Three Republican Senators have introduced a companion bill to the one Rep. Devin Nunes, R-Calif., offered in the House last week that would prohibit state and local governments from issuing tax-exempt and other municipal bonds unless they file annual pension reports containing certain information with the Treasury Department.
The identical Public Employee Pension Transparency Act, which also would bar the federal government from participating in any pension-related bailouts, is sponsored by Sens. Richard Burr from North Carolina, John Thune from South Dakota and Tom Coburn from Oklahoma. Burr and Thune are members of the Senate Finance Committee. Coburn is a member of the Senate Banking Committee.