3.0.0 4913 2023-01-11T13:31:39Z 2023-01-11T13:31:39Z House HR 2016-04-12 114 [Congressional Record Volume 162, Number 55 (Tuesday, April 12, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MULVANEY:H.R. 4913.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1. ``The Congress shall havepower to lay and collect taxes, duties, imposts and excises,to paythe debts and provide for the commondefense and general welfare of the UnitedStates . . . ;''Article I, Section 8, Clause 3. ``To regulate Commerce withforeign Nations, and among the several States, and with theIndian Tribes.''Article I, Section 8, Clause 14. ``To make rules for thegovernment . . . ;''Article I, Section 8, Clause 18. ``To make all Laws whichshall be necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof''[Page H1635]]]> hsba00 Financial Services Committee House Standing Referred to 2016-04-12T18:01:35Z 2016-04-12 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-04-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-04-12 Introduced in House IntroReferral 1000 9 Library of Congress M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 N W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 2016-05-11 False L000571 Rep. Lummis, Cynthia M. [R-WY-At Large] Cynthia Lummis R WY M. 0 2016-05-17 False Finance and Financial Sector Civil actions and liability Congressional oversight Government corporations and government-sponsored enterprises Government trust funds Housing finance and home ownership Housing supply and affordability Securities Finance and Financial Sector 00 2016-04-12 Introduced in House 2016-07-18T20:53:16Z Housing Finance Restructuring Act of 2016

This bill directs the Department of the Treasury to modify the Senior Preferred Stock Purchase Agreement for each of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) to:

  • reduce to zero (deem as repaid in full) the liquidation preference on the Variable Liquidation Preference Senior Preferred Stocks of each enterprise;
  • require redemption of the Variable Liquidation Preference Senior Preferred Stock of each enterprise upon a specified date, deeming it no longer outstanding and terminating all rights of the stockholders.

Treasury shall exercise the warrants for the purchase of common stock of the enterprises under the Senior Preferred Stock Purchase Agreements.

At any time an enterprise is not fully capitalized, the Federal Housing Finance Agency (FHFA) shall require that the net income (after deduction of all associated expenses) of each enterprise for the fiscal year be retained as capital reserves, and not be allocated to fund the Housing Trust Fund or the Capital Magnet Fund for affordable housing.

The FHFA shall:

  • report a capital restoration plan for each enterprise, and
  • terminate the conservatorship of an enterprise when it attains an amount of capital equal to or exceeding 5% of its risk-weighted assets.

Any individual or entity adversely affected or aggrieved by action or inaction on the part of the FHFA or Treasury in violation of this bill or the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 may commence a civil action in a U.S. district court for prospective injunctive relief against the FHFA or Treasury, as appropriate.

]]> Housing Finance Restructuring Act of 2016 Display Title Housing Finance Restructuring Act of 2016 Official Title as Introduced To ensure the sufficient capitalization of Fannie Mae and Freddie Mac and prevent any further bailout of such enterprises by the Federal Government, and for other purposes. Introduced in House IH Short Titles as Introduced Housing Finance Restructuring Act of 2016 Introduced in House 2016-04-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4913ih/xml/BILLS-114hr4913ih.xml 2016-04-12 Referred to the House Committee on Financial Services. 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.