Providing for consideration of the bill (H.R. 1461) to reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes.

3.0.0 1461 2023-01-13T04:49:57Z 2023-01-13T04:49:57Z House H HR 2005-04-05 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2005-10-31T20:08:32Z hsju00 Judiciary Committee House Standing Discharged from 2005-09-16T14:53:07Z Referred to 2005-07-14T20:50:40Z hsba00 Financial Services Committee House Standing Reported by 2005-07-14T20:49:53Z Markup by 2005-05-25T17:55:50Z Referred to 2005-04-05T18:00:45Z H. Rept. 109-171 Providing for consideration of the bill (H.R. 1461) to reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes. 109 509 HRES 2005-10-26 Motion to reconsider laid on the table Agreed to without objection. 12:32:33 Procedurally-related House 2005-10-31 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2005-10-26 17:34:35 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2005-10-26 17:34:32 On passage Passed by recorded vote: 331 - 90 (Roll no. 547). Floor H37100 2 House floor actions 547 https://clerk.house.gov/evs/2005/roll547.xml House 109 2005-10-26T21:34:32Z 1 2005-10-26 17:34:32 Passed/agreed to in House: On passage Passed by recorded vote: 331 - 90 (Roll no. 547). Floor 8000 9 Library of Congress 547 https://clerk.house.gov/evs/2005/roll547.xml House 109 2005-10-26T21:34:32Z 1 2005-10-26 17:21:53 On motion to recommit with instructions Failed by recorded vote: 200 - 220 (Roll no. 546). (consideration: CR H9192-9195; text: CR H9192) Floor H36110 2 House floor actions hsba00 Financial Services Committee 546 https://clerk.house.gov/evs/2005/roll546.xml House 109 2005-10-26T21:21:53Z 1 2005-10-26 17:01:12 The previous question on the motion to recommit with instructions was ordered without objection. Floor H8A000 2 House floor actions 2005-10-26 16:50:27 Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Frank (MA) motion to recommit with instructions. Floor H8D000 2 House floor actions 2005-10-26 16:50:10 Mr. Frank (MA) moved to recommit with instructions to Financial Services. Floor H36100 2 House floor actions hsba00 Financial Services Committee 2005-10-26 16:48:53 The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text: CR H9141-9172) Floor H34400 2 House floor actions 2005-10-26 16:48:37 The previous question was ordered pursuant to the rule. Floor H35000 2 House floor actions 2005-10-26 16:47:55 The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1461. Floor H32600 2 House floor actions 2005-10-26 16:02:21 UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed. Floor H8D000 2 House floor actions 2005-10-26 15:56:36 DEBATE - Pursuant to H. Res. 509, the Committee of the Whole proceeded with 10 minutes of debate on the Kanjorski amendment. Floor H8D000 2 House floor actions 2005-10-26 15:54:51 The House resolved into Committee of the Whole House on the state of the Union for further consideration. Floor H32050 2 House floor actions 2005-10-26 15:54:32 Considered as unfinished business. (consideration: CR H9189-9196) Floor H30000 2 House floor actions 2005-10-26 15:52:42 Committee of the Whole House on the state of the Union rises leaving H.R. 1461 as unfinished business. Floor H32700 2 House floor actions 2005-10-26 15:47:46 DEBATE - Pursuant to H. Res. 509, the Committee of the Whole proceeded with 10 minutes of debate on the Loretta Sanchez amendment. Floor H8D000 2 House floor actions 2005-10-26 15:46:39 POSTPONED PROCEEDINGS - At the conclusion of debate on the Garrett (NJ) amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Garrett (NJ) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. Floor H8D000 2 House floor actions 2005-10-26 15:33:53 DEBATE - Pursuant to H. Res. 509, the Committee of the Whole proceeded with 10 minutes of debate on the Garrett (NJ) amendment. Floor H8D000 2 House floor actions 2005-10-26 15:32:54 POSTPONED PROCEEDINGS - At the conclusion of debate on the Paul amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Paul demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. Floor H8D000 2 House floor actions 2005-10-26 15:20:47 DEBATE - Pursuant to H. Res. 509, the Committee of the Whole proceeded with 10 minutes of debate on the Paul amendment. Floor H8D000 2 House floor actions 2005-10-26 15:19:48 POSTPONED PROCEEDINGS - At the conclusion of debate on the Royce amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Royce demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. Floor H8D000 2 House floor actions 2005-10-26 15:06:26 DEBATE - Pursuant to H. Res. 509, the Committee of the Whole proceeded with 10 minutes of debate on the Royce amendment. Floor H8D000 2 House floor actions 2005-10-26 14:31:20 UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of amendments which had been debated earlier and on which further proceedings had been postponed. Floor H8D000 2 House floor actions 2005-10-26 14:30:35 POSTPONED PROCEEDINGS - At the conclusion of debate on the Leach amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Leach demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. Floor H8D000 2 House floor actions 2005-10-26 14:18:42 DEBATE - Pursuant to the provisions of H. Res. 509, the Committee of the Whole proceeded with 10 minutes of debate on the Leach amendment. Floor H8D000 2 House floor actions 2005-10-26 14:17:19 DEBATE - Pursuant to the provisions of H. Res. 509, the Committee of the Whole proceeded with 10 minutes of debate on the Davis (AL) amendment. Floor H8D000 2 House floor actions 2005-10-26 14:13:48 DEBATE - Pursuant to the provisions of H. Res. 509, the Committee of the Whole proceeded with 10 minutes of debate on the Carson amendment. Floor H8D000 2 House floor actions 2005-10-26 14:12:57 POSTPONED PROCEEDINGS - At the conclusion of debate on the Oxley amendment the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Oxley demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. Floor H8D000 2 House floor actions 2005-10-26 13:52:10 DEBATE - Pursuant to the provisions of H. Res. 509, the Committee of the Whole proceeded with 20 minutes of debate on the Oxley amendment. Floor H8D000 2 House floor actions 2005-10-26 12:41:10 GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1461. Floor H8D000 2 House floor actions 2005-10-26 12:40:56 The Speaker designated the Honorable Michael K. Simpson to act as Chairman of the Committee. Floor H32400 2 House floor actions 2005-10-26 12:40:55 House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 509 and Rule XVIII. Floor H32020 2 House floor actions 2005-10-26 12:40:40 Rule provides for consideration of H.R. 1461 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. Floor H8D000 2 House floor actions 2005-10-26 12:40:35 Considered under the provisions of rule H. Res. 509. (consideration: CR H9126-9188) Floor H30000 2 House floor actions 2005-10-26 12:32:32 Rule H. Res. 509 passed House. Floor H1L220 2 House floor actions 2005-10-25 20:32:49 Rules Committee Resolution H. Res. 509 Reported to House. Rule provides for consideration of H.R. 1461 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. Floor H1L210 2 House floor actions 2005-09-16 Placed on the Union Calendar, Calendar No. 126. Calendars H12410 2 House floor actions U00126 2005-09-16 Committee on Judiciary discharged. Discharge H12300 2 House floor actions hsju00 Judiciary Committee 2005-09-16 Committee on Judiciary discharged. Committee 5500 9 Library of Congress hsju00 Judiciary Committee 2005-07-14 Referred sequentially to the House Committee on the Judiciary for a period ending not later than Sept. 16, 2005 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of that committee pursuant to clause 1(1), rule X. IntroReferral H11200 2 House floor actions hsju00 Judiciary Committee 2005-07-14 Reported (Amended) by the Committee on 109-171, Part I. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2005-07-14 Reported (Amended) by the Committee on 109-171, Part I. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2005-05-25 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 65 - 5. Committee 2005-05-25 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2005-04-05 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2005-04-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-04-05 Introduced in House IntroReferral 1000 9 Library of Congress B000072 Rep. Baker, Richard H. [R-LA-6] RICHARD BAKER R LA H. 6 N O000163 Rep. Oxley, Michael G. [R-OH-4] MICHAEL OXLEY R OH G. 4 2005-04-05 True R000566 Rep. Ryun, Jim [R-KS-2] JIM RYUN R KS 2 2005-04-05 True H001036 Rep. Hensarling, Jeb [R-TX-5] Jeb Hensarling R TX 5 2005-04-05 True J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2005-04-05 True D000603 Rep. Davis, Geoff [R-KY-4] Geoff Davis R KY 4 2005-04-05 True F000451 Rep. Fitzpatrick, Michael G. [R-PA-8] Michael Fitzpatrick R PA G. 8 2005-04-05 True S001144 Rep. Shays, Christopher [R-CT-4] CHRISTOPHER SHAYS R CT 4 2005-04-05 True G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2005-04-28 False W000672 Rep. Wolf, Frank R. [R-VA-10] FRANK WOLF R VA R. 10 2005-04-28 False G000210 Rep. Gillmor, Paul E. [R-OH-5] PAUL GILLMOR R OH E. 5 2005-04-28 False F000447 Rep. Feeney, Tom [R-FL-24] Tom Feeney R FL 24 2005-04-28 False B001239 Rep. Barrett, J. Gresham [R-SC-3] J. Barrett R SC Gresham 3 2005-04-28 False M001156 Rep. McHenry, Patrick T. [R-NC-10] Patrick McHenry R NC 10 2005-05-12 False R000435 Rep. Ros-Lehtinen, Ileana [R-FL-18] ILEANA ROS-LEHTINEN R FL 18 2005-05-12 False B000575 Rep. Blunt, Roy [R-MO-7] ROY BLUNT R MO 7 2005-05-12 False R000570 Rep. Ryan, Paul [R-WI-1] PAUL RYAN R WI 1 2005-05-17 False M001147 Rep. McCotter, Thaddeus G. [R-MI-11] Thaddeus McCotter R MI G. 11 2005-06-21 False A000055 Rep. Aderholt, Robert B. [R-AL-4] ROBERT ADERHOLT R AL B. 4 2005-06-21 False S001152 Rep. Simmons, Rob [R-CT-2] ROB SIMMONS R CT 2 2005-07-14 False 2005-06-30T04:00:00Z H.R. 1461, Federal Housing Finance Reform Act of 2005 http://www.cbo.gov/publication/16883 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 25, 2005 2005-06-30T04:00:00Z H.R. 1461, Federal Housing Finance Reform Act of 2005 https://www.cbo.gov/publication/16883 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 25, 2005 2005-07-12T04:00:00Z H.R. 1461, Federal Housing Finance Reform Act of 2005 http://www.cbo.gov/publication/16958 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 25, 2005, with a draft amendment regarding the affordable housing funds provided to CBO on June 24, 2005 2005-07-12T04:00:00Z H.R. 1461, Federal Housing Finance Reform Act of 2005 https://www.cbo.gov/publication/16958 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 25, 2005, with a draft amendment regarding the affordable housing funds provided to CBO on June 24, 2005 2005-07-13T04:00:00Z H.R. 1461, Federal Housing Finance Reform Act of 2005 http://www.cbo.gov/publication/16971 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 25, 2005, with a draft amendment regarding the affordable housing funds provided to CBO on July 12, 2005 2005-07-13T04:00:00Z H.R. 1461, Federal Housing Finance Reform Act of 2005 https://www.cbo.gov/publication/16971 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on May 25, 2005, with a draft amendment regarding the affordable housing funds provided to CBO on July 12, 2005 Housing and Community Development Accounting Administrative fees Administrative procedure Advice and consent of the Senate Affordable housing Alabama Apartment houses Auditing Bank capital Bank employees Bank examination Bank failures Bank fraud Bank loans Bank mergers Bank records Business ethics Commerce Community development banking Congress Congressional investigations Congressional reporting requirements Consumer price indexes Corporate governance Corporation directors Crime and Law Enforcement Department of Housing and Urban Development Depressed areas Disaster relief Economics and Public Finance Economists Emergency Management Employee rights Executive compensation Executive reorganization Federal Housing Finance Board Federal advisory bodies Federal employees Federal home loan banks Federal officials Finance and Financial Sector Financial statements Fines (Penalties) Floods Government Operations and Politics Government paperwork Housing finance Hurricane aftermath legislation Hurricanes Independent regulatory commissions Indexing (Economic policy) Information disclosure (Securities law) Injunctions Interest rates Labor and Employment Law Louisiana Low-income housing Mississippi Mortgage banks Mortgages Performance measurement Presidential appointments Recruiting of employees Risk Secondary mortgage market Securities regulation Social Welfare Standards Transfer of employees Trusts and trustees Housing and Community Development

00 2005-04-05 Introduced in House 2005-04-20T21:11:45Z Federal Housing Finance Reform Act of 2005 - Amends the Housing and Community Development Act of 1992 to establish: (1) the Federal Housing Finance Agency, which shall have supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Home Loan Banks, and the Federal Home Loan Bank Finance Corporation; and (2) the Housing Finance Oversight Board.

Sets forth operations and administrative provisions, including provisions respecting: (1) capital levels, classifications, and undercapitalized entities; (2) loan levels; (3) housing goals; and (4) enforcement and compliance.

Amends the Federal Home Loan Bank Act to establish the Federal Home Loan Bank Finance Corporation, which shall: (1) issue and service the consolidated obligations of the Federal Home Loan Banks; and (2) perform all other necessary functions in relation to the issuance and service of such obligations as fiscal agent on behalf of the Federal Home Loan Banks.

Transfers the functions of the Office of Finance of the Federal Home Loan Banks to the Corporation.

Amends the Federal Home Loan Bank Act to increase total asset requirements for community financial institution members.

Abolishes the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and transfers its functions, personnel, and property to the Federal Housing Finance Agency.

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36 2005-10-26 Passed House amended 2006-06-21T22:00:45Z Federal Housing Finance Reform Act of 2005 - Title I: Reform of Regulation of Enterprises and Federal Home Loan Banks - Subtitle A: Improvement of Safety and Soundness - (Sec. 101) Amends the Housing and Community Development Act of 1992 (Act) to establish the Federal Housing Finance Agency (FHFA), which shall have supervisory and regulatory authority over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (both hereinafter referred to as the "enterprises") and the Federal Home Loan Banks.

(Sec. 102) Sets forth duties and authorities of the Director of FHFA, which include regulating and overseeing the operations of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (all three of which referred to as "regulated entities").

(Sec. 103) Establishes the Housing Finance Oversight Board to advise the Director.

(Sec. 104) States that the Director, with respect to regulated entities: (1) may require regular reports on condition, management, activities, or operations, and any special reports; (2) shall require reports of fraudulent financial transactions; (3) shall require annual reports of charitable contributions; (4) shall collect annual assessments; and (5) shall establish risk-based capital requirements for the regulated entities.

(Sec. 112) Authorizes the Director to: (1) raise minimum capital levels to ensure that regulated entities operate in a safe and sound manner; (2) establish temporary minimum capital increases; and (3) establish additional capital and reserve requirements for a particular program.

Requires the Director to periodically review, and adjust as necessary, the capital levels of regulated entities.

(Sec. 113) Requires the Director to periodically review enterprise assets and liabilities. Authorizes the Director to require the disposition or acquisition of certain assets and liabilities as appropriate.

(Sec. 114) Sets forth enterprise governing provisions.

(Sec. 115) Requires each regulated entity to register at least one class of stock with the Securities and Exchange Commission (SEC).

(Sec. 116) Amends the Federal Financial Institutions Examination Council Act of 1978 to include the Director on the Federal Financial Institutions Examination Council (FFIEC).

(Sec. 117) Directs the Government Accountability Office (GAO) to study regulated entity pricing, transparency, and reporting of guarantee fees.

Subtitle B: Improvement of Mission Supervision - (Sec. 121) Amends the Act to transfer authority to approve programs and to oversee the mission requirements of the enterprises from the Department of Housing and Urban Development (HUD) to FHFA.

(Sec. 122) Requires Director review and approval of an enterprise's new programs and activities, including pilot programs. Sets forth review and approval provisions.

(Sec. 123) Sets forth enterprise conforming loan limits for single-, two-family, three-family, and four-family residences.

Provides for: (1) annual loan limit increases or decreases; and (2) loan limit increases in areas where the median home price is greater than the conforming loan limit.

Requires the Director to: (1) develop a Housing Price Index, which shall be subject to a GAO audit on Index methodology and timing; and (2) conduct a study of issues related to loan limits in high cost areas.

(Sec. 124) Requires the Director to report annually to the appropriate congressional committees respecting each regulated entity's activities.

(Sec. 125) Replaces current housing goals with three single-family housing goals and a multifamily special affordable housing goal, to be established annually.

Requires: (1) an enterprise to disclose information to allow the Director to assess if there are interest rate disparities between minorities and non-minorities of similar creditworthiness; and (2) that if interest rate disparities exist, those findings must be reported to Congress and the Director must instruct the enterprise to take appropriate remedial action.

Requires the Director to establish (and authorizes increases of) an annual purchase goal for each enterprise for conventional, conforming, single-family, owner-occupied, and purchase money mortgages financing housing for: (1) low-income families; (2) families residing in low-income areas; and (3) very low-income families.

Requires the Director to establish a Multifamily Special Affordable Goal for mortgages that finance dwelling units: (1) for low-income families; (2) for very low-income families; and (3) assisted by the low-income housing tax credit. Requires the Director to establish additional requirements within the Multifamily Special Affordable Goal for small loans measured by either mortgage amounts or number of dwelling units in the project or both.

Authorizes an enterprise to petition the Director for a housing goal reduction.

(Sec. 126) States that each enterprise shall: (1) undertake activities relating to mortgages on housing for very low-, low-, and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities; and (2) have the duty to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets.

(Sec. 127) Sets forth housing goal monitoring and enforcement provisions.

(Sec. 128) Requires each enterprise to establish an affordable housing fund to: (1) increase homeownership for extremely low- and very low-income families, (2) increase investment in housing in low-income areas and areas designated as qualified census tracts or an area of chronic economic distress; (3) increase and preserve the supply of rental and owner-occupied housing for extremely low- and very low-income families; and (4) increase investment in economic and community development in economically underserved areas.

Sets forth fund allocation provisions. Sunsets such required funding five years after the sixth month after enactment of this Act.

Sets forth recipient (for-profit, governmental, and other than for-profit entities) and activity (including leveraged grants and homeownership) eligibility provisions.

Requires each enterprise to submit quarterly reports to the Director and the affordable housing board.

Requires the Director to appoint an affordable housing board.

(Sec. 130) Authorizes the Director to issue cease and desist orders and impose civil money penalties on an enterprise that has failed to: (1) meet a housing goal; (2) submit certain reports; (3) submit an acceptable housing plan; or (4) comply with a housing plan.

Subtitle C: Prompt Corrective Action - (Sec. 141) Amends the Act to require the Director to establish capital classifications for regulated entities.

Revises capital classification provisions. Prohibits, with a specified exception, a regulated entity from making a capital distribution that would result in such entity's undercapitalization.

(Sec. 142) Sets forth supervisory action applicable to undercapitalized regulated entities, including restrictions on asset growth.

(Sec. 143) Sets forth supervisory actions applicable to significantly undercapitalized regulated entities, including: (1) making current discretionary actions mandatory; and (2) limiting executive officer compensation or bonuses.

(Sec. 144) Authorizes the Director to establish a conservatorship or receivership over a critically undercapitalized regulated entity in order to reorganize, rehabilitate, or terminate the entity's affairs. Requires that FHFA be appointed as conservator or receiver.

Sets forth provisions respecting: (1) grounds for conservator or receiver appointment; (2) FHFA duties and powers as conservator or receiver; and (3) judicial review.

Subtitle D: Enforcement Actions - (Sec. 161) Authorizes the Director to: (1) issue a cease and desist order if a regulated entity or affiliated party is engaged in an unsafe or an unsound practice or is violating a rule or condition; and (2) deem a regulated entity to be engaged in unsafe and unsound practices if such entity receives a less than satisfactory rating for asset quality, management, earnings, or liquidity in its most recent exam.

(Sec. 162) Authorizes the Director to: (1) issue a temporary cease and desist order if the violation or threatened violation or unsafe or unsound practice specified in the notice of charges is likely to cause insolvency or a significant dissipation of assets or earnings or is likely to weaken the condition of the regulated entity prior to completion of the proceedings for issuance of a permanent cease-and-desist order; and (2) enforce such orders by a court injunction.

(Sec. 163) Authorizes the Director to seek prejudgment attachment.

(Sec. 164) Authorizes the Director to seek judicial enforcement of this title in U.S. district court.

(Sec. 165) Sets forth civil money penalties.

(Sec. 166) Authorizes the Director to issue removal and prohibition orders against a party for the protection of the regulated entity, including suspension or removal of a party charged with a felony.

(Sec. 167) Provides that a person who is subject to a removal or prohibition order and who knowingly participated in the conduct of the affairs of any regulated entity shall be fined not more than $1 million, imprisoned for up to five years, or both.

(Sec. 168) Grants the Director subpoena authority.

Subtitle E: General Provisions - (Sec. 181) States that the boards of directors of Fannie Mae and Freddie Mac, respectively, shall have between 7 and 15 members. (Current law requires 18 members.)

(Sec. 182) Requires the Director to report to Congress respecting: (1) the portfolio holdings of Fannie Mae and Freddie Mac; and (2) alternative secondary market systems.

Title II: Federal Home Loan Banks - (Sec. 201) Amends the Federal Home Loan Bank Act to define "Director" and "Agency" (FHFA) for purposes of such Act.

(Sec. 202) Revises Federal Home Loan Bank board of director provisions, including the number of directors for each bank and their qualifications and terms of office.

(Sec. 203) Replaces the Federal Housing Finance Board with FHFA.

(Sec. 204) Authorizes two or more Federal Home Loan Banks to establish a joint office in order to perform functions for, or providing services to, the Banks on a common or collective basis.

(Sec. 205) Requires the Director to prescribe rules to ensure that each Federal Home Loan Bank has access to information to determine the nature and extent of its joint and several liability.

(Sec. 206) Authorizes Bank mergers.

(Sec. 207) Exempts Federal Home Loan Banks from certain disclosure requirements respecting: (1) capital stock; (2) tender requirements; and (3) reporting requirements.

(Sec. 208) Redefines "community financial institution" to raise the maximum asset level to $1 billion. Permits such institutions to use advances for community development lending.

(Sec. 210) Directs that GAO study the use of the Federal Home Loan Banks' affordable housing program to fund long-term care facilities for low- and moderate-income individuals.

Title III: Transfer of Functions, Personnel, and Property of Office of Federal Housing Enterprise Oversight, Federal Housing Finance Board, and Department of Housing and Urban Development - Subtitle A: Office of Federal Housing Enterprise Oversight - (Sec. 301) Abolishes the Office of Federal Housing Enterprise Oversight (OFHEO) of HUD and the positions of the Director and Deputy Director six months after enactment of this Act.

(Sec. 302) Sets forth provisions respecting: (1) continuation and coordination of operations; and (2) transfer (and rights) of OFHEO employees, property, and facilities to FHFA.

Subtitle B: Federal Housing Finance Board - (Sec. 321) Abolishes the Federal Housing Finance Board six months after enactment of this Act.

(Sec. 322) Sets forth provisions respecting: (1) continuation and coordination of operations; and (2) transfer (and rights) of Board employees, property, and facilities to FHFA.

Subtitle C: Department of Housing and Urban Development - (Sec. 341) Directs the Secretary of HUD to determine and transfer the enterprise-related functions and employees of HUD to FHFA within six months of enactment of this Act. Provides that during the six-month period after enactment of this Act HUD will continue to oversee the affordable housing goals, new programs, and mission of the enterprises.

(Sec. 342) Sets forth provisions respecting: (1) continuation and coordination of operations; and (2) transfer (and rights) of employees, property, and facilities.

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Federal Housing Finance Reform Act of 2005 Display Title Federal Housing Finance Reform Act of 2005 Short Titles as Introduced Federal Housing Finance Reform Act of 2005 Short Titles as Passed House Federal Housing Finance Reform Act of 2005 H House Official Title as Introduced To reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes. 604 109 HAMDT Amendment restores the Presidential and regulatory board appointment systems for Government Sponsored Enterprises (GSEs) while preserving changes made by the bill including providing flexibility in the size of corporate boards at Fannie Mae and Freddie Mac and lengthening the terms of service at the Federal home loan banks. An amendment numbered 9 printed in House Report 109-254 to restore Presidential appointees on the boards of Fannie Mae and Freddie Mac by retaining the regulatory appointees on the boards of the Federal Home Loan Banks. Makes modifications to the boards of the Federal Home Loan Banks related to the number of regulatory appointees, the expertise of appointees in community and economic development, and the allowable continued service of appointees after the expiration of their terms. 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Kanjorski amendment (A009) Agreed to by voice vote. 16:02:11 K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 7 2005-10-26 16:02:11 On agreeing to the Kanjorski amendment (A009) Agreed to by voice vote. Floor H32111 2 House floor actions 2005-10-26 15:56:22 Amendment (A009) offered by Mr. Kanjorski. (consideration: CR H9189-9190; text: CR H9189) Floor H3A100 2 House floor actions 2005-10-26 15:56:22 House amendment offered/reported by : Amendment (A009) offered by Mr. Kanjorski.(consideration: CR H9189-9190; text: CR H9189) NotUsed 71500 9 Library of Congress 2005-10-26 16:02:11 House amendment agreed to: On agreeing to the Kanjorski amendment (A009) Agreed to by voice vote. Floor 72000 9 Library of Congress 2005-10-26 16:02:11 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 2005-10-26 House amendment offered Floor 71000 9 Library of Congress 603 109 HAMDT Amendment adds alternative credit scoring as an element of the Annual Housing Report Regarding Regulated Entities required by the bill. An amendment numbered 8 printed in House Report 109-254 to add "alternative credit scoring" as an additional element to the Annual Housing Report Regarding Regulated Entities (Section 1324). 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Sanchez, Loretta amendment (A008) Agreed to by voice vote. 15:52:08 S000030 Rep. Sanchez, Loretta [D-CA-47] LORETTA SANCHEZ D CA 47 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 7 2005-10-26 15:52:08 On agreeing to the Sanchez, Loretta amendment (A008) Agreed to by voice vote. Floor H32111 2 House floor actions 2005-10-26 15:47:30 Amendment (A008) offered by Ms. Sanchez, Loretta. (consideration: CR H9188; text: CR H9188) Floor H3A100 2 House floor actions 2005-10-26 15:47:30 House amendment offered/reported by : Amendment (A008) offered by Ms. Sanchez, Loretta.(consideration: CR H9188; text: CR H9188) NotUsed 71500 9 Library of Congress 2005-10-26 15:52:08 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 2005-10-26 15:52:08 House amendment agreed to: On agreeing to the Sanchez, Loretta amendment (A008) Agreed to by voice vote. Floor 72000 9 Library of Congress 2005-10-26 House amendment offered Floor 71000 9 Library of Congress 602 109 HAMDT Amendment sought to strike the language in the bill that raises the Conforming Loan Limit for certain areas. An amendment numbered 7 printed in House Report 109-254 to strike the language in the bill that raises the Conforming Loan Limit. 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Garrett (NJ) amendment (A007) Failed by recorded vote: 57 - 358 (Roll no. 545). 16:47:35 Roll no. 545 https://clerk.house.gov/evs/2005/roll545.xml G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 8 2005-10-26 16:47:35 On agreeing to the Garrett (NJ) amendment (A007) Failed by recorded vote: 57 - 358 (Roll no. 545). Floor H32111 2 House floor actions 545 House 109 2005-10-26T20:47:35Z 1 https://clerk.house.gov/evs/2005/roll545.xml 2005-10-26 15:33:35 Amendment (A007) offered by Mr. Garrett (NJ). (consideration: CR H9185-9188, H9191-9192; text: CR H9185) Floor H3A100 2 House floor actions 2005-10-26 15:33:35 House amendment offered/reported by : Amendment (A007) offered by Mr. Garrett (NJ).(consideration: CR H9185-9188, H9191-9192; text: CR H9185) NotUsed 71500 9 Library of Congress 2005-10-26 16:47:35 Amendment failed in Committee of the Whole NotUsed 77000 9 Library of Congress 545 House 109 2005-10-26T20:47:35Z 1 https://clerk.house.gov/evs/2005/roll545.xml 2005-10-26 16:47:35 House amendment not agreed to: On agreeing to the Garrett (NJ) amendment (A007) Failed by recorded vote: 57 - 358 (Roll no. 545). Floor 73000 9 Library of Congress 545 House 109 2005-10-26T20:47:35Z 1 https://clerk.house.gov/evs/2005/roll545.xml 2005-10-26 16:47:35 Roll call votes on amendments in House Floor 75000 9 Library of Congress 545 House 109 2005-10-26T20:47:35Z 1 https://clerk.house.gov/evs/2005/roll545.xml 2005-10-26 House amendment offered Floor 71000 9 Library of Congress 601 109 HAMDT Amendment sought to eliminate the ability of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank Board, to borrow from the Treasury. An amendment numbered 6 printed in House Report 109-254 toeliminate the ability of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank Board to borrow from the Treasury. 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Paul amendment (A006) Failed by recorded vote: 47 - 371 (Roll no. 544). 16:39:33 Roll no. 544 https://clerk.house.gov/evs/2005/roll544.xml P000583 Rep. Paul, Ron [R-TX-14] RON PAUL R TX 14 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 8 2005-10-26 16:39:33 On agreeing to the Paul amendment (A006) Failed by recorded vote: 47 - 371 (Roll no. 544). Floor H32111 2 House floor actions 544 House 109 2005-10-26T20:39:33Z 1 https://clerk.house.gov/evs/2005/roll544.xml 2005-10-26 15:20:31 Amendment (A006) offered by Mr. Paul. (consideration: CR H9184-9185, H9191; text: CR H9184) Floor H3A100 2 House floor actions 2005-10-26 15:20:31 House amendment offered/reported by : Amendment (A006) offered by Mr. Paul.(consideration: CR H9184-9185, H9191; text: CR H9184) NotUsed 71500 9 Library of Congress 2005-10-26 16:39:33 House amendment not agreed to: On agreeing to the Paul amendment (A006) Failed by recorded vote: 47 - 371 (Roll no. 544). Floor 73000 9 Library of Congress 544 House 109 2005-10-26T20:39:33Z 1 https://clerk.house.gov/evs/2005/roll544.xml 2005-10-26 16:39:33 Amendment failed in Committee of the Whole NotUsed 77000 9 Library of Congress 544 House 109 2005-10-26T20:39:33Z 1 https://clerk.house.gov/evs/2005/roll544.xml 2005-10-26 16:39:33 Roll call votes on amendments in House Floor 75000 9 Library of Congress 544 House 109 2005-10-26T20:39:33Z 1 https://clerk.house.gov/evs/2005/roll544.xml 2005-10-26 House amendment offered Floor 71000 9 Library of Congress 600 109 HAMDT Amendment sought to authorize the regulator to require one or both of the GSEs to dispose or acquire assets or liabilities if the regulator deems those assets or liabilities to be a potential systemic risk to the housing or capital markets, or the financial system. An amendment numbered 5 printed in House Report 109-254 to authorize the regulator to require one or both of the enterprises to dispose or acquire assets or liabilities if the regulator deems those assets or liabilities to be a potential systemic risk to the housing market, the capital markets, or the financial system. 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Royce amendment (A005) Failed by recorded vote: 73 - 346 (Roll no. 543). 16:30:15 Roll no. 543 https://clerk.house.gov/evs/2005/roll543.xml R000487 Rep. Royce, Edward R. [R-CA-40] ED ROYCE R CA 40 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 8 2005-10-26 16:30:15 On agreeing to the Royce amendment (A005) Failed by recorded vote: 73 - 346 (Roll no. 543). Floor H32111 2 House floor actions 543 House 109 2005-10-26T20:30:15Z 1 https://clerk.house.gov/evs/2005/roll543.xml 2005-10-26 15:06:08 Amendment (A005) offered by Mr. Royce. (consideration: CR H9182-9184, H9190-9191; text: CR H9182) Floor H3A100 2 House floor actions 2005-10-26 15:06:08 House amendment offered/reported by : Amendment (A005) offered by Mr. Royce.(consideration: CR H9182-9184, H9190-9191; text: CR H9182) NotUsed 71500 9 Library of Congress 2005-10-26 16:30:15 House amendment not agreed to: On agreeing to the Royce amendment (A005) Failed by recorded vote: 73 - 346 (Roll no. 543). Floor 73000 9 Library of Congress 543 House 109 2005-10-26T20:30:15Z 1 https://clerk.house.gov/evs/2005/roll543.xml 2005-10-26 16:30:15 Amendment failed in Committee of the Whole NotUsed 77000 9 Library of Congress 543 House 109 2005-10-26T20:30:15Z 1 https://clerk.house.gov/evs/2005/roll543.xml 2005-10-26 16:30:15 Roll call votes on amendments in House Floor 75000 9 Library of Congress 543 House 109 2005-10-26T20:30:15Z 1 https://clerk.house.gov/evs/2005/roll543.xml 2005-10-26 House amendment offered Floor 71000 9 Library of Congress 599 109 HAMDT Amendment sought to replace the language in the bill concerning minimum capital levels. An amendment numbered 4 printed in House Report 109-254 to give the newly created regulator (FHFA) greater authority to impose capital strictures on GSEs. 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Leach amendment (A004) Failed by recorded vote: 36 - 378 (Roll no. 542). 15:04:58 Roll no. 542 https://clerk.house.gov/evs/2005/roll542.xml L000169 Rep. Leach, James A. [R-IA-2] JIM LEACH R IA 2 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 8 2005-10-26 15:04:58 On agreeing to the Leach amendment (A004) Failed by recorded vote: 36 - 378 (Roll no. 542). Floor H32111 2 House floor actions 542 House 109 2005-10-26T19:04:58Z 1 https://clerk.house.gov/evs/2005/roll542.xml 2005-10-26 14:18:19 Amendment (A004) offered by Mr. Leach. (consideration: CR H9179-9180, H9181-9182; text: CR H9179) Floor H3A100 2 House floor actions 2005-10-26 14:18:19 House amendment offered/reported by : Amendment (A004) offered by Mr. Leach.(consideration: CR H9179-9180, H9181-9182; text: CR H9179) NotUsed 71500 9 Library of Congress 2005-10-26 15:04:58 House amendment not agreed to: On agreeing to the Leach amendment (A004) Failed by recorded vote: 36 - 378 (Roll no. 542). Floor 73000 9 Library of Congress 542 House 109 2005-10-26T19:04:58Z 1 https://clerk.house.gov/evs/2005/roll542.xml 2005-10-26 15:04:58 Amendment failed in Committee of the Whole NotUsed 77000 9 Library of Congress 542 House 109 2005-10-26T19:04:58Z 1 https://clerk.house.gov/evs/2005/roll542.xml 2005-10-26 15:04:58 Roll call votes on amendments in House Floor 75000 9 Library of Congress 542 House 109 2005-10-26T19:04:58Z 1 https://clerk.house.gov/evs/2005/roll542.xml 2005-10-26 House amendment offered Floor 71000 9 Library of Congress 598 109 HAMDT Amendment clarifies the definition of "rural" in the bill to make it consistent with the same definition in the Housing Act of 1949 with the inclusion of language concerning micropolitan areas and tribal trust lands. An amendment numbered 3 printed in House Report 109-254 to clarify the definition of `rural' to make it consistent with the same definition in the Housing Act of 1949; and to retain `micro-politan area' and `tribal trust lands' as part of the definition. 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Davis (AL) amendment (A003) Agreed to by voice vote. 14:18:07 D000602 Rep. Davis, Artur [D-AL-7] Artur Davis D AL 7 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 7 2005-10-26 14:18:07 On agreeing to the Davis (AL) amendment (A003) Agreed to by voice vote. Floor H32111 2 House floor actions 2005-10-26 14:16:41 Amendment (A003) offered by Mr. Davis (AL). (consideration: CR H9178-9179; text: CR H9178-9179) Floor H3A100 2 House floor actions 2005-10-26 14:16:41 House amendment offered/reported by : Amendment (A003) offered by Mr. Davis (AL).(consideration: CR H9178-9179; text: CR H9178-9179) NotUsed 71500 9 Library of Congress 2005-10-26 14:18:07 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 2005-10-26 14:18:07 House amendment agreed to: On agreeing to the Davis (AL) amendment (A003) Agreed to by voice vote. Floor 72000 9 Library of Congress 2005-10-26 House amendment offered Floor 71000 9 Library of Congress 597 109 HAMDT Amendment encourages Government Sponsored Enterprises (GSEs) to purchase personal property loans secured by manufactured housing that will count towards the GSE underserved market goals. An amendment numbered 2 printed in House Report 109-254 to permit personal property loans secured by manufactured housing to be considered in determining whether a GSE has met its duty to serve underserved markets and to permit manufactured homes that have not been attached to ground owned by a manufactured home owner to count towards this goal. 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Carson amendment (A002) Agreed to by voice vote. 14:16:30 C000191 Rep. Carson, Julia [D-IN-7] JULIA CARSON D IN 7 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 7 2005-10-26 14:16:30 On agreeing to the Carson amendment (A002) Agreed to by voice vote. Floor H32111 2 House floor actions 2005-10-26 14:13:16 Amendment (A002) offered by Ms. Carson. (consideration: CR H9178; text: CR H9178) Floor H3A100 2 House floor actions 2005-10-26 14:13:16 House amendment offered/reported by : Amendment (A002) offered by Ms. Carson.(consideration: CR H9178; text: CR H9178) NotUsed 71500 9 Library of Congress 2005-10-26 14:16:30 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 2005-10-26 14:16:30 House amendment agreed to: On agreeing to the Carson amendment (A002) Agreed to by voice vote. Floor 72000 9 Library of Congress 2005-10-26 House amendment offered Floor 71000 9 Library of Congress 596 109 HAMDT Manager's amendment consists of the text of the amendment contained in House Report 109-254 and printed on pages H9172-H9175 in the Congressional Record for Oct. 26, 2005. An amendment numbered 1 printed in House Report 109-254 to expand the affordable housing role of Fannie Mae and Freddie Mac; include new sections on new single-family and multi-family housing goals, duty to serve lower-income markets, and a new affordable housing fund with contributions from the enterprises. The amendment moves the effective date of the entire bill up from one year to six months following enactment, including the affordable housing fund. For the first two years, Fannie Mae and Freddie Mac will contribute 3.5% of after-tax earnings, and subsequently 5% of such earnings. 25% of the GSEs' contributions will go annually to the Treasury Department to help payoff REFCorp (S&L) bonds, with the remainder going to the fund. The amendment sunsets the fund in five years, when its extension will be considered. During the first two years, priority consideration will be given to areas impacted by Hurricanes Katrina and Rita, thereafter priority in funding will be based on greatest impact, geographic diversity, timely action, as well as other disaster area needs. Eligible recipients-- for-profit builders, state housing agencies, and non-profit organizations--must have a demonstrated capacity for affordable housing activities and make assurances that they will comply with limits on the use of funds. Funds may not be used for.political activities, advocacy, lobbying, counseling services, travel expenses, and tax return advice. Non-profit recipients must have affordable housing as their primary purpose and, beginning one-year before applying, non-profits and their affiliates cannot have engaged in federal election activity, electioneering communication, or lobbying. Recipient use of funds will be closely tracked. Those misusing funds will be permanently barred from participation and must make reimbursement. The amendment also clarifies that federally recognized tribes and Alaskan Native villages qualify for funding under the Affordable Housing Fund established by the bill. In addition, the amendment includes a request from the Judiciary Committee to require consultation with the Attorney General by the GSE regulator when exercising new litigation authority, and from the Government Reform Committee to remove a FOIA exemption for the proceedings of the new agency's oversight board. The Federal Housing Finance Agency will establish an ombudsman to hear complaints and appeals from the GSEs and those having business relationships with the GSEs. H.R. 1461 consolidates current GSE regulation by two agencies and HUD into one agency. The manager's amendment clarifies that existing rules and regulations willremain in force during the six-month transition period and until changed by the new Federal Housing Finance Agency. 2022-02-03T05:35:49Z 2005-10-26 On agreeing to the Oxley amendment (A001) Agreed to by recorded vote: 210 - 205 (Roll no. 541). 14:55:49 Roll no. 541 https://clerk.house.gov/evs/2005/roll541.xml O000163 Rep. Oxley, Michael G. [R-OH-4] MICHAEL OXLEY R OH G. 4 2005-10-26T04:00:00Z House of Representatives 109 HR House H 1461 Federal Housing Finance Reform Act of 2005 2023-01-13T04:49:57Z H.R. 1461 https://www.congress.gov/bill/109th-congress/house-bill/1461 House Report 109-254 https://www.congress.gov/congressional-report/109th-congress/house-report/254 8 2005-10-26 14:55:49 On agreeing to the Oxley amendment (A001) Agreed to by recorded vote: 210 - 205 (Roll no. 541). Floor H32111 2 House floor actions 541 House 109 2005-10-26T18:55:49Z 1 https://clerk.house.gov/evs/2005/roll541.xml 2005-10-26 13:51:44 Amendment (A001) offered by Mr. Oxley. (consideration: CR H9172-9175, H9180-9181; text: CR H9172-9175) Floor H3A100 2 House floor actions 2005-10-26 13:51:44 House amendment offered/reported by : Amendment (A001) offered by Mr. Oxley.(consideration: CR H9172-9175, H9180-9181; text: CR H9172-9175) NotUsed 71500 9 Library of Congress 2005-10-26 14:55:49 House amendment agreed to: On agreeing to the Oxley amendment (A001) Agreed to by recorded vote: 210 - 205 (Roll no. 541). Floor 72000 9 Library of Congress 541 House 109 2005-10-26T18:55:49Z 1 https://clerk.house.gov/evs/2005/roll541.xml 2005-10-26 14:55:49 Roll call votes on amendments in House Floor 75000 9 Library of Congress 541 House 109 2005-10-26T18:55:49Z 1 https://clerk.house.gov/evs/2005/roll541.xml 2005-10-26 14:55:49 Amendment agreed to Committee of the Whole NotUsed 76000 9 Library of Congress 541 House 109 2005-10-26T18:55:49Z 1 https://clerk.house.gov/evs/2005/roll541.xml 2005-10-26 House amendment offered Floor 71000 9 Library of Congress Referred in Senate 2005-10-31T05:00:00Z Engrossed in House 2005-10-26T04:00:00Z Reported in House 2005-09-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1461rh/xml/BILLS-109hr1461rh.xml Introduced in House 2005-04-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1461ih/xml/BILLS-109hr1461ih.xml 2005-10-31 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.