Postal Service Financial Improvement Act of 2019
Latest action · May 7, 2019 Referred to the House Committee on Oversight and Reform.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 7, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Postal Service Financial Improvement Act of 2019
This bill directs the Department of the Treasury to invest part of the Postal Service Retiree Health Benefits Fund in market-based index funds and establishes a Postal Service Retiree Health Benefits Fund Investment Committee to advise Treasury on investments made from the fund.
Specifically, Treasury shall (1) invest a specified percentage of the fund, using one or more qualified professional asset managers, in index funds modeled after those established for Thrift Savings Fund investments; and (2) ensure that the investment replicates the performance of the longest-term target date asset allocation investment fund established by the Federal Retirement Thrift Investment Board.
The specified percentage to be invested is defined as 25% of the currently available portions of the fund as are not immediately required for payments from the fund, except that the committee may specify a higher percentage, not to exceed 30%, not earlier than five years after this bill's enactment and as appropriate thereafter.
Treasury shall annually engage an independent qualified public accountant to audit the financial statements of such investments and shall submit an annual management report that includes
- statements of financial position, operations, and cash flows;
- a statement on internal accounting and administrative control systems;
- the report resulting from the audit; and
- any other comments and information necessary to inform Congress about the operations and financial condition of the investments.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from May 7, 2019 to Jul 11, 2019, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WV | David B. McKinley | Original | May 7, 2019 |
| D-NY | Kathleen M. Rice | Jul 11, 2019 |
Actions 2
Everything that happened, newest first.
- May 7, 2019Introduced in House
- May 7, 2019Referred to the House Committee on Oversight and Reform.
Subjects
Assigned by the Library of Congress. Policy area: Government Operations and Politics.
Text 1
Each version as it was printed, newest first.
- May 7, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
