Bill Sponsor
House Bill 2951
117th Congress(2021-2022)
To direct the Secretary of the Treasury to modify Treasury Regulations relating to insurance-dedicated exchange-traded funds.
Introduced
Introduced
Introduced in House on Apr 30, 2021
Overview
Text
Introduced
Apr 30, 2021
Latest Action
Apr 30, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2951
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Republican
Ohio
Democrat
New York
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

This bill requires the Department of the Treasury, within five years of the enactment of this bill, to modify its regulations relating to Income Tax; Diversification Requirements for Variable Annuity, Endowment, and Life Insurance Contracts to facilitate the use of exchange-traded funds as investment options under certain variable contracts.

An exchange-traded fund means a regulated investment company, partnership, or trust (1) that is registered with the Securities and Exchange Commission as an open-end investment company or a unit investment trust, (2) the shares of which can be directly purchased or redeemed only by an authorized participant (i.e., a financial institution that is a member or participant of a registered clearing agency), and (3) the shares of which are traded throughout the day on a national stock exchange at market prices that may or may not be the same as the net asset value of the shares.

Text (1)
April 30, 2021
Actions (2)
04/30/2021
Referred to the House Committee on Ways and Means.
04/30/2021
Introduced in House
Public Record
Record Updated
Mar 8, 2023 8:26:34 PM