[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1227 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1227

 To prohibit Fannie Mae and Freddie Mac from offering any new products 
    during the term of any conservatorship or receivership of such 
                              enterprises.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 2011

 Mr. Schweikert (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 prohibit Fannie Mae and Freddie Mac from offering any new products 
    during the term of any conservatorship or receivership of such 
                              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 ``GSE Risk and Activities Limitation 
Act of 2011''.

SEC. 2. PROHIBITION ON NEW PRODUCTS DURING CONSERVATORSHIP OR 
              RECEIVERSHIP.

    Section 1321 of the Housing and Community Development Act of 1992 
(12 U.S.C. 4541) is amended by adding at the end the following new 
subsection:
    ``(g) Prohibition of New Product Approvals During Conservatorship 
or Receivership.--Notwithstanding any other provision of this section, 
during the term of any conservatorship or receivership of an enterprise 
pursuant to section 1367, the Director may not newly approve any 
product of the enterprise for initial offering during such 
conservatorship or receivership.''.
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