Fannie-Freddie Debt Elimination Act of 2013

Bill: 113-hr-3340
Sponsor: full_name: Rep. Kingston, Jack [R-GA-1]
Introduced: 2013-10-24
Policy area: Housing and Community Development
Subjects: Budget deficits and national debt

Business investment and capital

Corporate finance and management

Government corporations and government-sponsored enterprises

Government lending and loan guarantees

Housing finance and home ownership

Interest, dividends, interest rates

Securities
Latest action: action_date: 2013-10-24
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-10-24
action_desc: Introduced in House
text: <p>Fannie-Freddie Debt Elimination Act of 2013 - Requires any amounts paid or repaid to the Secretary of the Treasury by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) to be transferred to the special Treasury account into which money received as gifts and proceeds from the sale or redemption of gifts is deposited for reduction of the national debt.</p> <p>Prohibits the Secretary from entering into any agreement to further alter, amend, or change any provision of the Amended and Restated Senior Preferred Stock Purchase Agreements referred to by this Act that relates to dividend payment dates, dividend periods, dividend rates, or dividend amounts.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3340 IN THE HOUSE OF REPRESENTATIVES October 24, 2013 Mr. Kingston introduced the following bill; which was referred to the Committee on Financial Services A BILL To require use of amounts repaid to the Secretary of the Treasury by Fannie Mae and Freddie Mac to reduce the national debt.

1. Short title This Act may be cited as the Fannie-Freddie Debt Elimination Act of 2013 . 2. Use of Fannie Mae and Freddie Mac repayments to reduce national debt (a) Reduction of national debt Any amounts paid or repaid to the Secretary of the Treasury by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation in any form, including any dividends paid pursuant to the Amended and Restated Senior Preferred Stock Purchase Agreements, dated September 26, 2008, amended May 6, 2009, further amended December 24, 2009, and further amended August 17, 2012, between the United States Department of the Treasury and the Federal National Mortgage Association, and between such Department and the Federal Home Loan Mortgage Corporation shall be transferred by the Secretary to the special account established by subsection (d) of section 3113 of title 31, United States Code, and shall be used only as provided in such subsection. (b) Prohibition The Secretary of the Treasury may not enter into any agreement to further alter, amend, or change any provision of the Amended and Restated Senior Preferred Stock Purchase Agreements referred to in subsection (a) (as amended through August 17, 2012) that relates to dividend payment dates, dividend periods, dividend rates, or dividend amounts.