
2009-01-27		Referred to House Financial Services
2009-01-27		Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/710/all-info
Text	https://www.congress.gov/111/bills/hr710/BILLS-111hr710ih.pdf