I 112th CONGRESS 1st Session H. R. 1226 IN THE HOUSE OF REPRESENTATIVES March 29, 2011 Mr. Royce (for himself, Mr. Bachus, Mr. Garrett, Mr. Pearce, and Mr. Hensarling) introduced the following bill; which was referred to the Committee on Financial Services A BILL To repeal the affordable housing goals for Fannie Mae and Freddie Mac.

1.

Short title

This Act may be cited as the GSE Mission Improvement Act of 2011.

2.

Repeal of affordable housing goals

(a)

Repeal

The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended by striking sections 1331 through 1336 (12 U.S.C. 4561–6). (b)

Conforming amendments

Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended— (1)in section 1303(28) (12 U.S.C. 4502(28)), by striking and, for the purposes and all that follows through designated disaster areas; (2)in section 1324(b)(1)(A) (12 U.S.C. 4544(b)(1)(A))— (A)by striking clauses (i), (ii), and (iv); (B)in clause (iii), by inserting and after the semicolon at the end; and (C)by redesignating clauses (iii) and (v) as clauses (i) and (ii), respectively; (3)in section 1338(c)(10) (12 U.S.C. 4568(c)(10)), by striking subparagraph (E); (4)in section 1339(h) (12 U.S.C. 4569), by striking paragraph (7); (5)in section 1341 (12 U.S.C. 4581)— (A)in subsection (a)— (i)in paragraph (1), by inserting or after the semicolon at the end; (ii)in paragraph (2), by striking the semicolon at the end and inserting a period; and (iii)by striking paragraphs (3) and (4); and (B)in subsection (b)(2)— (i)in subparagraph (A), by inserting or after the semicolon at the end; (ii)by striking subparagraphs (B) and (C); and (iii)by redesignating subparagraph (D) as subparagraph (B); (6)in section 1345(a) (12 U.S.C. 4585(a))— (A)in paragraph (1), by inserting or after the semicolon at the end; (B)in paragraph (2), by striking the semicolon at the end and inserting a period; and (C)by striking paragraphs (3) and (4); and (7)in section 1371(a)(2) (12 U.S.C. 4631(a)(2))— (A)by striking with any housing goal established under subpart B of part 2 of subtitle A of this title,; and (B)by striking section 1336 or.