US Rep Proposes Bill To Use Pension Assets For Banking System: "A ranking member of the House Financial Services Committee has proposed legislation that would allow public pension funds to buy preferred stock from ailing U.S. banks, prompting apprehension from public pension plan trustees.
The legislation introduced by Rep. Gary Ackerman, D-N.Y., offers public pension funds a guaranteed rate of return in exchange for buying the preferred stock, or for loaning the government their money to loosen the credit freeze."
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