Rep. Devin Nunes has introduced legislation that would prohibit state and local governments from issuing tax-exempt, direct-pay and tax credit bonds unless they file annual reports with the Treasury that contain information about their pension plans, including their net unfunded liabilities and amount of pension obligation bonds outstanding.

An aide to the Republican from California said the Public Employee Pension Transparency Act is similar to, but contains some revisions from, the previous bill of the same name (H.R. 567) that he introduced in 2011.

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