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HR 710 111th Congress House Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Financial services and investments Government employee pay, benefits, personnel management Securities

Public Retiree's Investment Act of 2009

Introduced: January 27, 2009 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 27, 2009
Referred to House Ways and Means
Jan 27, 2009
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.
Jan 27, 2009
Referred to House Financial Services
Jan 27, 2009
Introduced in House
 Plain-English summary Congressional Research Service

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).

What's happening now January 27, 2009

Referred to House Ways and Means

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1