To amend the securities laws to permit church pension plans to be invested in collective trusts.

Amends the Investment Company Act of 1940 to exclude from its definition of "investment company" any collective trust fund maintained by a bank consisting solely of certain church pension plans, companies, or accounts specified in the Internal Revenue Code.

Amends the Securities Act of 1933 and the Securities Exchange Act of 1934 to exempt such church pension plans, companies, or accounts from regulation under such Acts, including registration requirements. (Thus exempts such church pension plans, companies, or accounts from Federal jurisdiction for securities fraud, manipulation, transparency, and disclosure requirements.)

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov