[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 574 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 574

To prohibit contributions by Fannie Mae and Freddie Mac to the Housing 
 Trust Fund and the Capital Market Fund while such enterprises are in 
        conservatorship or receivership, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 27, 2015

  Mr. Royce (for himself, Mr. Lucas, Mr. Garrett, Mr. Neugebauer, Mr. 
Westmoreland, Mr. Huizenga of Michigan, Mr. Fincher, Mr. Stutzman, Mr. 
  Mulvaney, Mr. Hultgren, Mr. Pittenger, Mr. Barr, and Mr. Williams) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
To prohibit contributions by Fannie Mae and Freddie Mac to the Housing 
 Trust Fund and the Capital Market Fund while such enterprises are in 
        conservatorship or receivership, 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. SHORT TITLE.

    This Act may be cited as the ``Pay Back the Taxpayers Act of 
2015''.

SEC. 2. PROHIBITION OF CONTRIBUTIONS TO HOUSING TRUST FUND AND CAPITAL 
              MAGNET FUND WHILE ENTERPRISES ARE IN CONSERVATORSHIP OR 
              RECEIVERSHIP.

    (a) In General.--Notwithstanding section 1337 of the Federal 
Housing Enterprises Financial Safety and Soundness Act of 1992 (12 
U.S.C. 4567) or any other provision of law, after the date of the 
enactment of this Act, the Federal National Mortgage Association and 
the Federal Home Loan Mortgage Corporation shall not, during the term 
of any conservatorship or receivership of such an enterprise pursuant 
to section 1367 of such Act (12 U.S.C. 4617), make any contribution or 
transfer to, or allocate or set aside any amounts for, the Housing 
Trust Fund established under section 1338 of such Act (12 U.S.C. 4568) 
or the Capital Magnet Fund established under section 1339 of such Act 
(12 U.S.C. 4569).
    (b) Treatment of Amounts Previously Set Aside.--Any amounts that, 
before the date of the enactment of this Act, have been set aside by 
the Federal National Mortgage Association or the Federal Home Loan 
Mortgage Corporation for the Housing Trust Fund or the Capital Magnet 
Fund referred to in subsection (a) of this section but not yet 
allocated or transferred to such a Fund shall not be so allocated or 
transferred but shall be covered into the General Fund of the Treasury 
and shall be used only for reducing the budget deficit of the Federal 
Government.

SEC. 3. USE OF ENTERPRISE REPAYMENTS TO REDUCE BUDGET DEFICIT.

    After the date of the enactment of this Act, any amounts paid or 
repaid to the Secretary of the Treasury by the Federal National 
Mortgage Association or the Federal Home Loan Mortgage Corporation, 
during the term of any conservatorship or receivership of such 
enterprise pursuant to section 1367 of such Act (12 U.S.C. 4617) and in 
any form, including any dividends paid pursuant to the Amended and 
Restated Senior Preferred Stock Purchase Agreements, dated September 
26, 2008, amended May 6, 2009, further amended December 24, 2009, and 
further amended August 17, 2012, between the United States Department 
of the Treasury and the Federal National Mortgage Association, and 
between such Department and the Federal Home Loan Mortgage Corporation, 
shall be covered into the General Fund of the Treasury and shall be 
used only for reducing the budget deficit of the Federal Government.
                                 <all>