To amend the Securities Act of 1933 to specify when certain securities issued in connection with church plans are treated as exempted securities for purposes of that Act.
(This measure has not been amended since it was reported to the House on July 1, 2011. The summary of that version is repeated here.)
Church Plan Investment Clarification Act - Amends the Securities Act of 1933 with respect to when certain securities issued in connection with retirement income accounts available only to certain kinds of church plans are treated as exempted from registration and disclosure requirements under such Act (exempted securities).
Considers as an exempted security a certain kind of retirement income account (available only to church plans), to the extent that the interest or participation in a single trust fund or collective trust fund (e.g., a "stable value fund") is issued to: (1) a church, a convention or association of churches, or a specified kind of organization (including a church pension board established to maintain employee benefit programs) which establishes or maintains the retirement income account; or (2) a trust established by any such entity in connection with the retirement income account.
Revises a further such exclusion from exempted security treatment of plans whose participants may include persons (in particular clergymen) who may be considered self-employed for certain tax purposes. Allows exempted security treatment of such plans.
(In effect, an exemption from registration and related requirements is granted to collective trust funds that are invested in by kinds of church plans currently excluded from making such investments.)
Mrs. Biggert moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5130-5131)
DEBATE - The House proceeded with forty minutes of debate on H.R. 33.
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.
Considered as unfinished business. (consideration: CR H5132)
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): 310 - 1 (Roll no. 601).(text: CR H5131)
Roll Call #601 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 310 - 1 (Roll no. 601). (text: CR H5131)
Roll Call #601 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Enacted as Public Law 112-142
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Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.(consideration: CR S4428)
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent. (consideration: CR S4428)
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Passed Senate without amendment by Unanimous Consent.
Message on Senate action sent to the House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 112-142.
Became Public Law No: 112-142.