HR 1533 108th Congress

To amend the securities laws to permit church pension plans to be invested in collective trusts.

Latest Action

Became Public Law No: 108-359.

Summary

Amends the Investment Company Act of 1940 to exclude from its definition of "investment company" any collective trust fund maintained by a bank consisting solely of certain church pension plans, companies, or accounts specified in the Internal Revenue Code. Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to exempt such church pension plans, companies, or accounts from regulation under such Acts, including registration requirements. (Thus exempts such church pension plans, companies, or accounts from Federal jurisdiction for securities fraud, manipulation, transparency, and disclosure requirements.)

(This measure has not been amended since it was introduced. The summary of that version is repeated here.) Amends the Investment Company Act of 1940 to exclude from its definition of "investment company" any collective trust fund maintained by a bank consisting solely of certain church pension plans, companies, or accounts specified in the Internal Revenue Code. Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to exempt such church pension plans, companies, or accounts from regulation under such Acts, including registration requirements. (Thus exempts such church pension plans, companies, or accounts from Federal jurisdiction for securities fraud, manipulation, transparency, and disclosure requirements).

(This measure has not been amended since it was it was reported to the House. The summary of that version is repeated here.) Amends the Investment Company Act of 1940 to exclude from its definition of "investment company" any collective trust fund maintained by a bank consisting solely of certain church pension plans, companies, or accounts specified in the Internal Revenue Code. Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to exempt such church pension plans, companies, or accounts from regulation under such Acts, including registration requirements. (Thus exempts such church pension plans, companies, or accounts from Federal jurisdiction for securities fraud, manipulation, transparency, and disclosure requirements).

Vote Result

Passed House

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 0 (Roll no. 462). (text as passed House: CR H7810)

Actions

2004-10-25T00:00:00

Became Public Law No: 108-359.

2004-10-25T00:00:00

Became Public Law No: 108-359.

2004-10-25T00:00:00

Signed by President.

2004-10-25T00:00:00

Signed by President.

2004-10-13T00:00:00

Presented to President.

2004-10-13T00:00:00

Presented to President.

2004-10-08T00:00:00

Motion to reconsider laid on the table Agreed to without objection.

2004-10-08T00:00:00

On motion that the House agree to the Senate amendment Agreed to without objection.

2004-10-08T00:00:00

Resolving differences -- House actions: On motion that the House agree to the Senate amendment Agreed to without objection.

2004-10-08T00:00:00

Mr. LaTourette asked unanimous consent that the House agree to the Senate amendment. (consideration: CR H9024; text as House agreed to Senate amendment: CR H9024)

2004-10-04T00:00:00

Message on Senate action sent to the House.

2004-10-01T00:00:00

Passed Senate with an amendment by Unanimous Consent.

2004-10-01T00:00:00

Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

2004-10-01T00:00:00

Measure laid before Senate by unanimous consent.

2004-10-01T00:00:00

Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S10278)

2004-10-01T00:00:00

Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.(consideration: CR S10278)

2003-09-04T00:00:00

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2003-09-03T00:00:00

Motion to reconsider laid on the table Agreed to without objection.

2003-09-03T00:00:00

On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 0 (Roll no. 462). (text as passed House: CR H7810)

2003-09-03T00:00:00

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 397 - 0 (Roll no. 462).(text as passed House: CR H7810)

2003-09-03T00:00:00

Considered as unfinished business. (consideration: CR H7810-7811)

2003-09-03T00:00:00

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

2003-09-03T00:00:00

DEBATE - The House proceeded with forty minutes of debate on H.R. 1533.

2003-09-03T00:00:00

Considered under suspension of the rules. (consideration: CR H7808-7809)

2003-09-03T00:00:00

Mrs. Biggert moved to suspend the rules and pass the bill, as amended.

2003-09-03T00:00:00

Placed on the Union Calendar, Calendar No. 139.

2003-09-03T00:00:00

Reported by the Committee on Financial Services. H. Rept. 108-248.

2003-09-03T00:00:00

Reported by the Committee on Financial Services. H. Rept. 108-248.

2003-07-23T00:00:00

Ordered to be Reported by Voice Vote.

2003-07-23T00:00:00

Committee Consideration and Mark-up Session Held.

2003-07-10T00:00:00

Forwarded by Subcommittee to Full Committee by Voice Vote.

2003-07-10T00:00:00

Subcommittee Consideration and Mark-up Session Held.

2003-04-10T00:00:00

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

2003-04-01T00:00:00

Referred to the House Committee on Financial Services.

2003-04-01T00:00:00

Introduced in House

2003-04-01T00:00:00

Introduced in House

Policy Areas

Finance and Financial Sector

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To amend the securities laws to permit church pension plans to be invested in collective trusts.

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Actions

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