Catastrophe Obligation Guarantee Act

Summary

Catastrophe Obligation Guarantee Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state catastrophe insurance (specifically, residential property insurance and reinsurance) programs; and (2) expedite the payment of claims under such programs and better assist financial recovery from significant natural catastrophes. Limits the total principal amount of debt obligations guaranteed by the Secretary to: (1) $5 billion for eligible state programs that cover earthquake peril; and (2) $20 billion for eligible state programs that cover all other perils. Makes appropriations to satisfy debt guarantee commitments. Requires the Secretary, upon request of an eligible state program, to provide such debt guarantees. Requires an eligible state program to show to the Secretary's satisfaction that covered insured losses in the state are likely to exceed the program's available cash resources, as calculated on the date of the event. Prescribes requirements for eligible state programs. Pledges the full faith and credit of the United States to the payment of all guarantees issued under this Act.

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Timeline

1. 23 April 2009

   Introduced

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

   Source: IntroReferral

2. 23 April 2009

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 27 April 2009

   Introduced

   Sponsor introductory remarks on measure. (CR S4729-4730)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 23 April 2009 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 April 2009

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 April 2009

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 23 April 2009

  Open at official source

Sponsors

• Rep. Nelson, Bill [D-FL-11] · D · Sponsor
• Sen. Martinez, Mel [R-FL] · R · Cosponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Cosponsor
• Sen. Landrieu, Mary L. [D-LA] · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Catastrophe Obligation Guarantee Act of 2009