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Congress > Legislation
H.R. 2803:
Housing Finance Regulatory Restructuring Act of 2003
108th Congress

This is a bill in the U.S. Congress originating in the House of Representatives ("H.R."). A bill must be passed by both the House and Senate and then be signed by the President before it becomes law.

Bill numbers restart from 1 every two years. Each two-year cycle is called a session of Congress. This bill was created in the 108th Congress, in 2003-2004.

The titles of bills are written by the bill's sponsor and are a part of the legislation itself. GovTrack does not editorialize bill summaries.

2003-2004
Track H.R. 2803 [108th]

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Primary Source

See H.R. 2803 [108th] on THOMAS for the official source of information on this bill or resolution.

Summaries

Congressional Research Service Summary

The following summary was written by the Congressional Research Service, a well-respected nonpartisan arm of the Library of Congress. GovTrack did not write and has no control over these summaries.

7/21/2003--Introduced.
Housing Finance Regulatory Restructuring Act of 2003 - Amends the Housing and Community Development Act of 1992 to establish the Office of Housing Finance Oversight (Office) as the regulatory authority for the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (enterprises) in lieu of the regulatory authority of : (1) the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development; (2) the Federal Housing Finance Board; and (3) the general regulatory and other authority of the Secretary of Housing and Urban Development.
Prohibits the Secretary of the Treasury (Secretary) from merging or consolidating the functions or responsibilities of the Office with any other office or bureau of the Department of the Treasury, or with any other function or program administered by the Secretary.
Establishes the position of the Director of the Office, subject to the general oversight of the Secretary.
Prohibits the Secretary from: (1) intervening in any matter or proceeding before the Director unless specifically provided by law; or (2) delaying or preventing the issuance of any rule or promulgation of any regulation by the Director.
Directs the Director to ensure that the enterprises and the Federal home loan banks are adequately capitalized and operating safely.
Makes conforming amendments to: (1) Federal National Mortgage Association Charter Act; (2) Federal Home Loan Mortgage Corporation Act; (3) Federal criminal law; (4) Flood Disaster Protection Act of 1973; (5) Housing and Community Development Act of 1980; (6) Federal Home Loan Act; (7) Federal law governing executive schedule pay rates; and (8) Federal Financial Institutions Examination Council Act of 1978.
Abolishes the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development, and the Federal Housing Finance Board. Transfers to the Office their respective functions, personnel, and property.
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