U.S. Rep. Scott Garrett (R-NJ) today (March 18) introduced comprehensive proposed federal covered bond legislation in the form of a standalone bill: the “United States Covered Bond Act of 2010.”
The bill draws extensively from (but is not identical to) the text of a legal framework for covered bonds that Rep. Garrett proposed last year as an amendment to the Financial Stability Improvement Act of 2009. At that time (Nov. 18), Rep. Garrett withdrew the amendment on the same day he offered it during a hearing of the House Financial Services Committee (HFSC) — after receiving assurances from Chairman Barney Frank (D-MA) that the committee would hold a hearing specifically to address the topic of covered bonds. READ MORE>>
http://www.coveredbondinvestor.com/news/rep-garrett-introduces-united-states-covered-bond-act