[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1694 Engrossed in House (EH)]

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115th CONGRESS
  1st Session
                                H. R. 1694

_______________________________________________________________________

                                 AN ACT


 
  To require additional entities to be subject to the requirements of 
section 552 of title 5, United States Code (commonly referred to as the 
          Freedom of Information Act), 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 ``Fannie and Freddie Open Records Act 
of 2017''.

SEC. 2. APPLICABILITY OF FOIA.

    (a) Applicability to Government Sponsored Entities in 
Conservatorship.--Section 552 of title 5, United States Code (commonly 
referred to as the Freedom of Information Act), is amended by adding at 
the end the following new subsection:
    ``(n)(1) This section shall apply to the Federal National Mortgage 
Association and the Federal Home Loan Mortgage Corporation during any 
period either such enterprise is under conservatorship or receivership 
pursuant to section 1367 of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4617).
    ``(2) For purposes of this subsection, the exemption described in 
subsection (b)(4), relating to trade secrets and commercial or 
financial information, shall apply without regard to whether such 
information was obtained from a person outside the Federal National 
Mortgage Association or the Federal Home Loan Mortgage Corporation, as 
the case may be.''.
    (b) Rule of Construction.--Nothing in this Act may be construed as 
precluding the application of any of the exemptions described in 
section 552 of title 5, United States Code, to subsection (n) of such 
section, as added by subsection (a).
    (c) Effective Date; Applicability.--The amendment made by 
subsection (a) shall be effective on the date that is six months after 
the date of the enactment of this Act and shall apply with respect to 
any request filed under section 552(a)(3) of title 5, United States 
Code, on or after such effective date, relating to any record created 
before, on, or after the date of the enactment of this Act.

SEC. 3. COMMERCIAL REQUESTERS.

    For purposes of subsection (n) of section 552 of title 5, United 
States Code, as added by section 2(a), each enterprise described in 
such subsection shall establish a fee schedule such that in the first 
year the fees collected from requests for records intended for a 
commercial use cover the costs of administering such subsection (n), 
which shall be estimated as $40,000,000 in the first year. In each 
subsequent year, each such enterprise shall evaluate whether the fees 
collected under the prior year's fee schedule were sufficient to 
recover all actual costs of administering subsection (n) and revise the 
fee schedule to recover the costs of administering subsection (n) in 
the following year and any outstanding costs of administering 
subsection (n) from the prior year not collected through fees in the 
prior year. Each such enterprise shall make the revised fee schedule 
and a detailed explanation of the prior year's costs and projections of 
future costs that were used to justify the fee schedule publicly 
available online for 10 days prior to the fee schedule going into 
effect.

SEC. 4. RULE OF CONSTRUCTION.

    Nothing in this Act, or the amendment made by this Act, may be 
construed as precluding or restricting the disclosure of information 
regarding any proposed new product or significant new product term 
prior to loan purchasing, or substantive negotiation with an interested 
party regarding purchase of loans with such new product or significant 
new product term.

            Passed the House of Representatives April 27, 2017.

            Attest:

                                                                 Clerk.
115th CONGRESS

  1st Session

                               H. R. 1694

_______________________________________________________________________

                                 AN ACT

  To require additional entities to be subject to the requirements of 
section 552 of title 5, United States Code (commonly referred to as the 
          Freedom of Information Act), and for other purposes.