I 
113TH CONGRESS 
2D SESSION 
H. R. 3901 
To prohibit contributions by Fannie Mae and Freddie Mac to the Housing 
Trust Fund and the Capital Market Fund while such enterprises are 
in conservatorship or receivership, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 16, 2014 
Mr. ROYCE (for himself, Mr. HENSARLING, Mr. GARRETT, Mrs. CAPITO, Mr. 
NEUGEBAUER, Mr. CAMPBELL, Mr. LUCAS, Mr. MCHENRY, Mr. WEST-
MORELAND, Mr. ROSS, Mrs. BACHMANN, Mr. COTTON, Mr. PITTENGER, 
Mr. HULTGREN, Mr. DUFFY, Mr. GRIMM, Mr. MULVANEY, Mrs. WAG-
NER, Mr. HUIZENGA of Michigan, Mr. HURT, and Mr. BACHUS) intro-
duced the following bill; which was referred to the Committee on Finan-
cial Services 
A BILL 
To prohibit contributions by Fannie Mae and Freddie Mac 
to the Housing Trust Fund and the Capital Market 
Fund while such enterprises are in conservatorship or 
receivership, and for other purposes. 
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 ‘‘Pay Back the Tax-
payers Act of 2014’’. 
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SEC. 2. PROHIBITION OF CONTRIBUTIONS TO HOUSING 
TRUST FUND AND CAPITAL MAGNET FUND 
WHILE ENTERPRISES ARE IN CONSERVATOR-
SHIP OR RECEIVERSHIP. 
Notwithstanding section 1337 of the Federal Hous-
ing Enterprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4567) or any other provision of law, dur-
ing the term of any conservatorship or receivership of the 
Federal National Mortgage Association or the Federal 
Home Loan Mortgage Corporation pursuant to section 
1367 of such Act (12 U.S.C. 4617), such enterprise shall 
not make any contribution or transfer to, or allocate or 
set aside any amounts for, the Housing Trust Fund estab-
lished under section 1338 of such Act (12 U.S.C. 4568) 
or the Capital Magnet Fund established under section 
1339 of such Act (12 U.S.C. 4569). 
SEC. 3. USE OF ENTERPRISE REPAYMENTS TO REDUCE 
BUDGET DEFICIT. 
During the term of any conservatorship or receiver-
ship of the Federal National Mortgage Association or the 
Federal Home Loan Mortgage Corporation pursuant to 
section 1367 of such Act (12 U.S.C. 4617), any amounts 
paid or repaid to the Secretary of the Treasury by the 
Federal National Mortgage Association or the Federal 
Home Loan Mortgage Corporation in any form, including 
any dividends paid pursuant to the Amended and Restated 
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Senior Preferred Stock Purchase Agreements, dated Sep-
tember 26, 2008, amended May 6, 2009, further amended 
December 24, 2009, and further amended August 17, 
2012, between the United States Department of the 
Treasury and the Federal National Mortgage Association, 
and between such Department and the Federal Home 
Loan Mortgage Corporation shall be covered into the Gen-
eral Fund of the Treasury and shall be used only for re-
ducing the budget deficit of the Federal Government. 
Æ 
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