[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2441 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2441

To terminate the Housing Trust Fund and the requirement that Fannie Mae 
         and Freddie Mac make annual allocations for such Fund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 7, 2011

  Mr. Royce (for himself, Mr. Bachus, and Mr. Garrett) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To terminate the Housing Trust Fund and the requirement that Fannie Mae 
         and Freddie Mac make annual allocations for such Fund.

    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 ``Housing Trust Fund Elimination Act 
of 2011''.

SEC. 2. TERMINATION OF HOUSING TRUST FUND, CAPITAL MAGNET FUND, AND 
              HOPE RESERVE FUND.

    (a) Termination.--Immediately upon the enactment of this Act--
            (1) the Secretary of Housing and Urban Development shall 
        transfer any amounts in the Housing Trust Fund established 
        under section 1338 of the Federal Housing Enterprises Financial 
        Safety and Soundness Act of 1992 (12 U.S.C. 4568) to the 
        Secretary of the Treasury for use only under subsection (b) of 
        this section;
            (2) any amounts in the Capital Magnet Fund established 
        under section 1339 of the Federal Housing Enterprises Financial 
        Safety and Soundness Act of 1992 (12 U.S.C. 4569) shall be 
        available to the Secretary of the Treasury for use only under 
        subsection (b) of this section;
            (3) any amounts in the HOPE Reserve Fund established under 
        section 1337(e) of the Federal Housing Enterprises Financial 
        Safety and Soundness Act of 1992 (12 U.S.C. 4567(e)) shall be 
        available to the Secretary of the Treasury for use only under 
        subsection (b) of this section; and
            (4) sections 1337, 1338, and 1339 of the Federal Housing 
        Enterprises Financial Safety and Soundness Act of 1992 (12 
        U.S.C. 4567-9) are repealed and the HOPE Reserve Fund, Housing 
        Trust Fund, and Capital Magnet Fund established under such 
        sections are abolished.
    (b) Use of Remaining Amounts.--Amounts made available pursuant to 
paragraphs (1) and (2) of subsection (a) shall be used only for 
reducing the budget deficit of the Federal Government.
    (c) Conforming Amendments.--
            (1) Federal housing enterprises financial safety and 
        soundness act of 1992.--The Federal Housing Enterprises 
        Financial Safety and Soundness Act of 1992 is amended--
                    (A) in section 1303(24) (12 U.S.C. 4502(24)), by 
                striking subparagraph (B);
                    (B) in section 1324(b)(1)(A) (12 U.S.C. 
                4544(b)(91)(A))--
                            (i) by striking clause (iii); and
                            (ii) by redesignating clauses (iv) and (v) 
                        as clauses (iii) and (iv), respectively;
                    (C) in section 1335(d) (12 U.S.C. 4565(d)), by 
                striking paragraph (4);
                    (D) in section 1345 (12 U.S.C. 4585), by striking 
                subsection (f); and
                    (E) in section 1371(a)(2) (12 U.S.C. 4631(a)(2)), 
                by striking ``or 1337''.
            (2) HOPE for homeowners program.--Section 257(w) of the 
        National Housing Act (12 U.S.C. 1715z-23(w)) is amended--
                    (A) by striking paragraphs (2) and (3); and
                    (B) by redesignating paragraph (4) as paragraph 
                (2).
                                 <all>