SEC. 2. PROHIBITION OF ISSUANCE OF NEW DEBT BY EN-
TERPRISES WITHOUT ADVANCE APPROVAL 
BY TREASURY. 
Subtitle B of title XIII of the Housing and Commu-
nity Development Act of 1992 (12 U.S.C. 4611 et seq.) 
is amended by adding at the end the following new section: 
‘‘SEC. 1369F. REQUIREMENTS FOR ISSUANCE OF NEW DEBT. 
‘‘(a) REQUIREMENT FOR ADVANCE APPROVAL BY 
TREASURY.—An enterprise shall not, after the date of the 
enactment of the GSE Debt Issuance Approval Act of 
2011, newly issue any note, bill, bond, debenture, or any 
other debt security, obligation, or instrument of any form 
or in any amount unless the issuance of such debt secu-
rity, obligation, or instrument was approved in advance 
in accordance with this section by the Secretary of the 
Treasury (in this section referred to as the ‘Secretary’). 
‘‘(b) WRITTEN REQUEST.—The Secretary may not 
approve the issuance of any debt security, obligation, or 
instrument under this section by an enterprise unless the 
enterprise has submitted to the Secretary of the Treasury 
and to the Director, in such form as the Secretary shall 
require, a written request identifying and describing the 
debt securities, obligations, and instruments proposed to 
be issued, including the par values, terms to maturity, in-
terest rates, forms, timing of issuance, and all other terms 
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regarding issuance of such securities, obligations, and in-
struments. 
‘‘(c) DETERMINATION AND JUSTIFICATION.—Upon 
receiving a written request pursuant to subsection (b) for 
approval of the issuance of debt by an enterprise, the Sec-
retary shall promptly review the request, make a deter-
mination of whether to approve or deny the request, tak-
ing into consideration any information or comments of the 
Director regarding such request, and submit to the enter-
prise, the Congress, and the Director written notice of ap-
proval or denial of the request, which shall include an ex-
planation and justification for the approval or denial of 
the issuance of the new debt. 
‘‘(d) CONDITIONAL APPROVAL.—In approving a re-
quest under this section by an enterprise to issue any debt 
security, obligation, or instrument, the Secretary may, in 
the written notice of approval of such request pursuant 
to subsection (c), limit or change the terms of the issuance 
of the debt securities, obligations, or instruments approved 
for issuance from the terms of the proposed issuance of 
securities, obligations, or instruments described in the re-
quest for such approval submitted by the enterprise pursu-
ant to subsection (b). 
‘‘(e) EFFECTIVE DATE.—Notwithstanding approval 
under this section of the issuance of debt by an enterprise 
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or submission of the notice of such approval as required 
under subsection (c), the enterprise may not issue any 
debt security, obligation, or instrument pursuant to such 
approval before the expiration of the 7-day period begin-
ning upon submission of such notice of approval to the 
Congress.’’. 
Æ 
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