[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4653 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4653

     To provide on-budget status to the Federal National Mortgage 
      Association and the Federal Home Loan Mortgage Corporation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 23, 2010

 Mr. Garrett of New Jersey (for himself, Mr. Bachus, Mr. Quigley, Mr. 
  Hensarling, Mr. Cole, Mrs. Capito, Mr. Gohmert, Mr. Neugebauer, Mr. 
 Franks of Arizona, Mr. Price of Georgia, Mr. Luetkemeyer, Mr. Royce, 
Mr. Gingrey of Georgia, Mr. Rooney, Mr. Pitts, Mr. Marchant, Mr. Roe of 
 Tennessee, Mr. McHenry, Mr. Bartlett, Mr. Posey, Mr. Fleming, Mr. Lee 
 of New York, Mrs. Schmidt, Mr. Lamborn, Ms. Granger, Ms. Fallin, Mr. 
Lance, Mr. King of Iowa, Mr. Chaffetz, Mr. Bilbray, Mrs. Bachmann, Mr. 
Bishop of Utah, Mr. Herger, Mr. Fortenberry, Mrs. McMorris Rodgers, Mr. 
  Alexander, and Mr. Jones) introduced the following bill; which was 
    referred to the Committee on the Budget, and in addition to the 
Committees on Ways and Means and Financial Services, 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

_______________________________________________________________________

                                 A BILL


 
     To provide on-budget status to the Federal National Mortgage 
      Association and the Federal Home Loan Mortgage Corporation.

    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 ``Accurate Accounting of Fannie Mae 
and Freddie Mac Act''.

SEC. 2. ON-BUDGET STATUS OF FANNIE MAE AND FREDDIE MAC.

    Notwithstanding any other provision of law, the receipts and 
disbursements, including the administrative expenses, of the Federal 
National Mortgage Association and the Federal Home Loan Mortgage 
Corporation shall be counted as new budget authority, outlays, 
receipts, or deficit or surplus for purposes of--
            (1) the budget of the United States Government as submitted 
        by the President;
            (2) the congressional budget; or
            (3) the Balanced Budget and Emergency Deficit Control Act 
        of 1985 (or any successor statute).

SEC. 3. TREATMENT OF MORTGAGES AND MORTGAGE-BACKED SECURITIES.

    The costs of purchases of mortgages, and mortgage-backed securities 
issued, by the Federal National Mortgage Association and the Federal 
Home Loan Mortgage Corporation shall be calculated by adjusting the 
discount rate in section 502(5)(E) of the Credit Reform Act of 1990 (2 
U.S.C. 661a(5)(E)) for market risks.

SEC. 4. FANNIE MAE AND FREDDIE MAC DEBT SUBJECT TO PUBLIC DEBT LIMIT.

    (a) In General.--For purposes of section 3101(b) of chapter 31 of 
title 31, United States Code, the face amount of obligations issued by 
the Federal National Mortgage Association and by the Federal Home Loan 
Mortgage Corporation and outstanding at one time shall be treated as 
issued by the United States Government under that chapter.
    (b) Effective Date.--Subsection (a) shall take effect on the 
ninetieth day beginning after the date of enactment of this Act.
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