79–006 

115TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 2d Session 115–648 

GSE JUMPSTART REAUTHORIZATION ACT OF 2017 

APRIL 24, 2018.—Committed to the Committee of the Whole House on the State of 

the Union and ordered to be printed 

Mr. HENSARLING, from the Committee on Financial Services, 

submitted the following 

R E P O R T 

together with 

MINORITY VIEWS 

[To accompany H.R. 4560] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Financial Services, to whom was referred the 

bill (H.R. 4560) to suspend contributions by Fannie Mae and 

Freddie Mac to the Housing Trust Fund during any period that the 

full required dividend payments under the Senior Preferred Stock 

Purchase Agreements for such enterprises are not made, and for 

other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. 

PURPOSE AND SUMMARY

On December 6, 2017, Representative French Hill introduced 

H.R. 4560, the ‘‘GSE Jumpstart Act Reauthorization’’, which would 

reauthorize the GSE Jumpstart Act of 2015 through January 1, 

2019. As enacted into law, the GSE Jumpstart Act of 2015, originally sponsored by Senators Corker (R–TN) and Warner (D–VA), 

prohibits the sale of Treasury-owned senior preferred shares in 

Government Sponsored Enterprises (GSEs), Fannie Mae and 

Freddie Mac, without congressional approval. Furthermore, the 

2015 law expresses the sense of Congress that Congress ‘‘should 

pass and the President should sign into law legislation determining 

the future of Fannie Mae and Freddie Mac, and that notwithstanding the expiration of subsection (b), the Secretary should not 

sell, transfer, relinquish, liquidate, divest, or otherwise dispose of 


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1 ‘‘Changes to Fannie Mae and Freddie Mac Preferred Stock Purchase Agreements,’’ Statement 

by Acting FHFA Director Ed DeMarco, October 17, 2012, available at: https://www.fhfa.gov/ 

Media/PublicAffairs/Pages/Statement-of-FHFA-Acting-Director-Edward-J-DeMarco-onChanges-to-Fannie-Mae-and-Freddie-Mac-Preferred-Stock-Purchas.aspx. 2 ‘‘The Effects of Increasing Fannie Mae’s and Freddie Mac’s Capital,’’ Congressional Budget 

Office, October 2016, p. 7, available at: https://www.cbo.gov/sites/default/files/114th-congress2015-2016/reports/52089-gse-report.pdf. 3 Id. 

4 Id. 

any outstanding shares of senior preferred stock acquired pursuant 

to the Senior Preferred Stock Purchase Agreement until such legislation is enacted.’’ 

H.R. 4560 would further prohibit payments to the Housing Trust 

Fund and the Capital Magnet Fund for any fiscal year in which the 

GSEs fail to pay any portion of their scheduled dividends to Treasury during that year. Specifically, for any period that the GSEs do 

not make their full required dividend payments to taxpayers (via 

the U.S. Treasury through the Senior Preferred Stock Purchase 

Agreements ‘‘PSPAs’’), the legislation would suspend the GSEs’ 

contributions to the Housing Trust Fund and the Capital Magnet 

Fund for that fiscal year. 

BACKGROUND AND NEED FOR LEGISLATION

The goal of H.R. 4560 is to reauthorize the GSE Jumpstart Act 

of 2015 for one additional year and to ensure that the GSEs pay 

their full required dividend payment to taxpayers before allocating 

funds to the Housing Trust Fund and the Capital Magnet Fund. 

Pursuant to the Third Amendment to the PSPAs, the Applicable 

Capital Reserve Amount for the GSEs will fall to $0 on January 

1, 2018. After this date, the GSEs will not retain any capital and 

their entire net worth amount will be swept to the U.S. Treasury 

on behalf of the taxpayers. Former Federal Housing Finance Agency (FHFA) Director Ed DeMarco said in 2012 the purpose of the 

Third Amendment to the PSPAs was to ‘‘ensure stability’’ and 

‘‘fully capture financial benefits for taxpayers.’’ 1

Although the GSEs’ capital would fall to $0 on January 1, 2018, 

the GSEs still have a $258 billion line of credit with the U.S. 

Treasury. According to the Congressional Budget Office, that $258 

billion line of credit already ‘‘serves as an effective capital cushion 

and ensures that, under most circumstances, the GSEs would be 

able to pay investors who held their debt and mortgage backed securities.’’ 2

In the estimation of CBO, allowing the GSEs to retain earnings 

would in effect convert a potential future draw on federal funds 

into an immediate one.3 Furthermore, CBO notes that ‘‘the explicit 

federal backing—and ultimately the risk that taxpayers bear— 

would effectively be increased by the amount of earnings that the 

GSEs retained.’’ 4

On December 21, 2017, FHFA Director Melvin Watt announced 

the FHFA and the Treasury Department reached an agreement to 

deprive taxpayers of the compensation to which they are legally entitled under the ongoing GSE conservatorship. This agreement alters the practice that has been in place for more than half a decade 

to determine how to compensate taxpayers for the risk of their continued financial backing of these failed mortgage companies. Under 

the December 21, 2017 agreement, the GSEs increase the allowable 


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amount of net capital they can hold in 2018 and beyond from zero 

dollars to $3 billion each—revenue that should be going to taxpayers—meaning the ongoing cost of the conservatorship will increase to $119.1 billion for Fannie Mae and $74.3 billion for 

Freddie Mac. This FHFA announcement makes clear that H.R. 

4560 is absolutely necessary to protect taxpayers. 

HEARINGS

The Committee on Financial Services held a hearing examining 

matters relating to H.R. 4560 on October 3, 2017. 

COMMITTEE CONSIDERATION

The Committee on Financial Services met in open session on December 13, 2017, and ordered H.R. 4560 to be reported favorably 

to the House as amended by a recorded vote of 33 yeas to 26 nays 

(recorded vote no. FC–134), a quorum being present. 

COMMITTEE VOTES

Clause 3(b) of rule XIII of the Rules of the House of Representatives requires the Committee to list the record votes on the motion 

to report legislation and amendments thereto. 

The first recorded vote was on an amendment, no. 1, offered by 

Ranking Members Waters to strike Section 3 of H.R. 4560. The 

amendment was NOT AGREED TO by a recorded vote of 26 ayes 

and 34 nays (Record vote no. FC–133). The second recorded vote ordered H.R. 4560 to be reported favorably to the House as amended 

by a recorded vote of 33 yeas to 27 nays. (Record vote no. FC–134), 

a quorum being present. 


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COMMITTEE OVERSIGHT FINDINGS

Pursuant to clause 3(c)(1) of rule XIII of the Rules of the House 

of Representatives, the findings and recommendations of the Committee based on oversight activities under clause 2(b)(1) of rule X 

of the Rules of the House of Representatives, are incorporated in 

the descriptive portions of this report. 

PERFORMANCE GOALS AND OBJECTIVES

Pursuant to clause 3(c)(4) of rule XIII of the Rules of the House 

of Representatives, the Committee states that H.R.4560 will protect taxpayers by requiring the Director of the Federal Housing Finance Agency to suspend allocations by a Government Sponsored 

Enterprise (GSE) to the Housing Trust Fund and the Capital Magnet Fund if such GSE does not make its full required dividend payment to the U.S. Treasury pursuant to the Third Amendment of 

Treasury’s Senior Preferred Stock Purchase Agreement with each 

GSE. 

NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX

EXPENDITURES

In compliance with clause 3(c)(2) of rule XIII of the Rules of the 

House of Representatives, the Committee adopts as its own the estimate of new budget authority, entitlement authority, or tax expenditures or revenues contained in the cost estimate prepared by 

the Director of the Congressional Budget Office pursuant to section 

402 of the Congressional Budget Act of 1974. 

CONGRESSIONAL BUDGET OFFICE ESTIMATES

Pursuant to clause 3(c)(3) of rule XIII of the Rules of the House 

of Representatives, the following is the cost estimate provided by 

the Congressional Budget Office pursuant to section 402 of the 

Congressional Budget Act of 1974: 

U.S. CONGRESS, 

CONGRESSIONAL BUDGET OFFICE, 

Washington, DC, February 8, 2018. 

Hon. JEB HENSARLING, 

Chairman, Committee on Financial Services, 

House of Representatives, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 4560, the GSE Jumpstart 

Reauthorization Act of 2017. 

If you wish further details on this estimate, we will be pleased 

to provide them. The CBO staff contact is Aurora Swanson. 

Sincerely, 

KEITH HALL, Director. 

Enclosure. 

H.R. 4560—GSE Jumpstart Reauthorization Act of 2017 

H.R. 4560 would prohibit the U.S. Treasury from selling the senior preferred stock issued by Fannie Mae and Freddie Mac until 

January 1, 2019. The bill also would direct those entities to susVerDate Sep 11 2014 06:00 Apr 26, 2018 Jkt 079006 PO 00000 Frm 00006 Fmt 6659 Sfmt 6602 E:\HR\OC\HR648.XXX HR648

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pend annual contributions to affordable housing trust funds if they 

withhold any of their profits from the Treasury during any quarter 

in a calendar year. 

Using information from the agencies’ regulator, the Federal 

Housing Finance Agency (FHFA), CBO estimates that enacting the 

bill would not affect the federal budget; therefore, pay-as-you-go 

procedures do not apply. 

In recent years, FHFA has directed Fannie Mae and Freddie Mac 

to contribute to affordable housing trust funds. Annual contributions to those funds have averaged about $300 million in the recent 

past. FHFA can direct Fannie Mae or Freddie Mac to suspend contributions if either entity has a negative net worth. Under H.R. 

4560, if either entity withheld profits from the Treasury for any 

quarter during a calendar year, it would be required to suspend 

contributions to the trust funds for that year. 

CBO estimates that implementing H.R. 4560 would not affect 

contributions to the affordable housing trust funds because, according to FHFA, there are no plans to direct the entities to withhold 

future profits from the Treasury. 

In addition, according to FHFA, the federal government has no 

plans to sell the preferred stock issued by the entities. Therefore, 

prohibiting the sale of the preferred stock until after January 1, 

2019, would not affect the federal budget. 

On December 21, 2017, FHFA and the Secretary of the Treasury 

directed Fannie Mae and Freddie Mac to withhold some of their 

profits from the Treasury and to establish capital reserves of $3 billion each. The entities must maintain those capital reserves and 

continue to send any excess quarterly profits to the Treasury. 

Withholding profit solely for that purpose would not require the entities to suspend contributions to the affordable housing trust funds 

under the bill because the direction to establish the capital reserves occurred before enactment of H.R. 4650 and, under the bill, 

would be considered a part of the existing agreement between 

Fannie Mae, Freddie Mac, and the Department of the Treasury 

that determines how the entities’ profits are used. 

CBO estimates that enacting the bill would not increase net direct spending or on-budget deficits in any of the four consecutive 

10-year periods beginning in 2028. 

H.R. 4560 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. 

The CBO staff contact for this estimate is Aurora Swanson. The 

estimate was approved by H. Samuel Papenfuss, Deputy Assistant 

Director for Budget Analysis. 

FEDERAL MANDATES STATEMENT

This information is provided in accordance with section 423 of 

the Unfunded Mandates Reform Act of 1995. 

The Committee has determined that the bill does not contain 

Federal mandates on the private sector. The Committee has determined that the bill does not impose a Federal intergovernmental 

mandate on State, local, or tribal governments. 


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ADVISORY COMMITTEE STATEMENT

No advisory committees within the meaning of section 5(b) of the 

Federal Advisory Committee Act were created by this legislation. 

APPLICABILITY TO LEGISLATIVE BRANCH

The Committee finds that the legislation does not relate to the 

terms and conditions of employment or access to public services or 

accommodations within the meaning of the section 102(b)(3) of the 

Congressional Accountability Act. 

EARMARK IDENTIFICATION

With respect to clause 9 of rule XXI of the Rules of the House 

of Representatives, the Committee has carefully reviewed the provisions of the bill and states that the provisions of the bill do not 

contain any congressional earmarks, limited tax benefits, or limited 

tariff benefits within the meaning of the rule. 

DUPLICATION OF FEDERAL PROGRAMS

In compliance with clause 3(c)(5) of rule XIII of the Rules of the 

House of Representatives, the Committee states that no provision 

of the bill establishes or reauthorizes: (1) a program of the Federal 

Government known to be duplicative of another Federal program; 

(2) a program included in any report from the Government Accountability Office to Congress pursuant to section 21 of Public 

Law 111–139; or (3) a program related to a program identified in 

the most recent Catalog of Federal Domestic Assistance, published 

pursuant to the Federal Program Information Act (Pub. L. No. 95– 

220, as amended by Pub. L. No. 98–169). 

DISCLOSURE OF DIRECTED RULEMAKING

Pursuant to section 3(i) of H. Res. 5, (115th Congress), the following statement is made concerning directed rulemakings: The 

Committee estimates that the bill requires no directed rulemakings 

within the meaning of such section. 

SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION

Section 1. Short title 

This Section cites H.R. 4560 as the ‘‘GSE Jumpstart Reauthorization Act of 2017’’ 

Section 2. Extension of limitation on sale of preferred stock 

This Section extends for one additional year the ‘‘GSE Jumpstart 

Act of 2015’’ as enacted into law. Specifically, Section 2 strikes 

‘‘January 1, 2018’’ and inserts ‘‘January 1, 2019’’ in subsection (b) 

of section 702 of division O of the Consolidated Appropriations Act, 

2016 (Public Law 114–113; 129 Stat. 3025). 

Section 3. Conservation of capital during periods of low net worth 

This Section broadens the authority of the Director of the Federal Housing Finance Agency (FHFA) with respect to suspending 

allocations to the Housing Trust Fund and Capital Magnet Funds. 

Specifically, Section 3 would require the Director to suspend allocaVerDate Sep 11 2014 06:00 Apr 26, 2018 Jkt 079006 PO 00000 Frm 00008 Fmt 6659 Sfmt 6602 E:\HR\OC\HR648.XXX HR648

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tions made by the GSEs to these Funds ‘‘for a fiscal year, if, for 

any Dividend Period ending during such fiscal year, the holders of 

outstanding shares of Senior Preferred Stock of such enterprise do 

not receive cumulative cash dividends in an equal amount to the 

Dividend Amount for such Dividend Period.’’ 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

CONSOLIDATED APPROPRIATIONS ACT, 2016 

* * * * * * * 

DIVISION O—OTHER MATTERS 

* * * * * * * 

TITLE VII 

FINANCIAL SERVICES 

* * * * * * * 

SEC. 702. LIMITATIONS ON SALE OF PREFERRED STOCK. 

(a) DEFINITIONS.—In this section: 

(1) SECRETARY.—The term ‘‘Secretary’’ means the Secretary 

of the Treasury. 

(2) SENIOR PREFERRED STOCK PURCHASE AGREEMENT.—The 

term ‘‘Senior Preferred Stock Purchase Agreement’’ means— 

(A) the Amended and Restated Senior Preferred Stock 

Purchase Agreement, dated September 26, 2008, as such 

Agreement has been amended on May 6, 2009, December 

24, 2009, and August 17, 2012, respectively, and as such 

Agreement may be further amended and restated, entered 

into between the Department of the Treasury and each enterprise, as applicable; and 

(B) any provision of any certificate in connection with 

such Agreement creating or designating the terms, powers, 

preferences, privileges, limitations, or any other conditions 

of the Variable Liquidation Preference Senior Preferred 

Stock of an enterprise issued or sold pursuant to such 

Agreement. 

(b) LIMITATIONS ON SALE OF PREFERRED STOCK.—Notwithstanding any other provision of law or any provision of the Senior 


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Preferred Stock Purchase Agreement, until at least øJanuary 1, 

2018¿ January 1, 2019, the Secretary may not sell, transfer, relinquish, liquidate, divest, or otherwise dispose of any outstanding 

shares of senior preferred stock acquired pursuant to the Senior 

Preferred Stock Purchase Agreement, unless Congress has passed 

and the President has signed into law legislation that includes a 

specific instruction to the Secretary regarding the sale, transfer, relinquishment, liquidation, divestiture, or other disposition of the 

senior preferred stock so acquired. 

(c) SENSE OF CONGRESS.—It is the Sense of Congress that Congress should pass and the President should sign into law legislation determining the future of Fannie Mae and Freddie Mac, and 

that notwithstanding the expiration of subsection (b), the Secretary 

should not sell, transfer, relinquish, liquidate, divest, or otherwise 

dispose of any outstanding shares of senior preferred stock acquired pursuant to the Senior Preferred Stock Purchase Agreement 

until such legislation is enacted. 

* * * * * * * 

FEDERAL HOUSING ENTERPRISES FINANCIAL SAFETY 

AND SOUNDNESS ACT OF 1992 

* * * * * * * 

TITLE XIII—GOVERNMENT SPONSORED 

ENTERPRISES 

* * * * * * * 

Subtitle A—Supervision and Regulation of 

Enterprises 

* * * * * * * 

PART 2—ADDITIONAL AUTHORITIES OF THE 

DIRECTOR 

* * * * * * * 

Subpart B—Housing Goals 

* * * * * * * 

SEC. 1337. AFFORDABLE HOUSING ALLOCATIONS. 

(a) SET ASIDE AND ALLOCATION OF AMOUNTS BY ENTERPRISES.— Subject to subsection (b), in each fiscal year— 

(1) the Federal Home Loan Mortgage Corporation shall— 

(A) set aside an amount equal to 4.2 basis points for 

each dollar of the unpaid principal balance of its total new 

business purchases; and 

(B) allocate or otherwise transfer— 


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(i) 65 percent of such amounts to the Secretary of 

Housing and Urban Development to fund the Housing 

Trust Fund established under section 1338; and 

(ii) 35 percent of such amounts to fund the Capital 

Magnet Fund established pursuant to section 1339; 

and 

(2) the Federal National Mortgage Association shall— 

(A) set aside an amount equal to 4.2 basis points for 

each dollar of unpaid principal balance of its total new 

business purchases; and 

(B) allocate or otherwise transfer— 

(i) 65 percent of such amounts to the Secretary of 

Housing and Urban Development to fund the Housing 

Trust Fund established under section 1338; and 

(ii) 35 percent of such amounts to fund the Capital 

Magnet Fund established pursuant to section 1339. 

(b) SUSPENSION OF CONTRIBUTIONS.—øThe Director¿ Notwithstanding any other provision of law, the Director shall temporarily 

suspend allocations under subsection (a) øby an enterprise upon a 

finding¿ by an enterprise— 

(1) upon a finding by the Director that such allocations— 

ø(1)¿ (A) are contributing, or would contribute, to the financial instability of the enterprise; 

ø(2)¿ (B) are causing, or would cause, the enterprise to 

be classified as undercapitalized; or 

ø(3)¿ (C) are preventing, or would prevent, the enterprise from successfully completing a capital restoration 

plan under section 1369Cø.¿; or 

(2) for a fiscal year, if, for any Dividend Period ending during such fiscal year, the holders of outstanding shares of Senior 

Preferred Stock of such enterprise do not receive cumulative 

cash dividends in an amount equal to the Dividend Amount for 

such Dividend Period. 

For purposes of paragraph (2), the terms ‘‘Dividend Period’’, ‘‘Senior 

Preferred Stock’’, and ‘‘Dividend Amount’’ shall, with respect to an 

enterprise, have the meanings given such terms for purposes of the 

Amended and Restated Senior Preferred Stock Purchase Agreement, 

dated September 26, 2008, and entered into between the Department 

of the Treasury and such enterprise, as such Agreement has been 

amended on May 6, 2009, December 24, 2009, and August 17, 2012, 

but such meanings shall not take into consideration any additional 

amendment to such Agreement made after the date of the enactment 

of the GSE Jumpstart Reauthorization Act of 2017. 

(c) PROHIBITION OF PASS-THROUGH OF COST OF ALLOCATIONS.— 

The Director shall, by regulation, prohibit each enterprise from redirecting the costs of any allocation required under this section, 

through increased charges or fees, or decreased premiums, or in 

any other manner, to the originators of mortgages purchased or 

securitized by the enterprise. 

(d) ENFORCEMENT OF REQUIREMENTS ON ENTERPRISE.—Compliance by the enterprises with the requirements under this section 

shall be enforceable under subpart C. Any reference in such subpart to this part or to an order, rule, or regulation under this part 

specifically includes this section and any order, rule, or regulation 

under this section. 


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(e) REQUIRED AMOUNT FOR HOPE RESERVE FUND.—Of the aggregate amount allocated under subsection (a), 25 percent shall be deposited into a fund established in the Treasury of the United States 

by the Secretary of the Treasury for such purpose. 

(f) LIMITATION.—No funds under this title may be used in conjunction with property taken by eminent domain, unless eminent 

domain is employed only for a public use, except that, for purposes 

of this section, public use shall not be construed to include economic development that primarily benefits any private entity. 

* * * * * * * 


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(13) 

MINORITY VIEWS 

H.R. 4560 would require the Director of the Federal Housing Finance Agency (FHFA) to suspend contributions to the National 

Housing Trust Fund (HTF) and the Capital Magnet Fund (CMF) 

for any fiscal year in which Fannie Mae or Freddie Mac (collectively, the Enterprises) withhold any dividends owed to Treasury. 

On December 21, 2017, the FHFA Director and Treasury Secretary 

announced that they will allow the Enterprises to each withhold $3 

billion from their 2017 fourth quarter dividend payments in order 

to retain modest capital reserves. This decision will help the Enterprises absorb small quarterly losses moving forward, thereby reducing the chances that either Enterprise will need an additional 

draw from Treasury. However, this bill would likely require suspension of funding for the HTF and CMF for 2018, and would likely require suspension of funding for these programs in every year 

thereafter in which the Enterprises retain any level of capital. In 

short, this bill is a thinly disguised attack on key affordable housing programs that have long been a priority for Democrats. 

We support the decision made by the FHFA Director and the 

Treasury Secretary to allow the Enterprises to retain modest capital reserves. This was an important step to protect the safety and 

soundness of our housing finance system, and there is no need for 

Congress to intervene at this time. Under existing law, the FHFA 

Director is already required to suspend contributions if he believes 

that such a decision is warranted on the basis of the financial instability of the Enterprises, or other reasons stipulated in statute. 

The Enterprises are in strong financial condition, having consistently reported net yearly profits since 2012. Further, our country 

is in the midst of one of the worst rental housing crises that we 

have ever seen, with approximately half of all renters paying over 

30 percent of their income on rent, and approximately one quarter 

of all renters paying over 50 percent of their income on rent. This 

is simply not She time to arbitrarily halt funding for key affordable 

housing programs. 

During the Committee’s consideration of H.R. 4560, Ranking 

Member Waters offered an amendment to strip the harmful provisions of this bill (Section 3), while preserving the provision that 

would simply extend the Jumpstart GSE Reform Act by an additional year (Section 2). This amendment was unanimously supported by Committee Democrats, and unanimously rejected by 

Committee Republicans. H.R. 4560 does nothing to support the 

housing finance system, and instead threatens funding for key affordable housing programs. For these reasons we oppose H.R. 4560. 

MAXINE WATERS. 

JOYCE BEATTY. 

DANIEL T. KILDEE. 

JUAN VARGAS. 


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MICHAEL E. CAPUANO. CAROLYN B. MALONEY. NYDIA VELA ́ ZQUEZ. AL GREEN. EMANUEL CLEAVER. GWEN MOORE. STEPHEN F. LYNCH. BRAD SHERMAN. KEITH ELLISON. 

Æ 


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