A bill to permit the investment of employee benefit plans in residential mortgages.
Residential Mortgage Investment Act of 1982 - Exempts any qualified mortgage transaction at arms-length engaged in by an employee benefit plan from specified prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code. Provides that such exemption shall supersede any and all State laws as they relate to qualified mortgage transactions to the extent engaged in by employee benefit plans.
Introduced in Senate
Read twice and referred jointly to the Committees on Finance; Labor and Human Resources by unanimous consent.
Committee on Finance; Subcommittee on Savings, Pensions, and Investment. Hearings held.
Committee on Labor and Human Resources, referred to Subcommittee on Labor.
Committee on Finance requested executive comment from OMB; Treasury Department; Labor Department.
Committee on Labor and Human Resources requested executive comment from Labor Department; OMB.
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