3.0.0 3550 2023-01-11T13:23:48Z 2023-01-11T13:23:48Z House H HR 2013-11-20 113 [Pages H7310-H7311]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. AMASH:H.R. 3550.Congress has the power to enact this legislation pursuantto the following:[[Page H7311]]Federal credit programs such as loans, loan guarantees, andinsurance are purported to be authorized under theConstitution as ``necessary and proper'' (U.S. Const. art. I,Sec. 8, cl. 18) extensions of Congress's powers ``To lay andcollect Taxes, Duties, Imposts and Excises, to . . . providefor the. . . general Welfare of the United States'' (U.S.Const. art. I, Sec. 8, cl. 1) or ``to regulate Commerce . . .among the several States'' (U.S. Const. art. I,Sec. 8, cl.3).Some provisions in this bill repeal existing sections ofstatute. Congress has the implied power to repeal laws thatexceed its constitutional authority as well as laws withinits constitutional authority.The bankruptcy reforms requested from committees ofjurisdiction are authorized by Congress's power ``Toestablish . . . uniform Laws on the subject of Bankruptciesthroughout the United States'' (U.S. Const. art. I, Sec. 8,cl. 4).]]> hsju00 Judiciary Committee House Standing hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee Referred to 2014-01-09T18:46:38Z Referred to 2013-11-20T15:03:30Z hssy00 Science, Space, and Technology Committee House Standing hssy15 Research and Technology Subcommittee Referred to 2013-12-13T19:31:11Z Referred to 2013-11-20T15:03:20Z hspw00 Transportation and Infrastructure Committee House Standing hspw12 Highways and Transit Subcommittee Referred to 2013-11-21T22:12:25Z Referred to 2013-11-20T15:03:25Z hsap00 Appropriations Committee House Standing Referred to 2013-11-20T15:03:15Z hsba00 Financial Services Committee House Standing Referred to 2013-11-20T15:03:10Z 2014-01-09 hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee 1 House committee actions Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Committee 2013-12-13 hssy15 Research and Technology Subcommittee 1 House committee actions Referred to the Subcommittee on Research and Technology. Committee 2013-11-21 hspw12 Highways and Transit Subcommittee 1 House committee actions Referred to the Subcommittee on Highways and Transit. Committee 2013-11-20 Referred to the Committee on Financial Services, and in addition to the Committees on Appropriations, Science, Space, and Technology, Transportation and Infrastructure, and the Judiciary, 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 hsju00 Judiciary Committee 2013-11-20 Referred to the Committee on Financial Services, and in addition to the Committees on Appropriations, Science, Space, and Technology, Transportation and Infrastructure, and the Judiciary, 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 hspw00 Transportation and Infrastructure Committee 2013-11-20 Referred to the Committee on Financial Services, and in addition to the Committees on Appropriations, Science, Space, and Technology, Transportation and Infrastructure, and the Judiciary, 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 hssy00 Science, Space, and Technology Committee 2013-11-20 Referred to the Committee on Financial Services, and in addition to the Committees on Appropriations, Science, Space, and Technology, Transportation and Infrastructure, and the Judiciary, 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 hsap00 Appropriations Committee 2013-11-20 Referred to the Committee on Financial Services, and in addition to the Committees on Appropriations, Science, Space, and Technology, Transportation and Infrastructure, and the Judiciary, 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 2013-11-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-11-20 Introduced in House IntroReferral 1000 9 Library of Congress A000367 Rep. Amash, Justin [R-MI-3] Justin Amash R MI 3 N D000615 Rep. Duncan, Jeff [R-SC-3] Jeff Duncan R SC 3 2013-11-20 True J000289 Rep. Jordan, Jim [R-OH-4] Jim Jordan R OH 4 2013-11-20 True L000564 Rep. Lamborn, Doug [R-CO-5] Doug Lamborn R CO 5 2013-11-20 True M001177 Rep. McClintock, Tom [R-CA-4] Tom McClintock R CA 4 2013-11-20 True M001187 Rep. Meadows, Mark [R-NC-11] Mark Meadows R NC 11 2013-11-20 True 2014-01-10 P000591 Rep. Price, Tom [R-GA-6] Tom Price R GA 6 2013-11-20 True S000018 Rep. Salmon, Matt [R-AZ-5] MATT SALMON R AZ 5 2013-11-20 True Housing and Community Development Administrative law and regulatory procedures Advisory bodies Alaska Natives and Hawaiians Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Budget deficits and national debt Business investment and capital Business records Consumer affairs Department of Housing and Urban Development Department of the Treasury Energy efficiency and conservation Executive agency funding and structure Federal Deposit Insurance Corporation (FDIC) Federal Reserve System Financial crises and stabilization Financial services and investments Foreign and international banking Government National Mortgage Association (Ginnie Mae) Government corporations and government-sponsored enterprises Government lending and loan guarantees Government studies and investigations Government trust funds Housing and community development funding Housing finance and home ownership Housing supply and affordability Indian social and development programs Public transit Real estate business Regional and metropolitan planning Residential rehabilitation and home repair Roads and highways Securities Transportation programs funding Housing and Community Development 00 2013-11-20 Introduced in House 2014-01-13T22:45:07Z New Fair Deal Banking and Housing Stability Act of 2013 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA), the Federal National Mortgage Association Charter Act (FNMACA), and the Federal Home Loan Mortgage Corporation Act (FHLMCA) to repeal housing goals and related provisions, including the Housing Trust Fund and the Capital Magnet Fund, with respect to the  Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises) (GSEs).

Amends the FNMACA and the FHLMCA to limit Fannie Mae and Freddie Mac mortgage purchases on property comprising 1- to 4-family dwelling units.

Amends the FHLMCA to repeal the authority of banking entities with respect to Freddie Mac transactions.

Amends the FNMACA and the FHLMCA to: (1) reduce GSE conforming loan limits, and (2) set a loan-to-value limitation on GSE mortgage purchases.

Amends the FHEFSSA to: (1) replace mandatory risk-based standards for GSEs with mandatory non-risk-based standards, and (2) increase the minimum and critical capital levels for GSEs.

Amends the Housing and Community Development Act of 1992 to place specified restrictions on the mortgage assets owned by GSEs

Repeals the FNMACA and the FHLMCA, and denies Fannie Mae and Freddie Mac any authority to conduct new business.

Pledges the full faith and credit of the United States to pay all amounts which may be required under existing Fannie Mae and Freddie Mac obligations. Prescribes requirements for winding down Fannie Mae and Freddie Mac operations.

Amends the National Housing Act to revise requirements for Federal Housing Administration (FHA) credit programs and: (1) require mortgagees to repurchase defaulted mortgages in certain circumstances, (2) prohibit mortgage insurance for cash-out refinancings, and (3) prohibit mortgage insurance on a 1- to 4-family residential property for which the seller contributes more than 3% of the total closing costs toward the purchaser's acquisition of the property.

Reduces guarantees of mortgages by requiring an increase in FHA downpayment requirements.

Terminates FHA credit guarantees five years after enactment of this Act, and transfers FHA functions to the Secretary of the Treasury.

Amends the FNMACA to limit Government National Mortgage Association (Ginnie Mae) guarantees.

Abolishes Ginnie Mae and transfers all of its functions to the Secretary.

Repeals the Community Reinvestment Act of 1977, the Home Mortgage Disclosure Act of 1975, certain risk retention requirements of the Dodd-Frank Wall Street Reform And Consumer Protection Act, the Affordable Housing Program of the Federal Deposit Insurance Act (FDIA), and other specified federal law.

Repeals transportation planning requirements and rescinds unobligated balances of funds made available to carry them out.

Terminates Department of Housing and Urban Development (HUD) sustainable communities initiatives and makes a similar related rescission.

Requires the appropriate federal regulators to set the capital standards for financial companies, which shall maintain sufficient capital to remain adequately capitalized.

Amend the FDIA to: (1) reduce from $250,000 to $150,000 the amount of the standard maximum deposit insurance amount of the Federal Deposit Insurance Corporation (FDIC), and (2) repeal FDIC Administrator authority to make systemic risk determinations.

Amends the Federal Reserve Act to repeal the unusual and exigent authority of the Board of Governors of the Federal Reserve.

Renames the stabilization fund in the Treasury as the Special Drawing Rights Fund, and directs the Secretary to liquidate all property in the Fund, other than Special Drawing Rights, and to use all such amounts to reduce the public debt.

Expresses the sense of Congress that the appropriate congressional committees should each report legislation proposing changes to existing law to accommodate bankruptcy proceedings for failing multinational financial institutions.

]]> New Fair Deal Banking and Housing Stability Act of 2013 Display Title New Fair Deal Banking and Housing Stability Act of 2013 Official Title as Introduced To stabilize the housing and banking sectors by eliminating policies that distort markets and facilitate risky lending, and for other purposes. Introduced in House IH Short Titles as Introduced New Fair Deal Banking and Housing Stability Act of 2013 Introduced in House 2013-11-20T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3550ih/xml/BILLS-113hr3550ih.xml 2014-01-09 Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. 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.