Fannie and Freddie Open Records Act of 2017

Bill: 115-hr-1694
Sponsor: full_name: Rep. Chaffetz, Jason [R-UT-3]
Introduced: 2017-03-23
Policy area: Government Operations and Politics
Subjects: Executive agency funding and structure

Freedom of information

Government corporations and government-sponsored enterprises

Housing finance and home ownership
Latest action: action_date: 2017-04-28
text: Received in the Senate and Read twice and referred to the Committee on the Judiciary.

Summaries:
action_date: 2017-03-23
action_desc: Introduced in House
text: <p><b>Fannie and Freddie Open Records Act of 2017</b></p> <p><strong></strong></p> <p> This bill amends the Freedom of Information Act (FOIA) to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to be subject to FOIA's public information disclosure requirements during any period in which they are under conservatorship or receivership.</p> <p>The requirement applies to FOIA requests filed after enactment of this bill that relate to any record created before, on, or after the enactment of this bill.</p>

action_date: 2017-04-24
action_desc: Reported to House with amendment(s)
text: <p><b>Fannie and Freddie Open Records Act of 2017</b></p> <p> This bill amends the Freedom of Information Act (FOIA) to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), during any period in which they are under conservatorship or receivership of the Federal Housing Finance Agency, to comply with FOIA's public information disclosure requirements that apply to federal agencies.</p> <p>The requirement applies to FOIA requests filed after enactment of this bill that relate to any record created before, on, or after the enactment of this bill.</p>

action_date: 2017-04-27
action_desc: Passed House amended
text: <p><b>Fannie and Freddie Open Records Act of 2017</b></p> <p> (Sec. 2) This bill applies the Freedom of Information Act (FOIA) to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) during any period either such enterprise is under conservatorship or receivership of the Federal Housing Finance Agency. The FOIA exemption for trade secrets and commercial or financial information shall apply without regard to whether such information was obtained from a person outside Fannie Mae or Freddie Mac. </p> <p>The FOIA requirements apply to records requests filed after the effective date of this bill that relate to any Fannie Mae or Freddie Mac record created before, on, or after the effective date.</p> <p>(Sec. 3) To cover the cost of administering FOIA, Fannie Mae and Freddie Mac shall establish fee schedules to collect fees from requests for records intended for a commercial use.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1694 IN THE HOUSE OF REPRESENTATIVES March 23, 2017 Mr. Chaffetz (for himself, Mr. DeSantis , Mr. Russell , Mr. Duncan of Tennessee , Mr. Massie , Mr. Farenthold , Mr. Comer , Mr. Blum , and Mr. Issa ) introduced the following bill; which was referred to the Committee on Oversight and Government Reform A BILL To require additional entities to be subject to the requirements of section 552 of title 5, United States Code (commonly referred to as the Freedom of Information Act), and for other purposes.

1. Short title This Act may be cited as the Fannie and Freddie Open Records Act of 2017 . 2. Applicability of FOIA (a) Amendment to definition of agency Section 552(f)(1) of title 5, United States Code (commonly referred to as the Freedom of Information Act), is amended by striking or other establishment in the executive branch of the Government (including the Executive Office of the President), or any independent regulatory agency and inserting the following: any other establishment in the executive branch of the Government (including the Executive Office of the President), any independent regulatory agency, and the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation during any period such enterprise is under conservatorship or receivership pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4617 ) . (b) Effective date; applicability The amendment made by subsection (a) shall be effective on the date of the enactment of this Act and shall apply with respect to any request filed under section 552(a)(3) of title 5, United States Code, on or after such effective date, relating to any record created before, on, or after the date of the enactment of this Act.

tv_txt: IB 115th CONGRESS 1st Session H. R. 1694 IN THE HOUSE OF REPRESENTATIVES AN ACT To require additional entities to be subject to the requirements of section 552 of title 5, United States Code (commonly referred to as the Freedom of Information Act), and for other purposes.

1. Short title This Act may be cited as the Fannie and Freddie Open Records Act of 2017 . 2. Applicability of FOIA (a) Applicability to government sponsored entities in conservatorship Section 552 of title 5, United States Code (commonly referred to as the Freedom of Information Act), is amended by adding at the end the following new subsection: (n) (1) This section shall apply to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation during any period either such enterprise is under conservatorship or receivership pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4617 ). (2) For purposes of this subsection, the exemption described in subsection (b)(4), relating to trade secrets and commercial or financial information, shall apply without regard to whether such information was obtained from a person outside the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, as the case may be. . (b) Rule of construction Nothing in this Act may be construed as precluding the application of any of the exemptions described in section 552 of title 5, United States Code, to subsection (n) of such section, as added by subsection (a). (c) Effective date; applicability The amendment made by subsection (a) shall be effective on the date that is six months after the date of the enactment of this Act and shall apply with respect to any request filed under section 552(a)(3) of title 5, United States Code, on or after such effective date, relating to any record created before, on, or after the date of the enactment of this Act. 3. Commercial requesters For purposes of subsection (n) of section 552 of title 5, United States Code, as added by section 2(a), each enterprise described in such subsection shall establish a fee schedule such that in the first year the fees collected from requests for records intended for a commercial use cover the costs of administering such subsection (n), which shall be estimated as $40,000,000 in the first year. In each subsequent year, each such enterprise shall evaluate whether the fees collected under the prior year’s fee schedule were sufficient to recover all actual costs of administering subsection (n) and revise the fee schedule to recover the costs of administering subsection (n) in the following year and any outstanding costs of administering subsection (n) from the prior year not collected through fees in the prior year. Each such enterprise shall make the revised fee schedule and a detailed explanation of the prior year’s costs and projections of future costs that were used to justify the fee schedule publicly available online for 10 days prior to the fee schedule going into effect. 4. Rule of construction Nothing in this Act, or the amendment made by this Act, may be construed as precluding or restricting the disclosure of information regarding any proposed new product or significant new product term prior to loan purchasing, or substantive negotiation with an interested party regarding purchase of loans with such new product or significant new product term.

Passed the House of Representatives April 27, 2017. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 1st Session H. R. 1694 IN THE SENATE OF THE UNITED STATES April 28, 2017 Received; read twice and referred to the Committee on the Judiciary AN ACT To require additional entities to be subject to the requirements of section 552 of title 5, United States Code (commonly referred to as the Freedom of Information Act), and for other purposes.

1. Short title This Act may be cited as the Fannie and Freddie Open Records Act of 2017 . 2. Applicability of FOIA (a) Applicability to government sponsored entities in conservatorship Section 552 of title 5, United States Code (commonly referred to as the Freedom of Information Act), is amended by adding at the end the following new subsection: (n) (1) This section shall apply to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation during any period either such enterprise is under conservatorship or receivership pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4617 ). (2) For purposes of this subsection, the exemption described in subsection (b)(4), relating to trade secrets and commercial or financial information, shall apply without regard to whether such information was obtained from a person outside the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, as the case may be. . (b) Rule of construction Nothing in this Act may be construed as precluding the application of any of the exemptions described in section 552 of title 5, United States Code, to subsection (n) of such section, as added by subsection (a). (c) Effective date; applicability The amendment made by subsection (a) shall be effective on the date that is six months after the date of the enactment of this Act and shall apply with respect to any request filed under section 552(a)(3) of title 5, United States Code, on or after such effective date, relating to any record created before, on, or after the date of the enactment of this Act. 3. Commercial requesters For purposes of subsection (n) of section 552 of title 5, United States Code, as added by section 2(a), each enterprise described in such subsection shall establish a fee schedule such that in the first year the fees collected from requests for records intended for a commercial use cover the costs of administering such subsection (n), which shall be estimated as $40,000,000 in the first year. In each subsequent year, each such enterprise shall evaluate whether the fees collected under the prior year’s fee schedule were sufficient to recover all actual costs of administering subsection (n) and revise the fee schedule to recover the costs of administering subsection (n) in the following year and any outstanding costs of administering subsection (n) from the prior year not collected through fees in the prior year. Each such enterprise shall make the revised fee schedule and a detailed explanation of the prior year’s costs and projections of future costs that were used to justify the fee schedule publicly available online for 10 days prior to the fee schedule going into effect. 4. Rule of construction Nothing in this Act, or the amendment made by this Act, may be construed as precluding or restricting the disclosure of information regarding any proposed new product or significant new product term prior to loan purchasing, or substantive negotiation with an interested party regarding purchase of loans with such new product or significant new product term.

Passed the House of Representatives April 27, 2017. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 53 115th CONGRESS 1st Session H. R. 1694 [Report No. 115–93] IN THE HOUSE OF REPRESENTATIVES March 23, 2017 Mr. Chaffetz (for himself, Mr. DeSantis , Mr. Russell , Mr. Duncan of Tennessee , Mr. Massie , Mr. Farenthold , Mr. Comer , Mr. Blum , and Mr. Issa ) introduced the following bill; which was referred to the Committee on Oversight and Government Reform April 24, 2017 Additional sponsors: Mr. Sessions , Mr. Hudson , and Mr. Yoho April 24, 2017 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on March 23, 2017 A BILL To require additional entities to be subject to the requirements of section 552 of title 5, United States Code (commonly referred to as the Freedom of Information Act), and for other purposes.

1. Short title This Act may be cited as the Fannie and Freddie Open Records Act of 2017 . 2. Applicability of FOIA (a) Applicability to government sponsored entities in conservatorship Section 552 of title 5, United States Code (commonly referred to as the Freedom of Information Act), is amended by adding at the end the following new subsection: (n) The Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation shall comply with agency requirements under this section during any period such enterprise is under conservatorship or receivership pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4617 ). . (b) Effective date; applicability The amendment made by subsection (a) shall be effective on the date of the enactment of this Act and shall apply with respect to any request filed under section 552(a)(3) of title 5, United States Code, on or after such effective date, relating to any record created before, on, or after the date of the enactment of this Act.

April 24, 2017 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed