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Equitable Treatment of State and Local Governments Act of 2009 (Introduced in House)

HR 467 IH

111th CONGRESS

1st Session

H. R. 467

To put State and local governments and other public entity or instrumentality established under State law in the same position they would have been in had the Secretary of the Treasury and the Board of Governors of the Federal Reserve System provided emergency financial assistance to Lehman Brothers Holdings Inc. by requiring the Secretary of the Treasury to purchase bonds issued by such financial institution, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

January 13, 2009

Ms. SPEIER (for herself and Ms. ESHOO) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To put State and local governments and other public entity or instrumentality established under State law in the same position they would have been in had the Secretary of the Treasury and the Board of Governors of the Federal Reserve System provided emergency financial assistance to Lehman Brothers Holdings Inc. by requiring the Secretary of the Treasury to purchase bonds issued by such financial institution, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Equitable Treatment of State and Local Governments Act of 2009'.

SEC. 2. PURCHASE OF CERTAIN BONDS AND OTHER DEBT INSTRUMENTS FROM STATE AND LOCAL GOVERNMENTS AND CERTAIN OTHER PUBLIC ENTITIES AND INSTRUMENTALITIES REQUIRED.

    Section 101 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211) is amended by adding at the end the following new subsection:

    `(f) Acquisition of Lehman Brothers Bonds-

      `(1) IN GENERAL- Notwithstanding any other provision of law, the Secretary shall purchase at face value, under subsection (a), bonds and other debt instruments issued by Lehman Brothers Holdings Inc. which--

        `(A) were held as of September 15, 2008, by any State government, any political subdivision of any State, or other public entity or instrumentality established under State law (whether such bonds or other debt instruments are held individually or pooled);

        `(B) have been held by such State, political subdivision, or other public entity or instrumentality continuously since such date; and

        `(C) are subject to the proceedings under title 11, United States Code, pursuant to the petition filed on September 15, 2008, by Lehman Brothers Holdings Inc.

      `(2) SUBSTITUTION OF SECRETARY- Notwithstanding any other provision of this title, the Secretary shall be substituted for any State government, any political subdivision of any State, or other public entity or instrumentality established under State law from which it purchases any bond or other instrument pursuant to paragraph (1) as a creditor in any proceeding under title 11, United States Code, pursuant to the petition filed on September 15, 2008, by Lehman Brothers Holdings Inc., and shall have the same standing in such proceedings with respect to other creditors as the government or subdivision for which the Secretary is substituted.'.



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