summary
Introduced
09/16/2015
09/16/2015
In Committee
09/16/2015
09/16/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Jumpstart GSE Reform Act Prohibits the use of an increase in the guarantee fee required to be charged by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or any affiliate of such organizations (enterprises) to offset an increase in outlays or a reduction in revenues for any purposes other than those related to the enterprises' business functions under: (1) the congressional budget, (2) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act), or (3) the Statutory Pay-As-You-Act 2010. Prohibits the Department of the Treasury from selling, transferring, relinquishing, liquidating, divesting, or otherwise disposing of any outstanding shares of senior preferred stock acquired pursuant to a specified Senior Preferred Stock Purchase Agreement between Treasury and an enterprise until Congress has passed and the President has signed into law legislation that includes a specific instruction to Treasury regarding the sale, transfer, relinquishment, liquidation, divestiture, or other disposition of the senior preferred stock so acquired.
AI Summary
This bill, the Jumpstart GSE Reform Act, aims to provide clarity and stability regarding the operations of Fannie Mae and Freddie Mac, referred to as "enterprises." It prohibits these enterprises from using any increase in their "guarantee fees" – which are fees charged to mortgage lenders to back their loans – to offset government spending or revenue shortfalls, except for purposes directly related to the enterprises' own business functions and in accordance with specific budget laws like the Congressional Budget Act, the Balanced Budget and Emergency Deficit Control Act of 1985 (also known as the Gramm-Rudman-Hollings Act), or the Statutory Pay-As-You-Go Act of 2010. Furthermore, the bill prevents the Department of the Treasury, or the "Secretary," from selling or otherwise disposing of any of the senior preferred stock it acquired from these enterprises under a specific agreement, unless Congress passes a new law explicitly authorizing such a transaction. This provision is intended to ensure that any future decisions about these significant government holdings are made through a deliberate legislative process.
Committee Categories
Housing and Urban Affairs
Sponsors (4)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 09/16/2015)
Official Document
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