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Bill > HR3808

US HR3808

US HR3808
To require the withdrawal and study of the Federal Housing Finance Agency's proposed rule on Federal Home Loan Bank membership, and for other purposes.

summary

Introduced
10/22/2015
In Committee
10/22/2015
Crossed Over
Passed
Dead
01/03/2017

Introduced Session

114th Congress

Bill Summary

To require the withdrawal and study of the Federal Housing Finance Agency's proposed rule on Federal Home Loan Bank membership, and for other purposes. This bill directs the Federal Housing Finance Agency to withdraw its proposed rule entitled "Members of Federal Home Loan Banks" (September 12, 2014). The Government Accountability Office shall report to certain congressional committees on the impact of the rule upon the Federal Home Loan Bank System and financial intermediaries.

AI Summary

This bill mandates that the Federal Housing Finance Agency (FHFA), a government agency that oversees the Federal Home Loan Banks (FHLBs), must withdraw a proposed rule from 2014 concerning membership in the FHLB System. The FHLB System is a group of regional banks that provide liquidity, or readily available funds, to member financial institutions to support housing finance and economic development. After withdrawing the rule, the bill requires the Government Accountability Office (GAO), an independent government agency that audits and evaluates federal programs, to conduct a comprehensive study. This study will examine the potential impacts of the withdrawn rule on the FHLB System's ability to provide liquidity, its financial stability and safety, the needs of other financial institutions, the benefits of a diverse membership, and the ability of member institutions to access funds from the FHLBs. The GAO will consider public comments, the history of FHLB membership rules, the burden on smaller financial institutions, and the FHFA's legal authority to exclude certain types of insurance companies from membership. Finally, the GAO must submit a report of its findings to relevant congressional committees within one year of the bill's enactment.

Committee Categories

Business and Industry

Sponsors (66)

Blaine Luetkemeyer (R)*,  Brad Ashford (D),  Andy Barr (R),  Diane Black (R),  Jim Bridenstine (R),  Ken Buck (R),  Tony Cárdenas (D),  John Carney (D),  Mike Coffman (R),  Doug Collins (R),  Barbara Comstock (R),  Gerry Connolly (D),  John Delaney (D),  Robert Dold (R),  Renee Ellmers (R),  Tom Emmer (R),  Stephen Fincher (R),  Jeff Fortenberry (R),  Bill Foster (D),  Frank Guinta (R),  Cresent Hardy (R),  Denny Heck (D),  Richard Hudson (R),  Bill Huizenga (R),  Randy Hultgren (R),  Lynn Jenkins (R),  Sam Johnson (R),  Dave Joyce (R),  John Katko (R),  Dan Kildee (D),  Peter King (R),  John Kline (R),  Doug Lamborn (R),  Frank Lucas (R),  Thomas MacArthur (R),  Kenny Marchant (R),  Patrick McHenry (R),  Luke Messer (R),  Gwen Moore (D),  Mick Mulvaney (R),  Devin Nunes (R),  Stevan Pearce (R),  Robert Pittenger (R),  Bruce Poliquin (R),  Mike Pompeo (R),  John Ratcliffe (R),  James Renacci (R),  David Roe (R),  Dennis Ross (R),  Keith Rothfus (R),  David Rouzer (R),  David Scott (D),  Pete Sessions (R),  Terri Sewell (D),  Brad Sherman (D),  Kyrsten Sinema (I),  Steve Stivers (R),  Patrick Tiberi (R),  Scott Tipton (R),  David Trott (R),  Mike Turner (R),  David Valadao (R),  Ann Wagner (R),  Mark Walker (R),  Lynn Westmoreland (R),  Kevin Yoder (R), 

Last Action

Referred to the House Committee on Financial Services. (on 10/22/2015)
(3 Companion Bills)

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