H.R. 4014 · 111th Congress
Catastrophe Obligation Guarantee Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SanchezSponsor25 cosponsors · 24 D, 1 R
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Chu
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Lofgren
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Farr
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Campbell
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Garamendi
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Napolitano
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Costa
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Melancon
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Schiff
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Sánchez
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Thompson
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Capps
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Roybal-Allard
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Woolsey
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Richardson
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Speier
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Lee
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Filner
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Berman
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Davis
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Honda
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Sherman
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McNerney
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Stark
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Matsui0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Catastrophe Obligation Guarantee Act of 2009 - Directs the Secretary of the Treasury to guarantee holders against loss of principal, interest, or both, on obligations issued by eligible state programs that are established to provide insurance and reinsurance coverage for residential property in the case of catastrophic events.
What it does: CRS summary · Introduced in House · Nov 4, 2009
Catastrophe Obligation Guarantee Act of 2009 - Directs the Secretary of the Treasury to guarantee holders against loss of principal, interest, or both, on obligations issued by eligible state programs that are established to provide insurance and reinsurance coverage for residential property in the case of catastrophic events.
Prescribes standards for eligible state programs, and for catastrophic debt guarantees.
Limits the aggregate principal amount of guaranteed debt following a catastrophic event to the amount by which the insured losses expected to be sustained by the state program as a result of the events exceed 80% of: (1) the qualifying assets of an eligible state program as stated in its most recent quarterly financial statement filed with the domiciliary regulator; or (2) a state's unrestricted net assets as stated in its annual financial statement.
Pledges the full faith and credit of the United States to the payment of all guarantees issued under the program.
Limits the aggregate total principal amount of guaranteed debt obligations to: (1) $5 billion for earthquake peril; and (2) $20 billion for all other perils.
Makes appropriations to satisfy debt guarantee commitments and attendant administrative expenses.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Catastrophe Obligation Guarantee Act of 2009
Latest action (Nov 4, 2009): Referred to the House Committee on Financial Services.
Policy area: Emergency Management · Origin: House · Introduced: Nov 4, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.