[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 467 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 467

     To put State and local governments and other public entity or 
 instrumentality established under State law in the same position they 
 would have been in had the Secretary of the Treasury and the Board of 
 Governors of the Federal Reserve System provided emergency financial 
assistance to Lehman Brothers Holdings Inc. by requiring the Secretary 
of the Treasury to purchase bonds issued by such financial institution, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 13, 2009

 Ms. Speier (for herself and Ms. Eshoo) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
     To put State and local governments and other public entity or 
 instrumentality established under State law in the same position they 
 would have been in had the Secretary of the Treasury and the Board of 
 Governors of the Federal Reserve System provided emergency financial 
assistance to Lehman Brothers Holdings Inc. by requiring the Secretary 
of the Treasury to purchase bonds issued by such financial institution, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Equitable Treatment of State and 
Local Governments Act of 2009''.

SEC. 2. PURCHASE OF CERTAIN BONDS AND OTHER DEBT INSTRUMENTS FROM STATE 
              AND LOCAL GOVERNMENTS AND CERTAIN OTHER PUBLIC ENTITIES 
              AND INSTRUMENTALITIES REQUIRED.

    Section 101 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5211) is amended by adding at the end the following new 
subsection:
    ``(f) Acquisition of Lehman Brothers Bonds.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, the Secretary shall purchase at face value, under 
        subsection (a), bonds and other debt instruments issued by 
        Lehman Brothers Holdings Inc. which--
                    ``(A) were held as of September 15, 2008, by any 
                State government, any political subdivision of any 
                State, or other public entity or instrumentality 
                established under State law (whether such bonds or 
                other debt instruments are held individually or 
                pooled);
                    ``(B) have been held by such State, political 
                subdivision, or other public entity or instrumentality 
                continuously since such date; and
                    ``(C) are subject to the proceedings under title 
                11, United States Code, pursuant to the petition filed 
                on September 15, 2008, by Lehman Brothers Holdings Inc.
            ``(2) Substitution of secretary.--Notwithstanding any other 
        provision of this title, the Secretary shall be substituted for 
        any State government, any political subdivision of any State, 
        or other public entity or instrumentality established under 
        State law from which it purchases any bond or other instrument 
        pursuant to paragraph (1) as a creditor in any proceeding under 
        title 11, United States Code, pursuant to the petition filed on 
        September 15, 2008, by Lehman Brothers Holdings Inc., and shall 
        have the same standing in such proceedings with respect to 
        other creditors as the government or subdivision for which the 
        Secretary is substituted.''.
                                 <all>