I 
108TH CONGRESS 
1ST SESSION H. R. 2022
To extend the registration and reporting requirements of the Federal securi-
ties laws to certain housing-related Government-sponsored enterprises, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 7, 2003
Mr. SHAYS (for himself and Mr. MARKEY) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To extend the registration and reporting requirements of 
the Federal securities laws to certain housing-related 
Government-sponsored enterprises, and for other pur-
poses.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Leave No Securities 
Behind Act’’. 
SEC. 2. REGISTRATION OF SECURITIES. 
(a) FANNIE MAE.—
(1) MORTGAGE-BACKED
SECURITIES.—Section 
304(d) of the Federal National Mortgage Associa-
tion Charter Act (12 U.S.C. 1719(d)) is amended by 
striking the fourth sentence and inserting the fol-
lowing new sentence: ‘‘Securities issued by the cor-
poration under this subsection shall not be exempt 
securities within the meaning of the laws adminis-
tered by the Securities and Exchange Commission.’’
(2) 
SUBORDINATE
OBLIGATIONS.—Section 
304(e) of the Federal National Mortgage Association 
Charter Act (12 U.S.C. 1719(e)) is amended by 
striking the fourth sentence and inserting the fol-
lowing new sentence: ‘‘Obligations issued by the cor-
poration under this subsection shall not be exempt 
securities within the meaning of the laws adminis-
tered by the Securities and Exchange Commission.’’
(3) SECURITIES.—Section 311 of the Federal 
National Mortgage Association Charter Act (12 
U.S.C. 1723c) is amended—
(A) in the section header, by striking ‘‘AS-
SOCIATION’’; 
(B) by inserting ‘‘(a) IN GENERAL.—’’ 
after ‘‘SEC. 311.’’; 
(C) in the second sentence, by inserting 
‘‘by the Association’’ after ‘‘issued’’; and
(D) by adding at the end the following new 
subsection: 
‘‘(b) TREATMENT OF CORPORATION SECURITIES.—
‘‘(1) IN GENERAL.—Any stock, obligations, se-
curities, participations, or other instruments issued 
or guaranteed by the corporation pursuant to this 
title shall not be exempt securities within the mean-
ing of the laws administered by the Securities and 
Exchange Commission. 
‘‘(2) EXEMPTION FOR APPROVED SELLERS.—
Notwithstanding any other provision of this title or 
the Securities Act of 1933, transactions involving 
the initial disposition by an approved seller of pooled 
certificates that are acquired by that seller from the 
corporation upon the initial issuance of the pooled 
certificates shall be deemed to be transactions by a 
person other than an issuer, underwriter, or dealer 
within the meaning of the laws administered by the 
Securities and Exchange Commission. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) APPROVED SELLER.—The term ‘ap-
proved seller’ means an institution approved by 
the corporation to sell mortgage loans to the 
corporation in exchange for pooled certificates.
‘‘(B) POOLED
CERTIFICATES.—The term 
‘pooled certificates’ means single class mort-
gage-backed securities guaranteed by the cor-
poration that have been issued by the corpora-
tion directly to the approved seller in exchange 
for the mortgage loans underlying such mort-
gage-backed securities. 
‘‘(4) MORTGAGE RELATED SECURITIES.—A sin-
gle class mortgage-backed security guaranteed by 
the corporation that has been issued by the Corpora-
tion directly to the approved seller in exchange for 
the mortgage loans underlying such mortgage-
backed securities or directly by the corporation for 
cash shall be deemed to be a mortgage related secu-
rity as defined in section 3(a) of the Securities Ex-
change Act of 1934.’’. 
(b) FREDDIE MAC.—Subsection (g) of section 306 of 
the Federal Home Loan Mortgage Corporation Act (12 
U.S.C. 1455(g)) is amended to read as follows: 
‘‘(g) TREATMENT OF SECURITIES.—
‘‘(1) IN
GENERAL.—Any securities issued or 
guaranteed by the Corporation shall not be exempt 
securities within the meaning of the laws adminis-
tered by the Securities and Exchange Commission.’’.
‘‘(2) EXEMPTION FOR APPROVED SELLERS.—
Notwithstanding any other provision of this title or 
the Securities Act of 1933, transactions involving 
the initial disposition by an approved seller of pooled 
certificates that are acquired by that seller from the 
Corporation upon the initial issuance of the pooled 
certificates shall be deemed to be transactions by a 
person other than as an issuer, underwriter, or deal-
er within the meaning of the laws administered by 
the Securities and Exchange Commission. 
‘‘(3) DEFINITIONS.—For purposes of this sub-
section: 
‘‘(A) APPROVED SELLER.—The term ‘ap-
proved seller’ means an institution approved by 
the Corporation to sell mortgage loans to the 
Corporation in exchange for pooled certificates. 
‘‘(B) POOLED
CERTIFICATES.—The term 
‘pooled certificates’ means single class mort-
gage-backed securities guaranteed by the Cor-
poration that have been issued by the Corpora-
tion directly to the approved seller in exchange 
for the mortgage loans underlying such mort-
gage-backed securities.’’. 
(c) REGULATIONS.—The Securities and Exchange 
Commission may issue any regulations as may be nec-
essary or appropriate to carry out the purposes of this 
section and the amendments made by this section. 
(d) EFFECTIVE DATE.—The amendments under this 
section shall be made upon the expiration of the 180-day 
period beginning on the date of the enactment of this Act, 
but shall apply only with respect to fiscal years of the Fed-
eral National Mortgage Association and the Federal Home 
Loan Mortgage Corporation that begin after the expira-
tion of such 180-day period. 
SEC. 3. LIMITATION ON REGISTRATION FEES. 
(a) IN GENERAL.—Section 6(b)(2) of the Securities 
Act of 1933 (15 U.S.C. 77f(b)(2)) is amended by adding 
at the end the following new sentence: ‘‘Notwithstanding 
any other provision of this title, no applicant, or group 
of affiliated applicants that do not include any investment 
company registered under the Investment Company Act 
of 1940, filing a registration statement subject to a fee 
shall be required in any fiscal year with respect to all reg-
istration statements filed by such applicant in such fiscal 
year to pay an aggregate amount in fees to the Commis-
sion pursuant to subsection (b) in excess of five percent 
of the target offsetting collection amount for such fiscal 
year. Fees paid in connection with registration statements 
relating to business combinations shall not be included in 
calculating the total fees paid by any applicant.’’.
(b) EFFECTIVE DATE.—The amendment under sub-
section (a) shall be made and shall apply upon the expira-
tion of the 180-day period beginning on the date of the 
enactment of this Act.
Æ