H.R.467 - Equitable Treatment of State and Local Governments Act of 2009111th Congress (2009-2010)
Summary: H.R.467 — 111th Congress (2009-2010)
Introduced in House (01/13/2009)
Equitable Treatment of State and Local Governments Act of 2009 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to purchase at face value debt instruments issued by Lehman Brothers Holdings Inc. which: (1) were held as of September 15, 2008, by any state or local government, or any other public entity or instrumentality established under state law; (2) have been held by such entity continuously since such date; and (3) are subject to bankruptcy proceedings filed on September 15, 2008, by Lehman Brothers Holdings Inc.
Declares that the Secretary: (1) shall be substituted as a creditor in any bankruptcy proceeding for any state or local government, or any other public entity or instrumentality established under state law from which the Secretary purchases a debt instrument; and (2) has the same standing in such proceedings with respect to other creditors as the state or local government or public entity for which the Secretary is substituted.