[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6164 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6164

To establish a risk-reduction and accountability pilot program for the 
           housing-related government-sponsored enterprises.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2008

  Mr. Watt (for himself, Mrs. Myrick, and Mr. Emanuel) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To establish a risk-reduction and accountability pilot program for the 
           housing-related government-sponsored enterprises.

    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 ``Federal Housing Enterprises 
Transparency and Accountability Act of 2008''.

SEC. 2. PILOT PROGRAM TO ENCOURAGE RISK REDUCTION AND ACCOUNTABILITY.

    (a) Establishment.--The Federal Housing Finance Board shall require 
each Federal Home Loan Bank, and the Director of the Office of Federal 
Housing Enterprise Oversight of the Department of Housing and Urban 
Development shall require the Federal National Mortgage Association and 
the Federal Home Loan Mortgage Corporation, to carry out a pilot 
program to reduce risk through the use of electronic platforms to 
conduct transactions in interest rate swaps and forward rate 
agreements. The pilot program required under this section shall 
commence not later than the expiration of the 180-day period beginning 
on the date of the enactment of this Act.
    (b) Requirements.--In carrying out the pilot program required under 
subsection (a), the Federal Housing Finance Board and the Director of 
the Office of Federal Housing Enterprise Oversight shall require that--
            (1) the Federal Home Loan Banks, and the Federal National 
        Mortgage Association and Federal Home Loan Mortgage 
        Corporation, respectively, conduct at least 5 percent of their 
        transactions in interest rate swaps and forward rate agreements 
        for the calendar years 2009 and 2010 on an electronic platform 
        or platforms; and
            (2) in selecting the electronic platform or platforms, the 
        Federal Home Loan Banks, and the Federal National Mortgage 
        Association and Federal Home Loan Mortgage Corporation shall 
        consider the extent to which such electronic platform or 
        platforms--
                    (A) keep accurate records and provide an accurate 
                audit trail for transactions executed on each such 
                platform;
                    (B) enable users to identify and net their mutually 
                offsetting short term interest rate risks;
                    (C) are owned and located in the United States and 
                utilize technologies patented in the United States; and
                    (D) are not an organized exchange, board of trade, 
                or trading facility as those terms are defined in the 
                Commodity Exchange Act (7 U.S.C. 1 et seq.).
    (c) Study and Report.--Not later than March 1, 2011, the Federal 
Housing Finance Board and the Director of the Office of Federal Housing 
Enterprise Oversight shall each conduct a study of the pilot program 
required under subsection (a) and shall submit a report regarding the 
results and conclusions of the study to the Committee on Financial 
Services of the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate.
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