110 HR 2921 IH: Treasury Annuity Study Act of U.S. House of Representatives 2007-06-28 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 2921 IN THE HOUSE OF REPRESENTATIVES June 28, 2007 Mr. Cooper introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to conduct a study on the feasibility of authorizing the Department of the Treasury to create and issue annuity products, and for other purposes.

1.

Short title

This Act may be cited as the Treasury Annuity Study Act of 2007.

2.

Annuity study

(a)

Findings

The Congress finds as follows: (1)The personal savings rate in the United States is at historic lows. (2)It is in the national interest to decrease reliance on foreign purchasers of debt. (3)There is a lack of transparency among annuity products currently available on the market. (4)Annuity savings products are underutilized by Americans as a means of saving for retirement. (b)

Study required

The Secretary of the Treasury shall conduct a study on the feasibility of authorizing or requiring the Department of the Treasury to create annuity products and sell them to United States citizens. (c)

Factors and criteria

Annuity products considered by the study conducted under subsection (b) shall adhere to the following guidelines: (1)Such products shall not pre-empt private market products but rather shall serve as an industry benchmark, with a goal of enhancing private markets. (2)The products shall be backed by the full faith and credit of the United States government and offer purchasers the security of such backing. (3)The products shall be maximally transparent with a goal of disclosing to prospective purchasers enough information to make sound financial decisions. (4)The products shall be actuarially sound, with innovative features comparable to other annuity products on the market. (d)

Other relevant issues

The study conducted under subsection (b) shall examine any questions the Secretary considers relevant to the topic and guidelines, including all relevant measures of market feasibility. (e)

Report

The Secretary of the Treasury shall submit a report to the Congress before the end of the 1-year period beginning on the date of the enactment of this Act containing the findings and conclusions of the study conducted under subsection (b), together with such recommendations for legislative or administrative action as the Secretary may determine to be appropriate.