Secondary Mortgage Market Enterprises Regulatory Improvement Act
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.
- IntroducedJun 24, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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 20
Members who signed on, in the order they did. All signed on Jun 24, 2003.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-CA | Christopher Cox | Original | Jun 24, 2003 |
| R-CT | Christopher Shays | Original | Jun 24, 2003 |
| R-IL | Donald A. Manzullo | Original | Jun 24, 2003 |
| R-CA | Doug Ose | Original | Jun 24, 2003 |
| R-OK | Frank D. Lucas | Original | Jun 24, 2003 |
| R-CA | Gary G. Miller | Original | Jun 24, 2003 |
| R-FL | Ginny Brown-Waite | Original | Jun 24, 2003 |
| R-IA | James A. Leach | Original | Jun 24, 2003 |
| R-TX | Jeb Hensarling | Original | Jun 24, 2003 |
| R-GA | John Linder | Original | Jun 24, 2003 |
| R-FL | Katherine Harris | Original | Jun 24, 2003 |
| R-PA | Melissa A. Hart | Original | Jun 24, 2003 |
| R-PA | Patrick J. Toomey | Original | Jun 24, 2003 |
| R-WI | Paul D. Ryan | Original | Jun 24, 2003 |
| R-OH | Paul E. Gillmor | Original | Jun 24, 2003 |
| R-MI | Peter Hoekstra | Original | Jun 24, 2003 |
| R-NY | Peter T. King | Original | Jun 24, 2003 |
| R-AZ | Rick Renzi | Original | Jun 24, 2003 |
| R-AL | Spencer Bachus | Original | Jun 24, 2003 |
| R-NC | Walter B. Jones | Original | Jun 24, 2003 |
Withdrew 1 David Scott D-GA Jul 21, 2003
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jun 24, 2003Hearings Sep 25, 2003 |
| Capital Markets Subcommittee | Referred Jul 9, 2003 |
Actions 4
Everything that happened, newest first.
- Sep 25, 2003Committee Hearings Held.
- Jul 9, 2003Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
- Jun 24, 2003Introduced in House
- Jun 24, 2003Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 4
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 108-849 | PROPOSALS FOR IMPROVING THE REGULATION OF THE HOUSING GOVERNMENT SPONSORED ENTERPRISES550 pages | Banking, Housing, and Urban Affairs Committee | Oct 16, 2003–Feb 25, 2004 |
| Serial No. 108-54 | H.R. 2575--THE SECONDARY MORTGAGE MARKET ENTERPRISES REGULATORY IMPROVEMENT ACT279 pages | Financial Services Committee | Sep 25, 2003 |
| Serial No. 108-51 | THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES90 pages | Financial Services Committee | Sep 10, 2003 |
| Serial No. 108-43 | GSE OVERSIGHT: THE NEED FOR REFORM AND MODERNIZATION110 pages | Financial Services Committee | Jun 25, 2003 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes.
- Short Titles as Introduced
- Secondary Mortgage Market Enterprises Regulatory Improvement Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative fees
- Administrative procedure
- Administrative remedies
- Bank capital
- Bank examination
- Bank fraud
- Bank management
- Bank records
- Business records
- Civil actions and liability
- Commerce
- Congress
- Congressional reporting requirements
- Consumer credit
- Corporate debt
- Corporate finance
- Corporate management
- Corporation directors
- Crime and Law Enforcement
- Department of Housing and Urban Development
- Department of the Treasury
- Economics and Public Finance
- Economists
- Employee rights
- Executive compensation
- Executive reorganization
- Executives
- Federal employees
- Federally-assisted loans
- Finance and Financial Sector
- Fines (Penalties)
- Government Operations and Politics
- Government paperwork
- Governmental investigations
- Housing and Community Development
- Housing finance
- Indexing (Economic policy)
- Indictments
- Injunctions
- Judicial review
- Labor and Employment
- Law
- Mortgage banks
- Mortgages
- Price indexes
- Recruiting of employees
- Removal of officials
- Secondary mortgage market
- Securities
- Securities regulation
- Transfer of employees
- Trusts and trustees
Text 1
Each version as it was printed, newest first.
- Jun 24, 2003Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.