I 112th CONGRESS 1st Session H. R. 1227 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.

1.

Short title

This Act may be cited as the GSE Risk and Activities Limitation Act of 2011.

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. .