I 
112TH CONGRESS 
1ST SESSION H. R. 2440 
To protect the taxpayers of the United States by requiring Fannie Mae 
and Freddie Mac to sell or dispose of the assets of such enterprises 
that are not critical to their missions. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 7, 2011 
Mr. HURT (for himself, Mr. BACHUS, and Mr. GARRETT) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To protect the taxpayers of the United States by requiring 
Fannie Mae and Freddie Mac to sell or dispose of the 
assets of such enterprises that are not critical to their 
missions. 
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 ‘‘Market Transparency 
and Taxpayer Protection Act of 2011’’. 
SEC. 2. DISPOSITION OF NON-MISSION CRITICAL ASSETS. 
(a) ENTERPRISE REPORTS TO DIRECTOR.—The Di-
rector of the Federal Housing Finance Agency shall re-
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quire each enterprise to submit a report to the Director, 
not later than the expiration of the 180-day period begin-
ning upon the date of the enactment of this Act, that— 
(1) identifies all assets of value of the enter-
prise; and 
(2) describes the functions, characteristics, and 
estimated value of each such asset. 
(b) DETERMINATION OF NON-MISSION CRITICAL AS-
SETS.— 
(1) IN GENERAL.—After reviewing the report 
submitted by an enterprise pursuant to subsection 
(a), the Director shall make a determination of 
which assets of such enterprise are critical, and 
which are not critical, to carrying out the mission of 
the enterprise in accordance with the charter Act for 
the enterprise and other applicable laws. 
(2) PATENTS
AND
HISTORICAL
MORTGAGE 
DATA.—The determinations under paragraph (1) 
shall include determinations with regard to any pat-
ents and historical mortgage data of the enterprise. 
(c) ANNUAL PLANS.— 
(1) ESTABLISHMENT.—Not later than the expi-
ration of the 12- and 24-month periods beginning 
upon the date of the enactment of this Act, the Di-
rector shall establish a plan for each enterprise for 
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sale or other disposition, during the annual plan pe-
riod for each such plan, of assets of such enterprise 
that the Director has determined, pursuant to sub-
section (b), to be non-mission critical assets of such 
enterprise in a manner that complies with the re-
quirements under subsection (d) (relating to imple-
mentation, commencement, and divestment). 
(2) CONTENTS.—Each plan required under 
paragraph (1) for an enterprise shall— 
(A) identify the non-mission critical assets 
of the enterprise to be sold or otherwise dis-
posed of during the annual plan period; 
(B) specifically address whether and how 
patents and historical mortgage data of the en-
terprise that are non-mission critical assets 
should be sold or disposed of during the annual 
plan period, which may include making such as-
sets available in the public domain; 
(C) provide for any sales or other disposi-
tions to be conducted in accordance with section 
1367(b)(11)(E) of the Federal Housing Enter-
prises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4617(b)(11)(E)); and 
(D) include any other information as the 
Director considers appropriate. 
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(d) IMPLEMENTATION.— 
(1) COMMENCEMENT.—Not later than the expi-
ration of the 90-day period beginning upon estab-
lishment of each annual plan pursuant to subsection 
(c), the Director shall commence implementation of 
such plan. 
(2) DIVESTMENT OF ALL NON-MISSION CRIT-
ICAL ASSETS.—The Director shall prohibit each en-
terprise from owning or holding, after the expiration 
of the 36-month period beginning upon the date of 
the enactment of this Act, any asset that the Direc-
tor has determined, pursuant to subsection (b), to be 
a non-mission critical asset of such enterprise. 
(e) ANNUAL REPORTS
TO CONGRESS.—Not later 
than 90 days after the conclusion of the annual plan pe-
riod for each annual plan for an enterprise required by 
subsection (c), the Director shall submit to the Congress 
a report on the non-mission critical assets of such enter-
prise that were sold or otherwise disposed of pursuant to 
such annual plan. 
(f) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) ANNUAL PLAN PERIOD.—The term ‘‘annual 
plan period’’ means, with respect to an annual plan 
established pursuant to subsection (c) for an enter-
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prise, the 12-month period that begins upon estab-
lishment of the annual plan. 
(2) CHARTER ACT.—The term ‘‘charter Act’’ 
means— 
(A) with respect to the Federal National 
Mortgage Association, the Federal National 
Mortgage Association Charter Act (12 U.S.C. 
1716 et seq.); and 
(B) with respect to the Federal Home 
Loan Mortgage Corporation, the Federal Home 
Loan Mortgage Corporation Act (12 U.S.C. 
1451 et seq.). 
(3) DIRECTOR.—The term ‘‘Director’’ means 
the Director of the Federal Housing Finance Agen-
cy. 
(4) ENTERPRISE.—The term ‘‘enterprise’’ has 
the meaning given such term in section 1303 of the 
Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992 (12 U.S.C. 4502). 
(5) NON-MISSION CRITICAL ASSETS.—The term 
‘‘non-mission critical asset’’ means, with respect to 
an enterprise, an asset of the enterprise that the Di-
rector determines, pursuant to subsection (b), is not 
critical to carrying out the mission of the enterprise 
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in accordance with the charter Act for the enterprise 
and other applicable laws. 
Æ 
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