[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4071 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4071

 To extend the registration and reporting requirements of the Federal 
    securities laws to certain housing-related Government-sponsored 
                  enterprises, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 20, 2002

    Mr. Shays (for himself, Mr. Markey, and Mr. Ryan of Wisconsin) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
 To extend the registration and reporting requirements of the Federal 
    securities laws to certain housing-related Government-sponsored 
                  enterprises, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Uniform Securities Disclosure Act''.

SEC. 2. REGISTRATION OF SECURITIES.

    (a) Fannie Mae.--
            (1) Mortgage-backed securities.--Section 304(d) of the 
        Federal National Mortgage Association Charter Act (12 U.S.C. 
        1719(d)) is amended by striking the fourth sentence and 
        inserting the following new sentence: ``Securities issued by 
        the corporation under this subsection shall not be exempt 
        securities within the meaning of the laws administered by the 
        Securities and Exchange Commission.''.
            (2) Subordinate obligations.--Section 304(e) of the Federal 
        National Mortgage Association Charter Act (12 U.S.C. 1719(e)) 
        is amended by striking the fourth sentence and inserting the 
        following new sentence: ``Obligations issued by the corporation 
        under this subsection shall not be exempt securities within the 
        meaning of the laws administered by the Securities and Exchange 
        Commission.''.
            (3) Securities.--Section 311 of the Federal National 
        Mortgage Association Charter Act (12 U.S.C. 1723c) is amended--
                    (A) in the second sentence, by inserting ``by the 
                Association'' after ``issued''; and
                    (B) by adding at the end the following new 
                sentence: ``Any stock, obligations, securities, 
                participations, or other instruments issued by the 
                corporation pursuant to this title shall not be exempt 
                securities within the meaning of the laws administered 
                by the Securities and Exchange Commission.''.
    (b) Freddie Mac.--Subsection (g) of section 306 of the Federal Home 
Loan Mortgage Corporation Act (12 U.S.C. 1455(g)) is amended to read as 
follows:
    ``(g) Any securities issued or guaranteed by the Corporation shall 
not be exempt securities within the meaning of the laws administered by 
the Securities and Exchange Commission.''.

SEC. 3. EFFECTIVE DATE.

    The amendments under section 2 shall be made upon the expiration of 
the 180-day period beginning on the date of the enactment of this Act, 
but shall apply only with respect to fiscal years of the Federal 
National Mortgage Association and the Federal Home Loan Mortgage 
Corporation that begin after the expiration of such 180-day period.
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