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.

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 Director of the Federal 
Housing Finance Agency shall require each enterprise to submit a report 
to the Director, not later than the expiration of the 180-day period 
beginning upon the date of the enactment of this Act, that--
            (1) identifies all assets of value of the enterprise; and
            (2) describes the functions, characteristics, and estimated 
        value of each such asset.
    (b) Determination of Non-Mission Critical Assets.--
            (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 patents and historical mortgage data of the 
        enterprise.
    (c) Annual Plans.--
            (1) Establishment.--Not later than the expiration of the 
        12- and 24-month periods beginning upon the date of the 
        enactment of this Act, the Director shall establish a plan for 
        each enterprise for sale or other disposition, during the 
        annual plan period for each such plan, of assets of such 
        enterprise that the Director has determined, pursuant to 
        subsection (b), to be non-mission critical assets of such 
        enterprise in a manner that complies with the requirements 
        under subsection (d) (relating to implementation, 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 disposed of during 
                the annual plan period;
                    (B) specifically address whether and how patents 
                and historical mortgage data of the enterprise that are 
                non-mission critical assets should be sold or disposed 
                of during the annual plan period, which may include 
                making such assets available in the public domain;
                    (C) provide for any sales or other dispositions to 
                be conducted in accordance with section 1367(b)(11)(E) 
                of the Federal Housing Enterprises 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.
    (d) Implementation.--
            (1) Commencement.--Not later than the expiration of the 90-
        day period beginning upon establishment of each annual plan 
        pursuant to subsection (c), the Director shall commence 
        implementation of such plan.
            (2) Divestment of all non-mission critical assets.--The 
        Director shall prohibit each enterprise 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 Director 
        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 period 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 enterprise 
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 enterprise, the 12-month period that 
        begins upon establishment 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 Agency.
            (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 Director determines, pursuant to 
        subsection (b), is not critical to carrying out the mission of 
        the enterprise in accordance with the charter Act for the 
        enterprise and other applicable laws.

Summary: Market Transparency and Taxpayer Protection Act of 2011 - Directs the Director of the Federal Housing Finance Agency to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) to identify to the Director all assets of value of the GSE and their functions, characteristics, and estimated value. Requires the Director then to: (1) determine which assets are critical, and which are not critical, to carrying out the GSE's mission; and (2) establish plans annually for the sale or other disposition of any non-mission critical assets.