House poised to approve bill expanding church investment plan options

The House will reconvene at 6:30 p.m. to vote on and pass H.R. 33, the Church Plan Investment Clarification Act.

Members held a brief debate on this non-controversial bill at 5 p.m. Rep. Judy Biggert (R-Ill.) said the bill is needed as a technical fix to current law, which does not allow church pension plans to invest in collective trusts.

"Collective trusts allow pension plans to pool their assets, diversify their investments and share risk and transaction costs with other pension plans, thereby reaping the benefits of collective buying power," Biggert said.

Rep. André Carson (D-Ind.) also spoke briefly in favor of the bill, saying it would make it more cost effective for churches to manage their pension plans.

The brief debate indicates an easy vote for final passage. A two-thirds majority is needed for approval, since the bill was brought up under a suspension of House rules.

The House has been in and out all day, appearing briefly at noon, 2 p.m. and then 5 p.m., and adjourned very quickly each time after just a few minutes of general speeches or bill debate.