Amends the Employee Retirement Income Security Act of 1974 to provide that certain fiduciary duties under such Act shall be deemed satisfied by investments in residential housing mortgages that provide adequate security and a reasonable rate of interest.
Exempts from specified prohibitions under such Act the placing, investing, or purchase of a mortgage secured by residential housing property if such investment or sale: (1) is adequately secured; (2) is made in accordance with specific provisions regarding such loans set forth in the employee benefit plan; and (3) bears a reasonable rate of interest.
Referred to Subcommittee on Labor-Management Relations.
Introduced in Senate
Read second time and referred to Senate Committee on Labor and Human Resources.
Committee on Labor and Human Resources requested executive comment from Labor Department; OMB.
Referred to Subcommittee on Labor.
Subcommittee on Labor. Hearings held.
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