H.R. 3071 (108th): Free Housing Market Enhancement Act

Introduced:
Sep 10, 2003 (108th Congress, 2003–2004)
Sponsor:
Rep. Ronald “Ron” Paul [R-TX14]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on September 10, 2003, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 10, 2003
Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To prohibit the provision of Federal funds to the housing-related government-sponsored enterprises and to remove certain competitive advantages granted under law to such enterprises.

Summary

No summaries available.

Text

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Last updated Sep 10, 2003.
10 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/10/2003--Introduced.
Free Housing Market Enhancement Act - Prohibits providing Federal funds to the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or any Federal Home Loan bank (Such entities are referred to as government sponsored enterprises, or GSEs.) Amends the Federal National Mortgage Association Charter Act ( Fannie Mae) and the Federal Home Loan Mortgage Corporation Act (Freddie Mac) to repeal: (1) the State tax exemption; (2) the requirement that the Treasury approve debt issues; (3) Treasury authority to purchase Fannie Mae/Freddie Mac obligations; (4) depositary authority; and (5) the designation of obligations as lawful investments. Amends the Federal Home Loan Bank Act to repeal: (1) the State tax exemption; (2) Treasury authority to purchase bank obligations; (3) depositary authority; and (4) the designation of obligations as lawful investments. Amends the Federal Reserve Act to prohibit Federal Reserve purchase of GSE debt. Repeals the eligibility of GSE obligations for unlimited investment by national banks, federally chartered thrifts, and credit unions.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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