GSE Bailout Elimination and Taxpayer Protection Act
Latest action · Apr 4, 2011 Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
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.
- IntroducedMar 17, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
GSE Bailout Elimination and Taxpayer Protection Act - Sets a deadline for the Director of the Federal Housing Finance Agency (FHFA) to terminate the conservatorship of either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) if the Director determines that it is financially viable. (Refers to both Fannie Mae and Freddie Mac as enterprises [government-sponsored enterprises, or GSEs].)
Requires the Director to appoint the FHFA immediately as receiver of either enterprise if it is found not to be financially viable.
Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA) to repeal: (1) its housing goals, and (2) the housing trust fund.
Amends the Housing and Community Development Act of 1992 to restrict the authority of an enterprise to acquire mortgage assets following its emergence from conservatorship.
Repeals certain temporary, general, and permanent high-cost area increases to conforming loan limits.
Establishes new conforming loan limits.
Amends FHEFSSA to require the Director to require each enterprise to charge a guarantee fee, in connection with any mortrgage guaranteed after a specified three-year period, in an amount equivalent to that which the enterprise would charge if it were held to the same capital standards as private banks or financial institutions.
Amends the Federal National Mortgage Association Charter Act (FNMACA) and the Federal Home Loan Mortgage Corporation Act (FHLMCA) to prohibit reduction in the rate of dividends paid on each enterprise's Variable Liquidation Preference Senior Preferred Stock.
Amends FHEFSSA to require the Director to establish minimum levels of capital for the enterprises, including levels in excess of such minimums as necessary or appropriate in light of an enterprise's particular circumstances. Authorizes the Director to deem failure of an enterprise to maintain revised minimum capital levels to constitute an unsafe and unsound condition.
Amends FNMACA and FHLMCA to: (1) prohibit the enterprises from purchasing mortgages if the mortgagor has paid less than the specified minimum downpayment; and (2) require the enterprises to pay state and local taxes.
Repeals the exemption of mortgage-backed securities and subordinate obligations of Fannie Mae, as well as mortgage-backed securities of Freddie Mac, from regulation by the Securities and Exchange Commission (SEC), thus subjecting such securities and obligations to SEC regulation.
Prescribes a deadline and procedures for the wind down of operations and dissolution of an enterprise three years after enactment of this Act.
Cosponsors 81
Members who signed on, in the order they did. Signatures ran from Mar 17, 2011 to Dec 20, 2012; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AL | Spencer Bachus | Original | Mar 17, 2011 |
| R-IL | Donald A. Manzullo | Mar 31, 2011 | |
| R-GA | Lynn A. Westmoreland | Mar 31, 2011 | |
| R-IN | Mike Pence | Mar 31, 2011 | |
| R-TX | Randy Neugebauer | Mar 31, 2011 | |
| R-TX | Ron Paul | Mar 31, 2011 | |
| R-NJ | Scott Garrett | Mar 31, 2011 | |
| R-NC | Walter B. Jones | Apr 5, 2011 | |
| R-MI | Bill Huizenga | Apr 6, 2011 | |
| R-CO | Doug Lamborn | Apr 6, 2011 | |
| R-VA | E. Scott Rigell | Apr 6, 2011 | |
| R-AZ | Jeff Flake | Apr 6, 2011 | |
| R-OH | Jim Jordan | Apr 6, 2011 | |
| R-IL | Joe Walsh | Apr 6, 2011 | |
| R-LA | John Fleming | Apr 6, 2011 | |
| R-TX | Louie Gohmert | Apr 6, 2011 | |
| R-IN | Marlin A. Stutzman | Apr 6, 2011 | |
| R-TN | Marsha Blackburn | Apr 6, 2011 | |
| R-SC | Mick Mulvaney | Apr 6, 2011 | |
| R-AL | Mo Brooks | Apr 6, 2011 | |
| R-GA | Phil Gingrey | Apr 6, 2011 | |
| R-UT | Rob Bishop | Apr 6, 2011 | |
| R-MD | Roscoe G. Bartlett | Apr 6, 2011 | |
| R-TN | Scott DesJarlais | Apr 6, 2011 | |
| R-IA | Steve King | Apr 6, 2011 | |
| R-MI | Tim Walberg | Apr 6, 2011 | |
| R-GA | Tom Price | Apr 6, 2011 | |
| R-OH | Bill Johnson | Apr 12, 2011 | |
| R-GA | Paul C. Broun | Apr 12, 2011 | |
| R-WI | Paul D. Ryan | Apr 12, 2011 | |
| R-MO | Billy Long | Apr 13, 2011 | |
| R-OH | Bob Gibbs | Apr 13, 2011 | |
| R-CA | Daniel E. Lungren | Apr 13, 2011 | |
| R-AR | Eric A. "Rick" Crawford | Apr 13, 2011 | |
| R-MN | John Kline | Apr 13, 2011 | |
| R-PA | Joseph R. Pitts | Apr 13, 2011 | |
| R-TX | K. Michael Conaway | Apr 13, 2011 | |
| R-MN | Michele Bachmann | Apr 13, 2011 | |
| R-IL | Randy Hultgren | Apr 13, 2011 | |
| R-AR | Tim Griffin | Apr 13, 2011 | |
| R-OK | Tom Cole | Apr 13, 2011 | |
| R-AZ | Trent Franks | Apr 13, 2011 | |
| R-AZ | David Schweikert | Apr 14, 2011 | |
| R-VA | Robert Hurt | Apr 14, 2011 | |
| R-TX | Sam Johnson | Apr 14, 2011 | |
| R-VA | J. Randy Forbes | Apr 15, 2011 | |
| R-MI | Thaddeus G. McCotter | Apr 15, 2011 | |
| R-WI | F. James Sensenbrenner, Jr. | May 25, 2011 | |
| R-TX | Francisco "Quico" Canseco | May 25, 2011 | |
| R-NC | Patrick T. McHenry | May 25, 2011 | |
| R-CA | Wally Herger | May 25, 2011 | |
| R-UT | Jason Chaffetz | Jun 13, 2011 | |
| R-KS | Tim Huelskamp | Jun 14, 2011 | |
| R-OH | Robert E. Latta | Jun 21, 2011 | |
| R-PA | Tim Murphy | Jun 21, 2011 | |
| R-SC | Jeff Duncan | Sep 8, 2011 | |
| R-TX | Kenny Marchant | Sep 8, 2011 | |
| R-AR | Steve Womack | Sep 8, 2011 | |
| R-GA | Tom Graves | Sep 8, 2011 | |
| R-FL | Jeff Miller | Sep 9, 2011 | |
| R-KS | Lynn Jenkins | Sep 9, 2011 | |
| R-NH | Frank C. Guinta | Sep 21, 2011 | |
| R-IN | Larry Bucshon | Sep 21, 2011 | |
| R-SC | Trey Gowdy | Sep 21, 2011 | |
| R-TN | David P. Roe | Oct 4, 2011 | |
| R-SC | Joe Wilson | Nov 1, 2011 | |
| I-MI | Justin Amash | Nov 16, 2011 | |
| R-FL | Thomas J. Rooney | Nov 16, 2011 | |
| R-AZ | Paul A. Gosar | Jan 17, 2012 | |
| R-WI | Reid J. Ribble | Jan 23, 2012 | |
| R-AZ | Benjamin Quayle | Feb 29, 2012 | |
| R-FL | Dennis A. Ross | Feb 29, 2012 | |
| R-FL | Cliff Stearns | Mar 29, 2012 | |
| R-TN | Diane Black | Apr 16, 2012 | |
| R-TX | Pete Olson | Apr 24, 2012 | |
| R-MI | Dan Benishek | May 15, 2012 | |
| R-TX | John Abney Culberson | May 15, 2012 | |
| R-LA | Steve Scalise | May 15, 2012 | |
| R-FL | John L. Mica | Jun 21, 2012 | |
| R-MO | Vicky Hartzler | Jul 19, 2012 | |
| R-KS | Kevin Yoder | Dec 20, 2012 |
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 Mar 17, 2011 |
| Capital Markets Subcommittee | Referred Apr 4, 2011 |
Actions 3
Everything that happened, newest first.
- Apr 4, 2011Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
- Mar 17, 2011Introduced in House
- Mar 17, 2011Referred 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.
Constitutional authority
The sponsor’s statement, as printed in the page H1987.
Printed hearings 1
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. 112-50 | PUBLIC PROPOSALS FOR THE FUTURE OF THE HOUSING FINANCE SYSTEM198 pages | Banking, Housing, and Urban Affairs Committee | Mar 29, 2011–May 26, 2011 |
CRS reports 3
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 3
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R42571 | Changes to the Residential Mortgage Market: Legislation, Demographics, and Other Drivers Archived | Report | Apr 24, 2013 |
| R41822 | Proposals to Reform Fannie Mae and Freddie Mac in the 112th Congress Archived | Report | Nov 30, 2011 |
| R41719 | The Obama Administration’s Report on “Reforming America’s Housing Finance Market”: Implications for Fannie Mae and Freddie Mac Archived | Report | Mar 24, 2011 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 693 | GSE Bailout Elimination and Taxpayer Protection Act | Identical bill | Mar 31, 2011 |
| HR 1224 | GSE Portfolio Risk Reduction Act of 2011 | Related bill | Apr 6, 2011 |
| HR 2436 | Fannie Mae and Freddie Mac Taxpayer Payback Act of 2011 | Related bill | Jul 12, 2011 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To establish a term certain for the conservatorships of Fannie Mae and Freddie Mac, to provide conditions for continued operation of such enterprises, and to provide for the wind down of such operations and the dissolution of such enterprises.
- Short Titles as Introduced
- GSE Bailout Elimination and Taxpayer Protection Act
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
- Bankruptcy
- Business investment and capital
- Congressional oversight
- Corporate finance and management
- Government corporations and government-sponsored enterprises
- Government lending and loan guarantees
- Government studies and investigations
- Government trust funds
- Housing and Community Development
- Housing finance and home ownership
- Interest, dividends, interest rates
- Securities
- State and local taxation
- User charges and fees
Text 1
Each version as it was printed, newest first.
- Mar 17, 2011Introduced 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.
