3.0.0 7264 2021-06-07T20:07:20Z 2021-06-07T20:07:20Z House H HR 2008-10-03 110 hsba00 Financial Services Committee House Standing Referred to 2008-10-03T13:02:00Z hswm00 Ways and Means Committee House Standing Referred to 2008-10-03T13:01:50Z Government-Sponsored Enterprises Free Market Reform Act of 2008 110 7094 HR 2008-09-25 Referred to the House Committee on Financial Services. Related bill CRS 2008-10-03 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2008-10-03 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2008-10-03 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2008-10-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-10-03 Introduced in House IntroReferral 1000 9 Library of Congress K000362 Rep. King, Steve [R-IA-5] Steve King R IA 5 N B001256 Rep. Bachmann, Michele [R-MN-6] Michele Bachmann R MN 6 2008-10-03 True L000321 Rep. Linder, John [R-GA-7] JOHN LINDER R GA 7 2008-10-03 True G000550 Rep. Gingrey, Phil [R-GA-11] Phil Gingrey R GA 11 2008-10-03 True B001262 Rep. Broun, Paul C. [R-GA-10] Paul Broun R GA C. 10 2008-10-03 True F000450 Rep. Foxx, Virginia [R-NC-5] Virginia Foxx R NC 5 2008-10-03 True R000409 Rep. Rohrabacher, Dana [R-CA-46] DANA ROHRABACHER R CA 46 2008-10-03 True P000592 Rep. Poe, Ted [R-TX-2] Ted Poe R TX 2 2008-10-03 True S001167 Rep. Sali, Bill [R-ID-1] Bill Sali R ID 1 2008-10-03 True G000552 Rep. Gohmert, Louie [R-TX-1] Louie Gohmert R TX 1 2008-10-03 True Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Capital gains tax Congressional oversight Corporate finance and management Federally chartered organizations Financial crises and stabilization Government corporations and government-sponsored enterprises Government lending and loan guarantees Government studies and investigations Housing finance and home ownership Income tax deductions Income tax exclusion Interest, dividends, interest rates Securities Taxation of foreign income U.S. and foreign investments Finance and Financial Sector 00 2008-10-03 Introduced in House 2008-11-25T21:47:46Z Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale of certain residential or commercial mortgages and related securities issued on or before March 14, 2008, and acquired before January 1, 2010; (2) extend the carryback period for net operating losses to five years; (3) provide an increased dividends received tax deduction for corporations with overseas operations that make investments in the United States; and (4) treat gain or loss from the sale of certain preferred stock in the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) as ordinary income or loss.

Repeals the Community Reinvestment Act.

Requires the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to establish a net worth certificate program to provide capital to assist insured banks in resolving solvency problems.

Government-Sponsored Enterprises Free Market Reform Act of 2008- Requires the Director of the Federal Housing Finance Agency (FHFA) to: (1) terminate the conservatorship of Fannie Mae and the Freddie Mac, jointly defined as the enterprise, if the Director determines that the enterprise is financially viable; or (2) immediately appoint FHFA as receiver of the enterprise if it is found not financially viable. Limits the amount of mortgage assets the enterprise may own after the termination of its conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprise.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities.

Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index.

Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits.

Imposes requirements for the renewal of the enterprise's charter if it becomes financially sound and for winding down its operations and dissolving the enterprise otherwise.

]]> Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 Short Titles as Introduced Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 Short Titles as Introduced for portions of this bill Government-Sponsored Enterprises Free Market Reform Act of 2008 Display Title Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for economic stabilization, capital utilization, and enterprise reform, and for other purposes. Introduced in House 2008-10-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr7264ih/xml/BILLS-110hr7264ih.xml 2008-10-03 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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.