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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fannie and Freddie 
Open Records Act of 2017’’. 
SEC. 2. APPLICABILITY OF FOIA. 
(a) APPLICABILITY
TO GOVERNMENT SPONSORED 
ENTITIES IN CONSERVATORSHIP.—Section 552 of title 5, 
United States Code (commonly referred to as the Freedom 
of Information Act), is amended by adding at the end the 
following new subsection: 
‘‘(n)(1) This section shall apply to the Federal Na-
tional Mortgage Association and the Federal Home Loan 
Mortgage Corporation during any period either such en-
terprise is under conservatorship or receivership pursuant 
to section 1367 of the Federal Housing Enterprises Fi-
nancial Safety and Soundness Act of 1992 (12 U.S.C. 
4617). 
‘‘(2) For purposes of this subsection, the exemption 
described in subsection (b)(4), relating to trade secrets 
and commercial or financial information, shall apply with-
out regard to whether such information was obtained from 
a person outside the Federal National Mortgage Associa-
tion or the Federal Home Loan Mortgage Corporation, as 
the case may be.’’. 
(b) RULE OF CONSTRUCTION.—Nothing in this Act 
may be construed as precluding the application of any of 
the exemptions described in section 552 of title 5, United 
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States Code, to subsection (n) of such section, as added 
by subsection (a). 
(c) EFFECTIVE DATE; APPLICABILITY.—The amend-
ment made by subsection (a) shall be effective on the date 
that is six months after the date of the enactment of this 
Act and shall apply with respect to any request filed under 
section 552(a)(3) of title 5, United States Code, on or 
after such effective date, relating to any record created 
before, on, or after the date of the enactment of this Act. 
SEC. 3. COMMERCIAL REQUESTERS. 
For purposes of subsection (n) of section 552 of title 
5, United States Code, as added by section 2(a), each en-
terprise described in such subsection shall establish a fee 
schedule such that in the first year the fees collected from 
requests for records intended for a commercial use cover 
the costs of administering such subsection (n), which shall 
be estimated as $40,000,000 in the first year. In each sub-
sequent year, each such enterprise shall evaluate whether 
the fees collected under the prior year’s fee schedule were 
sufficient to recover all actual costs of administering sub-
section (n) and revise the fee schedule to recover the costs 
of administering subsection (n) in the following year and 
any outstanding costs of administering subsection (n) 
from the prior year not collected through fees in the prior 
year. Each such enterprise shall make the revised fee 
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schedule and a detailed explanation of the prior year’s 
costs and projections of future costs that were used to jus-
tify the fee schedule publicly available online for 10 days 
prior to the fee schedule going into effect. 
SEC. 4. RULE OF CONSTRUCTION. 
Nothing in this Act, or the amendment made by this 
Act, may be construed as precluding or restricting the dis-
closure of information regarding any proposed new prod-
uct or significant new product term prior to loan pur-
chasing, or substantive negotiation with an interested 
party regarding purchase of loans with such new product 
or significant new product term. 
Passed the House of Representatives April 27, 2017. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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