S. 1656 · 108th Congress
Federal Housing Enterprise Oversight Modernization Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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CorzineSponsorNo cosponsors.
Federal Housing Enterprise Oversight Modernization Act of 2003 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish in the Department of the Treasury the Office of Federal Housing Enterprise Supervision.
What it does: CRS summary · Introduced in Senate · Sep 25, 2003
Federal Housing Enterprise Oversight Modernization Act of 2003 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish in the Department of the Treasury the Office of Federal Housing Enterprise Supervision. Transfers to the Director of such Office supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development. Prohibits merger or consolidation of such Office or its functions.
Requires: (1) the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized; and (2) that each enterprise have prior approval of the Director before implementing a new program.
Sets forth operating, administrative, and regulatory provisions of the Director, including provisions respecting: (1) assessment authority; (2) nonmortgage-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) public disclosures; and (8) reporting.
Amends the Federal Home Loan Bank Act to make the Secretary of the Treasury a member of the Federal Housing Finance Board in lieu of the Secretary.
Sets forth certain retained authorities of the Secretary.
Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Federal Housing Enterprise Oversight Modernization Act of 2003
Latest action (Sep 25, 2003): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S11991-11999)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Sep 25, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.