Equal Treatment of Covered Bonds Act of 2009

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Jun 16, 2009

Equal Treatment of Covered Bonds Act of 2009 - Amends the Federal Deposit Insurance Act to include a covered bond as a qualified financial contract with an insured depository institution, if it was entered into before appointment of the Federal Deposit Insurance Corporation (FDIC) as receiver for the institution, where a person has the right to cause the contract's termination, liquidation, or acceleration upon such an appointment.

Defines such a bond as a nondeposit recourse debt obligation of an insured depository institution, with a term to maturity of at least one year, which is secured by specifically identified assets which are performing in accordance with the terms of the contracts which created the assets.

Declares federal banking agency regulations inapplicable to any covered bond unless they are prescribed jointly by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and the Board of Directors of the FDIC.

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People & committees

Who introduced it

Rep. Garrett, Scott [R-NJ-5] · R–NJ

Committees

Financial Services Committee

3 cosponsorship records, including any withdrawals

Legislative record

Actions

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Jun 16, 2009
Referred to the House Committee on Financial Services.
Jun 16, 2009
Introduced in House
Jun 16, 2009
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Jun 16, 2009 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.

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Analyze H.R.2896 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.2896, 111th Congress: Equal Treatment of Covered Bonds Act of 2009

Official record: https://www.congress.gov/bill/111th-congress/house-bill/2896

Text version to examine: Introduced in House · 2009-06-16.

Official full text: https://www.congress.gov/111/bills/hr2896/BILLS-111hr2896ih.htm

Imported record last updated by the source: 2025-08-14T16:16:03Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.2896 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

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Examine H.R.2896 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.2896, 111th Congress: Equal Treatment of Covered Bonds Act of 2009

Official record: https://www.congress.gov/bill/111th-congress/house-bill/2896

Text version to examine: Introduced in House · 2009-06-16.

Official full text: https://www.congress.gov/111/bills/hr2896/BILLS-111hr2896ih.htm

Imported record last updated by the source: 2025-08-14T16:16:03Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.2896 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

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Examine H.R.2896 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss H.R.2896, 111th Congress: Equal Treatment of Covered Bonds Act of 2009

Official record: https://www.congress.gov/bill/111th-congress/house-bill/2896

Text version to examine: Introduced in House · 2009-06-16.

Official full text: https://www.congress.gov/111/bills/hr2896/BILLS-111hr2896ih.htm

Imported record last updated by the source: 2025-08-14T16:16:03Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.2896 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Examine H.R.2896 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.2896, 111th Congress: Equal Treatment of Covered Bonds Act of 2009

Official record: https://www.congress.gov/bill/111th-congress/house-bill/2896

Text version to examine: Introduced in House · 2009-06-16.

Official full text: https://www.congress.gov/111/bills/hr2896/BILLS-111hr2896ih.htm

Imported record last updated by the source: 2025-08-14T16:16:03Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.2896 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.