A bill to permit the investment by employee benefit plans in residential mortgages.
Residential Mortgage Investment Act of 1983 - Permits employee benefit plans, as defined under this Act, to engage in any qualified mortgage transaction involving any qualified residential mortgage loan, provided transactions between all parties are at arm's length. Permits such plans to participate in any mortgage pool, provided such pool conforms to specified requirements with regard to permitted investments.
Authorizes the Secretary of the Treasury to prescribe regulations to carry out this Act.
Provides that this Act shall supersede any and all contrary provisions of State law, the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code. Prohibits the imposition of Federal excise tax on a plan or pool that engages in a transaction described under this Act.
Introduced in House
Introduced in House
Referred to House Committee on Education and Labor.
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Labor-Management Relations.
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