A California Republican appears to be moving toward reintroducing legislation that would prohibit states and local governments from issuing tax-exempt, tax-credit and direct-pay bonds unless they subject their pension plans to federal government oversight and regulation.

Rep. Devin Nunes, R-Calif., a member of the House Ways and Means Committee, sent identical letters to colleagues last week asking them to co-sponsor the "Public Employee Pension Transparency Act" which "would condition the continuation of specified federal tax benefits upon state and local governments' decision to file certain information regarding their pension plans with the Secretary of the Treasury."

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