I 

111TH CONGRESS 

2D SESSION H. R. 4653 

To provide on-budget status to the Federal National Mortgage Association 

and the Federal Home Loan Mortgage Corporation. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 23, 2010 

Mr. GARRETT of New Jersey (for himself, Mr. BACHUS, Mr. QUIGLEY, Mr. 

HENSARLING, Mr. COLE, Mrs. CAPITO, Mr. GOHMERT, Mr. 

NEUGEBAUER, Mr. FRANKS of Arizona, Mr. PRICE of Georgia, Mr. 

LUETKEMEYER, Mr. ROYCE, Mr. GINGREY of Georgia, Mr. ROONEY, Mr. 

PITTS, Mr. MARCHANT, Mr. ROE of Tennessee, Mr. MCHENRY, Mr. 

BARTLETT, Mr. POSEY, Mr. FLEMING, Mr. LEE of New York, Mrs. 

SCHMIDT, Mr. LAMBORN, Ms. GRANGER, Ms. FALLIN, Mr. LANCE, Mr. 

KING of Iowa, Mr. CHAFFETZ, Mr. BILBRAY, Mrs. BACHMANN, Mr. 

BISHOP of Utah, Mr. HERGER, Mr. FORTENBERRY, Mrs. MCMORRIS

RODGERS, Mr. ALEXANDER, and Mr. JONES) introduced the following 

bill; which was referred to the Committee on the Budget, and in addition 

to the Committees on Ways and Means and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To provide on-budget status to the Federal National Mortgage Association and the Federal Home Loan Mortgage 

Corporation. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Accurate Accounting 

3 of Fannie Mae and Freddie Mac Act’’. 

4 SEC. 2. ON-BUDGET STATUS OF FANNIE MAE AND FREDDIE 

5 MAC. 

6 Notwithstanding any other provision of law, the re7 ceipts and disbursements, including the administrative ex8 penses, of the Federal National Mortgage Association and 

9 the Federal Home Loan Mortgage Corporation shall be 

10 counted as new budget authority, outlays, receipts, or def11 icit or surplus for purposes of— 

12 (1) the budget of the United States Govern13 ment as submitted by the President; 

14 (2) the congressional budget; or 

15 (3) the Balanced Budget and Emergency Def16 icit Control Act of 1985 (or any successor statute). 

17 SEC. 3. TREATMENT OF MORTGAGES AND MORTGAGE18 BACKED SECURITIES. 

19 The costs of purchases of mortgages, and mortgage20 backed securities issued, by the Federal National Mort21 gage Association and the Federal Home Loan Mortgage 

22 Corporation shall be calculated by adjusting the discount 

23 rate in section 502(5)(E) of the Credit Reform Act of 

24 1990 (2 U.S.C. 661a(5)(E)) for market risks. 


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1 SEC. 4. FANNIE MAE AND FREDDIE MAC DEBT SUBJECT TO 

2 PUBLIC DEBT LIMIT. 

3 (a) IN GENERAL.—For purposes of section 3101(b) 

4 of chapter 31 of title 31, United States Code, the face 

5 amount of obligations issued by the Federal National 

6 Mortgage Association and by the Federal Home Loan 

7 Mortgage Corporation and outstanding at one time shall 

8 be treated as issued by the United States Government 

9 under that chapter. 

10 (b) EFFECTIVE DATE.—Subsection (a) shall take ef11 fect on the ninetieth day beginning after the date of enact12 ment of this Act. 

Æ 


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