S. 886: Catastrophe Obligation Guarantee Act

111th Congress · introduced 2009-04-23 · Emergency Management · Latest: Sponsor introductory remarks on measure. (CR S4729-4730)

federal

Follow this bill, step by step

Where it came from: introduced 2009-04-23 · official record
Who proposed it: Sen. Nelson, Bill [D-FL] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Sponsor introductory remarks on measure. (CR S4729-4730) 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.

What does this mean?

Official title

Catastrophe Obligation Guarantee Act

Plain summary

Catastrophe Obligation Guarantee Act - Authorizes the Secretary of the Treasury to guarantee holders of debt against loss of principal or interest, or both, on debt issued by eligible state programs designed to: (1) promote the availability of private capital to provide liquidity and capacity to state catastrophe insurance (specifically, residential property insurance and reinsurance) programs; and (2) expedite the payment of claims under such programs and better assist financial recovery from significant natural catastrophes. Limits the total principal amount of debt obligations guaranteed by the Secretary to: (1) $5 billion for eligible state programs that cover earthquake peril; and (2) $20 billion for eligible state programs that cover all other perils. Makes appropriations to satisfy debt guarantee commitments. Requires the Secretary, upon request of an eligible state program, to provide such debt guarantees. Requires an eligible state program to show to the Secretary's satisfaction that covered insured losses in the state are likely to exceed the program's available cash resources, as calculated on the date of the event. Prescribes requirements for eligible state programs. Pledges the full faith and credit of the United States to the payment of all guarantees issued under this Act.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Catastrophe Obligation Guarantee Act

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Nelson, Bill [D-FL] · 4 cosponsors

Cost estimate: No cost estimate published yet.

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 (2)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
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.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s886.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s886 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111