[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3808 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3808

  To require the withdrawal and study of the Federal Housing Finance 
 Agency's proposed rule on Federal Home Loan Bank membership, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 22, 2015

Mr. Luetkemeyer (for himself, Mr. McHenry, Mr. Heck of Washington, and 
 Mr. Carney) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require the withdrawal and study of the Federal Housing Finance 
 Agency's proposed rule on Federal Home Loan Bank membership, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. FHLB MEMBERSHIP PROPOSED RULE.

    (a) Definitions.--In this section:
            (1) Community development financial institution.--The term 
        ``community development financial institution'' has the meaning 
        given that term in section 103 of the Community Development 
        Banking and Financial Institutions Act of 1994 (12 U.S.C. 
        4702).
            (2) Covered proposed rule.--The term ``covered proposed 
        rule'' means the proposed rule of the Federal Housing Finance 
        Agency entitled ``Members of Federal Home Loan Banks'' (79 Fed. 
        Reg. 54848 (September 12, 2014)).
            (3) Other terms from the federal home loan bank act.--The 
        terms ``community financial institution'', ``Federal Home Loan 
        Bank'', and ``Federal Home Loan Bank System'' have the meanings 
        given those terms in section 2 of the Federal Home Loan Bank 
        Act (12 U.S.C. 1422).
    (b) Withdrawal of Proposed Rule.--Not later than 30 days after the 
date of enactment of this Act, the Federal Housing Finance Agency shall 
withdraw the covered proposed rule.
    (c) GAO Study and Report on Proposed Rule.--
            (1) Study.--
                    (A) In general.--The Comptroller General of the 
                United States shall conduct a study on the impact that 
                the covered proposed rule would have, if adopted as 
                proposed, on--
                            (i) the ability of the Federal Home Loan 
                        Banks to fulfill the mandate to provide 
                        liquidity to support housing finance and 
                        economic and community development;
                            (ii) the safety and soundness of the 
                        Federal Home Loan Bank System;
                            (iii) the liquidity needs of financial 
                        intermediaries;
                            (iv) the stability of the Federal Home Loan 
                        Bank System;
                            (v) the benefits of a diverse membership 
                        base for Federal Home Loan Banks; and
                            (vi) the ability of member institutions to 
                        rely on access to Federal Home Loan Bank 
                        advances.
                    (B) Considerations.--In conducting the study under 
                subparagraph (A), the Comptroller General of the United 
                States shall consider--
                            (i) the comment letters submitted in 
                        response to the notice of proposed rulemaking 
                        for the covered proposed rule;
                            (ii) the legislative and administrative 
                        history of the Federal Home Loan Bank 
                        membership rules;
                            (iii) the burden placed on community 
                        financial institutions and community 
                        development financial institutions; and
                            (iv) the legal authority of the Federal 
                        Housing Finance Agency to exclude from 
                        membership any class or category of insurance 
                        companies.
            (2) Report.--Not later than 1 year after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives a report on the 
        findings of the study conducted under paragraph (1)(A).
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