US Congress House Bill 1673 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on March 26 2015 - 25% progression, died in committee
Action: 2015-03-26 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.

Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015

Sen. Marsha Blackburn [R-TN]

Date	Chamber	Action
2015-03-26	House	Referred to the House Committee on Financial Services.
2015-03-26	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/1673/all-info
Text	https://www.congress.gov/114/bills/hr1673/BILLS-114hr1673ih.pdf