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United States · Bill · S

S. 2096 (98th)

Residential Mortgage Investment Act of 1983

openUnited States· United States Congress· EN

Introduced

15 November 1983

Last action

26 March 1984 · Committee

Status

Subcommittee on Savings, Pensions, and Investment. Hearings held.

Sponsors

Sen. Packwood, Bob [R-OR], Sen. Tsongas, Paul E. [D-MA], Sen. Dodd, Christopher J. [D-CT], Sen. Hawkins, Paula [R-FL], Sen. Levin, Carl [D-MI], Sen. Percy, Charles H. [R-IL], Sen. Heflin, Howell [D-AL], Sen. Andrews, Mark [R-ND], Sen. Randolph, Jennings [D-WV], Sen. Cochran, Thad [R-MS], Sen. Symms, Steven D. [R-ID]

Subjects

Discovery layer

Source updated

29 August 2025

Official sourceView documentsShare

Summary

Residential Mortgage Investment Act of 1983 - Amends the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code to exempt from specified prohibited transactions: (1) any qualified mortgage transaction engaged in by an employee benefit plan if such transaction received the prior approval of an independent fiduciary; (2) the purchase, retention, or sale by an employee benefit plan of interests in Federal or State guaranteed residential mortgage loans; and (3) any participation or dealings by an employee benefit plan in residential mortgage-backed securities if such securities bear one of the three highest ratings of a nationally recognized rating service. Prohibits the promulgation of rules or orders which limit, interpret or implement: (1) the exemptions or definitions of this Act; and (2) the term "reasonable rate of interest."

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 15 November 1983

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 15 November 1983

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 22 November 1983

    Committee

    Committee on Finance requested executive comment from OMB, Treasury Department, Labor Department.

    Source: Committee

  4. 26 March 1984

    Committee

    Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-869.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Leesvertaling

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Sponsors

Related records

Sources

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