GSE Jumpstart Reauthorization Act of 2017

Bill: 115-hr-4560
Sponsor: full_name: Rep. Hill, J. French [R-AR-2]
Introduced: 2017-12-06
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Government corporations and government-sponsored enterprises

Government trust funds

Housing supply and affordability

Securities
Latest action: action_date: 2018-04-24
text: Placed on the Union Calendar, Calendar No. 497.

Summaries:
action_date: 2017-12-06
action_desc: Introduced in House
text: <p><b>GSE Jumpstart Reauthorization Act of 2017</b></p> <p>This bill prohibits&nbsp;the Department of the Treasury, until 2019,&nbsp;from selling shares acquired from the Federal National Mortgage Association (Fannie Mae)&nbsp;or the Federal Home Loan Mortgage Corporation (Freddie Mac) under the Senior Preferred Stock Purchase Agreement. The bill also requires&nbsp;Fannie Mae and Freddie Mac to&nbsp;suspend their annual contributions to specified affordable housing trust funds&nbsp;in any year in which they do not make dividend payments&nbsp;to Treasury. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 4560 IN THE HOUSE OF REPRESENTATIVES December 6, 2017 Mr. Hill introduced the following bill; which was referred to the Committee on Financial Services A BILL To suspend contributions by Fannie Mae and Freddie Mac to the Housing Trust Fund during any period that the full required dividend payments under the Senior Preferred Stock Purchase Agreements for such enterprises are not made, and for other purposes.

1. Short title This Act may be cited as the GSE Jumpstart Reauthorization Act of 2017 . 2. Extension of limitation on sale of preferred stock Subsection (b) of section 702 of division O of the Consolidated Appropriations Act, 2016 ( Public Law 114–113 ; 129 Stat. 3025) is amended by striking January 1, 2018 and inserting January 1, 2019 . 3. Conservation of capital during periods of low net worth Subsection (b) of section 1337 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4567(b) ) is amended— (1) by striking The Director and inserting Notwithstanding any other provision of law, the Director ; (2) by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively, and realigning such subparagraphs (as so redesignated) so as to be indented 4 ems from the left margin; (3) by striking by an enterprise upon a finding and inserting the following: by an enterprise— (1) upon a finding ; (4) in paragraph (1)(C), as so redesignated by the amendments made by paragraphs (2) and (3) of this section, by striking the period at the end at inserting ; or ; and (5) by adding at the end the following new paragraph: (2) for a fiscal year, if, for any Dividend Period ending during such fiscal year, the holders of outstanding shares of Senior Preferred Stock of such enterprise do not receive cumulative cash dividends in an amount equal to the Dividend Amount for such Dividend Period. For purposes of paragraph (2), the terms Dividend Period , Senior Preferred Stock , and Dividend Amount shall, with respect to an enterprise, have the meanings given such terms for purposes of the Amended and Restated Senior Preferred Stock Purchase Agreement, dated September 26, 2008, and entered into between the Department of the Treasury and such enterprise, as such Agreement has been amended on May 6, 2009, December 24, 2009, and August 17, 2012, but such meanings shall not take into consideration any additional amendment to such Agreement made after the date of the enactment of the GSE Jumpstart Reauthorization Act of 2017 . .

tv_txt: IB Union Calendar No. 497 115th CONGRESS 2d Session H. R. 4560 [Report No. 115–648] IN THE HOUSE OF REPRESENTATIVES December 6, 2017 Mr. Hill introduced the following bill; which was referred to the Committee on Financial Services April 24, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To suspend contributions by Fannie Mae and Freddie Mac to the Housing Trust Fund during any period that the full required dividend payments under the Senior Preferred Stock Purchase Agreements for such enterprises are not made, and for other purposes.

1. Short title This Act may be cited as the GSE Jumpstart Reauthorization Act of 2017 . 2. Extension of limitation on sale of preferred stock Subsection (b) of section 702 of division O of the Consolidated Appropriations Act, 2016 ( Public Law 114–113 ; 129 Stat. 3025) is amended by striking January 1, 2018 and inserting January 1, 2019 . 3. Conservation of capital during periods of low net worth Subsection (b) of section 1337 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4567(b) ) is amended— (1) by striking The Director and inserting Notwithstanding any other provision of law, the Director ; (2) by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively, and realigning such subparagraphs (as so redesignated) so as to be indented 4 ems from the left margin; (3) by striking by an enterprise upon a finding and inserting the following: by an enterprise— (1) upon a finding ; (4) in paragraph (1)(C), as so redesignated by the amendments made by paragraphs (2) and (3) of this section, by striking the period at the end at inserting ; or ; and (5) by adding at the end the following new paragraph: (2) for a fiscal year, if, for any Dividend Period ending during such fiscal year, the holders of outstanding shares of Senior Preferred Stock of such enterprise do not receive cumulative cash dividends in an amount equal to the Dividend Amount for such Dividend Period. For purposes of paragraph (2), the terms Dividend Period , Senior Preferred Stock , and Dividend Amount shall, with respect to an enterprise, have the meanings given such terms for purposes of the Amended and Restated Senior Preferred Stock Purchase Agreement, dated September 26, 2008, and entered into between the Department of the Treasury and such enterprise, as such Agreement has been amended on May 6, 2009, December 24, 2009, and August 17, 2012, but such meanings shall not take into consideration any additional amendment to such Agreement made after the date of the enactment of the GSE Jumpstart Reauthorization Act of 2017 . .

April 24, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed