I 
114TH CONGRESS 
1ST SESSION H. R. 3808 
To require the withdrawal and study of the Federal Housing Finance Agen-
cy’s proposed rule on Federal Home Loan Bank membership, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 22, 2015 
Mr. LUETKEMEYER (for himself, Mr. MCHENRY, Mr. HECK of Washington, 
and Mr. CARNEY) introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To require the withdrawal and study of the Federal Housing 
Finance Agency’s proposed rule on Federal Home Loan 
Bank membership, 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. FHLB MEMBERSHIP PROPOSED RULE. 
(a) DEFINITIONS.—In this section: 
(1) COMMUNITY DEVELOPMENT FINANCIAL IN-
STITUTION.—The term ‘‘community development fi-
nancial institution’’ has the meaning given that term 
in section 103 of the Community Development 
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Banking and Financial Institutions Act of 1994 (12 
U.S.C. 4702). 
(2) COVERED
PROPOSED
RULE.—The term 
‘‘covered proposed rule’’ means the proposed rule of 
the Federal Housing Finance Agency entitled 
‘‘Members of Federal Home Loan Banks’’ (79 Fed. 
Reg. 54848 (September 12, 2014)). 
(3) OTHER TERMS FROM THE FEDERAL HOME 
LOAN BANK ACT.—The terms ‘‘community financial 
institution’’, ‘‘Federal Home Loan Bank’’, and 
‘‘Federal Home Loan Bank System’’ have the mean-
ings given those terms in section 2 of the Federal 
Home Loan Bank Act (12 U.S.C. 1422). 
(b) WITHDRAWAL OF PROPOSED RULE.—Not later 
than 30 days after the date of enactment of this Act, the 
Federal Housing Finance Agency shall withdraw the cov-
ered proposed rule. 
(c) GAO STUDY
AND
REPORT
ON
PROPOSED 
RULE.— 
(1) STUDY.— 
(A) IN GENERAL.—The Comptroller Gen-
eral of the United States shall conduct a study 
on the impact that the covered proposed rule 
would have, if adopted as proposed, on— 
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(i) the ability of the Federal Home 
Loan Banks to fulfill the mandate to pro-
vide liquidity to support housing finance 
and economic and community development; 
(ii) the safety and soundness of the 
Federal Home Loan Bank System; 
(iii) the liquidity needs of financial 
intermediaries; 
(iv) the stability of the Federal Home 
Loan Bank System; 
(v) the benefits of a diverse member-
ship base for Federal Home Loan Banks; 
and 
(vi) the ability of member institutions 
to rely on access to Federal Home Loan 
Bank advances. 
(B) CONSIDERATIONS.—In conducting the 
study under subparagraph (A), the Comptroller 
General of the United States shall consider— 
(i) the comment letters submitted in 
response to the notice of proposed rule-
making for the covered proposed rule; 
(ii) the legislative and administrative 
history of the Federal Home Loan Bank 
membership rules; 
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(iii) the burden placed on community 
financial institutions and community devel-
opment financial institutions; and 
(iv) the legal authority of the Federal 
Housing Finance Agency to exclude from 
membership any class or category of insur-
ance companies. 
(2) REPORT.—Not later than 1 year after the 
date of enactment of this Act, the Comptroller Gen-
eral of the United States shall submit to the Com-
mittee on Banking, Housing, and Urban Affairs of 
the Senate and the Committee on Financial Services 
of the House of Representatives a report on the 
findings of the study conducted under paragraph 
(1)(A). 
Æ 
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