S 1678
97th Congress
Senate
Labor and Employment
Employee benefit plans
Housing and Community Development
Housing and Housing Finance
Interest
Mortgages
Real estate investment
A bill to amend the Employee Retirement Income Security Act of 1974 with regard to mortgage investments.
Introduced: September 29, 1981
See on congress.gov
Everywhere this bill has been
5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 26, 1982
Subcommittee on Labor. Hearings held.
Oct 5, 1981
Referred to Subcommittee on Labor.
Oct 5, 1981
Committee on Labor and Human Resources requested executive comment from Labor Department; OMB.
Sep 29, 1981
Read second time and referred to Senate Committee on Labor and Human Resources.
Sep 29, 1981
Introduced in Senate
Plain-English summary
Amends the Employee Retirement Income Security Act of 1974 to provide that certain fiduciary duties under such Act shall be deemed satisfied by investments in residential housing mortgages that provide adequate security and a reasonable rate of interest.
Exempts from specified prohibitions under such Act the placing, investing, or purchase of a mortgage secured by residential housing property if such investment or sale: (1) is adequately secured; (2) is made in accordance with specific provisions regarding such loans set forth in the employee benefit plan; and (3) bears a reasonable rate of interest.
What's happening now
Subcommittee on Labor. Hearings held.
Committees of jurisdiction
2
Cosponsors
1