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 pe-
riod to be subsequently determined by the Speaker, in each case for con-
sideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To provide on-budget status to the Federal National Mort-
gage Association and the Federal Home Loan Mortgage 
Corporation. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
VerDate Nov 24 2008 
07:03 Feb 24, 2010
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H4653.IH
H4653
dcolon on DSK2BSOYB1PROD with BILLS
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Accurate Accounting 
of Fannie Mae and Freddie Mac Act’’. 
SEC. 2. ON-BUDGET STATUS OF FANNIE MAE AND FREDDIE 
MAC. 
Notwithstanding any other provision of law, the re-
ceipts and disbursements, including the administrative ex-
penses, of the Federal National Mortgage Association and 
the Federal Home Loan Mortgage Corporation shall be 
counted as new budget authority, outlays, receipts, or def-
icit or surplus for purposes of— 
(1) the budget of the United States Govern-
ment as submitted by the President; 
(2) the congressional budget; or 
(3) the Balanced Budget and Emergency Def-
icit Control Act of 1985 (or any successor statute). 
SEC. 3. TREATMENT OF MORTGAGES AND MORTGAGE- 
BACKED SECURITIES. 
The costs of purchases of mortgages, and mortgage- 
backed securities issued, by the Federal National Mort-
gage Association and the Federal Home Loan Mortgage 
Corporation shall be calculated by adjusting the discount 
rate in section 502(5)(E) of the Credit Reform Act of 
1990 (2 U.S.C. 661a(5)(E)) for market risks. 
VerDate Nov 24 2008 
07:03 Feb 24, 2010
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H4653.IH
H4653
dcolon on DSK2BSOYB1PROD with BILLS
SEC. 4. FANNIE MAE AND FREDDIE MAC DEBT SUBJECT TO 
PUBLIC DEBT LIMIT. 
(a) IN GENERAL.—For purposes of section 3101(b) 
of chapter 31 of title 31, United States Code, the face 
amount of obligations issued by the Federal National 
Mortgage Association and by the Federal Home Loan 
Mortgage Corporation and outstanding at one time shall 
be treated as issued by the United States Government 
under that chapter. 
(b) EFFECTIVE DATE.—Subsection (a) shall take ef-
fect on the ninetieth day beginning after the date of enact-
ment of this Act. 
Æ 
VerDate Nov 24 2008 
07:03 Feb 24, 2010
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H4653.IH
H4653
dcolon on DSK2BSOYB1PROD with BILLS