H.R. 1673 · 114th Congress
Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BlackburnSponsorNo cosponsors.
Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015
What it does: CRS summary · Introduced in House · Mar 26, 2015
Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015
This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Director of the Federal Housing Finance Agency to: (1) establish for any government sponsored enterprise (GSE, including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) operating in conservatorship a secondary reserve fund, and (2) deposit in it from any GSE revenues an amount equal to its required minimum capital level.
The GSE must hold secondary reserve fund amounts in escrow until the Director uses them according to this Act or until the fund is abolished.
The Director shall: (1) decide whether to use funds held in the secondary reserve of a GSE operating in conservatorship if the GSE's losses will exceed other available amounts, and (2) abolish any secondary reserve upon dissolution of the GSE's conservatorship.
Any amounts remaining in a secondary reserve upon abolishment shall revert first to meet the GSE's capital requirements and then to its earnings.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015
Latest action (Mar 26, 2015): Referred to the House Committee on Financial Services.
Policy area: Housing and Community Development · Origin: House · Introduced: Mar 26, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.