Swordsmyth
11-08-2017, 11:11 PM
Democratic Senator Sherrod Brown from Ohio plans to introduce legislation that would allow struggling multiemployer pension funds to borrow from the U.S. Treasury to remain solvent. The bill, which is co-sponsored by another Democrat, Rep. Tim Ryan, also of Ohio, could be introduced as soon as this week or shortly after. It would create a new office within the Treasury Department called the Pension Rehabilitation Administration. The funds would come from the sale of Treasury-issued bonds to financial institutions. The pension funds could borrow for 30 years at low interest rates. The one, and painfully amusing, restriction for borrowers is "they could not make risky investments", which of course will be promptly circumvented in hopes of generating outsized returns and repaying the Treasury's "bailout" loan, ultimately leading to massive losses on what is effectively a taxpayer-funded pension bailout.
More at: http://www.zerohedge.com/news/2017-11-08/it-begins-democratic-senator-introduce-bill-taxpayer-funded-pension-bailouts
More at: http://www.zerohedge.com/news/2017-11-08/it-begins-democratic-senator-introduce-bill-taxpayer-funded-pension-bailouts