Housing Finance Regulatory Restructuring Act of 2003

Bill: 108-hr-2803
Sponsor: Rep. Royce, Edward R. [R-CA-40]
Introduced: 2003-07-21 in the House
Policy area: Housing and Community Development
Subjects: Administrative fees
Administrative procedure
Advice and consent of the Senate
Bank capital
Bank employees
Bank examination
Commerce
Congress
Delegation of powers
Department of Housing and Urban Development
Department of the Treasury
Economics and Public Finance
Employee rights
Executive reorganization
Federal Housing Finance Board
Federal employees
Federal home loan banks
Federal officials
Finance and Financial Sector
Fines (Penalties)
Government Operations and Politics
Government paperwork
Government trust funds
Holding companies
Injunctions
Labor and Employment
Law
Mortgages
Presidential appointments
Savings and loan associations
Secondary mortgage market
Standards
Transfer of employees

Summary:
action_date: 2003-07-21
text: 
Housing Finance Regulatory Restructuring Act of 2003 - Amends the Housing and Community Development Act of 1992 to establish the Office of Housing Finance Oversight (Office) as the regulatory authority for the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (enterprises) in lieu of the regulatory authority of : (1) the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development; (2) the Federal Housing Finance Board; and (3) the general regulatory and other authority of the Secretary of Housing and Urban Development.
 
Prohibits the Secretary of the Treasury (Secretary) from merging or consolidating the functions or responsibilities of the Office with any other office or bureau of the Department of the Treasury, or with any other function or program administered by the Secretary.
 
Establishes the position of the Director of the Office, subject to the general oversight of the Secretary.
 
Prohibits the Secretary from: (1) intervening in any matter or proceeding before the Director unless specifically provided by law; or (2) delaying or preventing the issuance of any rule or promulgation of any regulation by the Director.
 
Directs the Director to ensure that the enterprises and the Federal home loan banks are adequately capitalized and operating safely.
 
Makes conforming amendments to: (1) Federal National Mortgage Association Charter Act; (2) Federal Home Loan Mortgage Corporation Act; (3) Federal criminal law; (4) Flood Disaster Protection Act of 1973; (5) Housing and Community Development Act of 1980; (6) Federal Home Loan Act; (7) Federal law governing executive schedule pay rates; and (8) Federal Financial Institutions Examination Council Act of 1978.
 
Abolishes the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development, and the Federal Housing Finance Board. Transfers to the Office their respective functions, personnel, and property.


Legislative actions:
action_date: 2003-08-04
text: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
action_date: 2003-07-21
text: Referred to the House Committee on Financial Services.
action_date: 2003-07-21
text: Introduced in House
action_date: 2003-07-21
text: Introduced in House