3.0.0 2428 2023-01-11T13:22:48Z 2023-01-11T13:22:48Z House H HR 2011-07-06 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NEUGEBAUER:H.R. 2428.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 18The Congress shall have Power to make all Laws which shallbe necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by theConstitution in the Government of the United States, or inany Department or Officer thereof.[Page H4672]]]> hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Referred to 2011-07-11T13:16:52Z Hearings by 2011-05-25T20:37:37Z Referred to 2011-07-06T18:02:30Z 2011-07-11 hsba16 Capital Markets Subcommittee 1 House committee actions Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Committee 2011-07-06 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2011-07-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-07-06 Introduced in House IntroReferral 1000 9 Library of Congress 2011-05-25 hsba16 Capital Markets Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral. Committee N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 N B000013 Rep. Bachus, Spencer [R-AL-6] SPENCER BACHUS R AL 6 2011-07-06 True G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2011-07-06 True J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2011-07-06 True C001082 Rep. Canseco, Francisco "Quico" [R-TX-23] Francisco Canseco R TX Quico 23 2011-07-06 True P000599 Rep. Posey, Bill [R-FL-15] Bill Posey R FL 15 2011-07-06 True Housing and Community Development Administrative law and regulatory procedures Business ethics Civil actions and liability Corporate finance and management Federal Housing Finance Agency Fraud offenses and financial crimes Government corporations and government-sponsored enterprises Housing finance and home ownership Legal fees and court costs Housing and Community Development 00 2011-07-06 Introduced in House 2011-08-31T18:41:52Z GSE Legal Fee Reduction Act of 2011 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the Director of the Federal Housing Finance Agency (FHFA) to establish requirements prescribing the procedures and terms for advancement of amounts by a government-sponsored enterprise (GSE) for qualified indemnification payments for the benefit of any entity-affiliated party.

(The GSEs the FHFA supervises are the Federal National Mortgage Association [Fannie Mae], the Federal Home Loan Mortgage Corporation [Freddie Mac], the Federal Home Loan Banks, and the Office of Finance.)

Requires the Director to require any GSE obligated to make such a payment to propose criteria for determining whether the liability or legal expenses for which such payment is to be made are reasonable. Requires prompt review and approval or disapproval of such proposed criteria.

Requires the Director to require each GSE to adopt bylaws requiring any entity-affiliated party accused of fraud, moral turpitude, or breach of fiduciary duty to post collateral, security, bonding or other assurances of repayment.

Requires the Director to prohibit a GSE from using any Treasury funds to satisfy any settlement, judgment, order, or penalty. Requires settlement costs to be satisfied out of the sale of GSE assets.

Requires the Director to prohibit a GSE from entering into any consent decree or settlement of a claim, proceeding, or action involving an entity-affiliated party that will result in any qualified indemnification payments exceeding an aggregate of $1 million before 30 days after notice of the decree or settlement to specified congressional committees.

]]> GSE Legal Fee Reduction Act of 2011 Display Title GSE Legal Fee Reduction Act of 2011 Official Title as Introduced To protect the taxpayers of the United States by limiting the Federal payment of legal fees for current and former officers and affiliated parties of Fannie Mae and Freddie Mac. Introduced in House IH Short Titles as Introduced GSE Legal Fee Reduction Act of 2011 Introduced in House 2011-07-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2428ih/xml/BILLS-112hr2428ih.xml 2011-07-11 Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. 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.