Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008

Bill: 110-hr-7264
Sponsor: Rep. King, Steve [R-IA-5]
Introduced: 2008-10-03 in the House
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital
Banking and financial institutions regulation
Bankruptcy
Capital gains tax
Congressional oversight
Corporate finance and management
Federally chartered organizations
Financial crises and stabilization
Government corporations and government-sponsored enterprises
Government lending and loan guarantees
Government studies and investigations
Housing finance and home ownership
Income tax deductions
Income tax exclusion
Interest, dividends, interest rates
Securities
Taxation of foreign income
U.S. and foreign investments

Summary:
action_date: 2008-10-03
text: 
Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale of certain residential or commercial mortgages and related securities issued on or before March 14, 2008, and acquired before January 1, 2010; (2) extend the carryback period for net operating losses to five years; (3) provide an increased dividends received tax deduction for corporations with overseas operations that make investments in the United States; and (4) treat gain or loss from the sale of certain preferred stock in the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) as ordinary income or loss.

Repeals the Community Reinvestment Act.

Requires the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to establish a net worth certificate program to provide capital to assist insured banks in resolving solvency problems. 

Government-Sponsored Enterprises Free Market Reform Act of 2008- Requires the Director of the Federal Housing Finance Agency (FHFA) to: (1) terminate the conservatorship of Fannie Mae and the Freddie Mac, jointly defined as the enterprise, if the Director determines that the enterprise is financially viable; or (2) immediately appoint FHFA as receiver of the enterprise if it is found not financially viable. Limits the amount of mortgage assets the enterprise may own after the termination of its conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprise.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities.

Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index.

Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits.

Imposes requirements for the renewal of the enterprise's charter if it becomes financially sound and for winding down its operations and dissolving the enterprise otherwise.


Legislative actions:
action_date: 2008-10-03
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-10-03
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-10-03
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2008-10-03
text: Introduced in House
action_date: 2008-10-03
text: Introduced in House