Pay Back the Taxpayers Act of 2014

Bill: 113-hr-3901
Sponsor: full_name: Rep. Royce, Edward R. [R-CA-39]
Introduced: 2014-01-16
Policy area: Housing and Community Development
Subjects: Bankruptcy

Budget deficits and national debt

Government corporations and government-sponsored enterprises

Government trust funds

Housing and community development funding

Housing finance and home ownership
Latest action: action_date: 2014-01-16
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-01-16
action_desc: Introduced in House
text: <p>Pay Back the Taxpayers Act of 2014 - Prohibits the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), during the term of any conservatorship or receivership, from making any contribution or transfer to, or allocating or setting aside any amounts for, the Housing Trust Fund or the Capital Magnet Fund.</p> <p>Requires any amounts paid or repaid to the Secretary of the Treasury by a GSE in any form, during any conservatorship or receivership of the GSE, to be covered into the General Fund of the Treasury and used only for reducing the federal budget deficit. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 3901 IN THE HOUSE OF REPRESENTATIVES January 16, 2014 Mr. Royce (for himself, Mr. Hensarling , Mr. Garrett , Mrs. Capito , Mr. Neugebauer , Mr. Campbell , Mr. Lucas , Mr. McHenry , Mr. Westmoreland , Mr. Ross , Mrs. Bachmann , Mr. Cotton , Mr. Pittenger , Mr. Hultgren , Mr. Duffy , Mr. Grimm , Mr. Mulvaney , Mrs. Wagner , Mr. Huizenga of Michigan , Mr. Hurt , and Mr. Bachus ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To prohibit contributions by Fannie Mae and Freddie Mac to the Housing Trust Fund and the Capital Market Fund while such enterprises are in conservatorship or receivership, and for other purposes.

1. Short title This Act may be cited as the Pay Back the Taxpayers Act of 2014 . 2. Prohibition of contributions to Housing Trust Fund and Capital Magnet Fund while enterprises are in conservatorship or receivership Notwithstanding section 1337 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4567 ) or any other provision of law, during the term of any conservatorship or receivership of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation pursuant to section 1367 of such Act ( 12 U.S.C. 4617 ), such enterprise shall not make any contribution or transfer to, or allocate or set aside any amounts for, the Housing Trust Fund established under section 1338 of such Act ( 12 U.S.C. 4568 ) or the Capital Magnet Fund established under section 1339 of such Act ( 12 U.S.C. 4569 ). 3. Use of enterprise repayments to reduce budget deficit During the term of any conservatorship or receivership of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation pursuant to section 1367 of such Act ( 12 U.S.C. 4617 ), 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 covered into the General Fund of the Treasury and shall be used only for reducing the budget deficit of the Federal Government.