HR 2575 · 108th Congress 2003–2005, ended

Secondary Mortgage Market Enterprises Regulatory Improvement Act

Introduced Jun 24, 2003 Originated House Sponsor Richard H. Baker R-LA

Fact sheet

Latest action · Sep 25, 2003 Committee Hearings Held.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJun 24, 2003
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Secondary Mortgage Market Enterprises Regulatory Improvement Act - Amends the Home Owners' Loan Act to rename the Office of Thrift Supervision as the Office of Housing Finance Supervision.

Amends the Housing and Community Development Act of 1992 to transfer supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) to the Director of the Office of Housing Finance Supervision 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.

Requires the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized.

Sets forth operating, administrative, and regulatory provisions, including: (1) public disclosure of information; (2) assessment authority; (3) authority to limit nonmission-related assets and set specified conforming loan limits; (4) establishment of a housing price index; (5) minimum and critical capital levels; (6) risk-based capital test; (7) capital classifications and undercapitalized enterprises; (8) receivership; (9) enforcement actions and penalties; and (10) reporting.

Sets forth retained and new authorities of the Secretary.

Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.

Cosponsors 21

Members who signed on, in the order they did. Signatures ran from Jun 24, 2003 to Jul 17, 2003, with 20 there on the day it was introduced.

SeatCosponsorSigned on
R-CAChristopher CoxOriginalJun 24, 2003
R-CTChristopher ShaysOriginalJun 24, 2003
R-ILDonald A. ManzulloOriginalJun 24, 2003
R-CADoug OseOriginalJun 24, 2003
R-OKFrank D. LucasOriginalJun 24, 2003
R-CAGary G. MillerOriginalJun 24, 2003
R-FLGinny Brown-WaiteOriginalJun 24, 2003
R-IAJames A. LeachOriginalJun 24, 2003
R-TXJeb HensarlingOriginalJun 24, 2003
R-GAJohn LinderOriginalJun 24, 2003
R-FLKatherine HarrisOriginalJun 24, 2003
R-PAMelissa A. HartOriginalJun 24, 2003
R-PAPatrick J. ToomeyOriginalJun 24, 2003
R-WIPaul D. RyanOriginalJun 24, 2003
R-OHPaul E. GillmorOriginalJun 24, 2003
Show all 21 cosponsors

Actions 4

Everything that happened, newest first.

  1. Sep 25, 2003Committee Hearings Held.
  2. Jul 9, 2003Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
  3. Jun 24, 2003Introduced in House
  4. Jun 24, 2003Referred to the House Committee on Financial Services.

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

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