H.R. 5823: United States Covered Bond Act of 2010
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H.R. 5823: United States Covered Bond Act of 2010
111th Congress · introduced 2010-07-22 · Finance and Financial Sector · Latest: Ordered to be Reported (Amended) by Voice Vote.
federal
Follow this bill, step by step
- Where it came from: introduced 2010-07-22 · official record
- Who proposed it: Rep. Garrett, Scott [R-NJ-5] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Ordered to be Reported (Amended) by Voice Vote. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
United States Covered Bond Act of 2010
Plain summary
United States Covered Bond Act of 2010 - Directs the Comptroller of the Currency (covered bond regulator) to establish a regulatory oversight program for specified senior recourse debt obligations of an eligible issuer (covered bonds). Requires the covered bond regulator to: (1) consult with the primary financial regulatory agency of an eligible issuer before approving any covered bond program; and (2) maintain a registry on a website available to the public containing the name of each approved covered bond program and information on all outstanding covered bonds issued under it. Requires the covered bond regulator from time to time to establish minimum over-collateralization requirements for covered bonds backed by each eligible asset classes (including residential mortgage, commercial mortgage, public sector, small business, and other asset classes) based on the credit, collection, and interest-rate risks (excluding liquidity risks) associated with such eligible asset class. Requires the eligible assets and substitute assets in each cover pool that secures covered bonds to meet, in the aggregate and at all times, the applicable minimum over-collateralization requirements. Requires each issuer of covered bonds to: (1) report monthly on whether the cover pool that secures the covered bonds meets the applicable minimum over-collateralization requirements; and (2) appoint an unaffiliated entity as independent asset monitor for the applicable cover pool. Requires the independent asset monitor to verify and disclose to the issuer's primary financial regulatory agency, the covered bond regulator, and the applicable covered bond holders whether the cover pool that secures the covered bonds meets the statutory minimum over-collateralization requirements. Prescribes: (1) covered bond eligibility requirements; and (2) procedures governing default and insolvency of a covered bond both prior and subsequent to conservatorship, receivership, liquidation, or bankruptcy of the issuer. Prescribes procedures governing default or insolvency of a covered bond both prior and subsequent to conservatorship or receivership by the Federal Deposit Insurance Corporation (FDIC), liquidation, or bankruptcy of the issuer, including trusteeship of the estate in bankruptcy by the covered bond regulator or an appointee. States that any covered bond issued or guaranteed by a bank is a security issued or guaranteed under specified securities laws. Amends the Secondary Mortgage Market Enhancement Act of 1984 to include covered bonds within its purview.
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
What a vote does
A “Yea” vote
If it passes both chambers and is signed, it becomes law.
A “Nay” vote
If it is not passed, current law stays as it is.
PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
Official text
United States Covered Bond Act of 2010
Source: Congressional Research Service summary (Introduced in House)
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The strongest published arguments
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Alternatives
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Garrett, Scott [R-NJ-5] · 2 cosponsors
Cost estimate: CBO cost estimate: H.R. 5823, United States Covered Bond Act of 2010 (2010-10-01); CBO cost estimate: H.R. 5823, United States Covered Bond Act of 2010 (2010-10-01)
Cosponsors on this site
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (4)
- Bond
- A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
- Obligation
- A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
- Securities
- Financial investments that can be bought and sold, such as stocks and bonds.
- Statute
- A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111hr5823.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/hr>
Record fed-us-cong111-hr5823 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111