GovTrack’s Bill Summary
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H.R. 234: Fannie Mae and Freddie Mac Investigative Commission Act
- Introduced:
- Jan 14, 2013 (113th Congress, 2013–2015)
- Sponsor:
- Rep. Marcy Kaptur [D-OH9]
- Status:
- Referred to Committee
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
- Full Title
To establish the Fannie Mae and Freddie Mac Investigative Commission to investigate the policies and practices engaged in by officers and directors at Fannie Mae and Freddie Mac responsible for making the decisions that led to the enterprises' financial instability and the subsequent Federal conservatorship of such enterprises.
- Summary
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No summaries available.
- Text
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Last updated Jan 14, 2013.
11 pages
- Primary Source
-
View on THOMAS (The Library of Congress)
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- Citation
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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.
1/14/2013--Introduced.
Fannie Mae and Freddie Mac Investigative Commission Act - Establishes the Fannie Mae and Freddie Mac Investigative Commission to investigate and make recommendations to Congress regarding certain decisions of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) that led to financial instability and federal conservatorship.
Requires the Commission to analyze specified topics, including:
(1) the role of the enterprises in expanding homeownership and in helping housing market recovery;
(2) enterprise involvement in the development of faulty risk standards, accounting practices, and the creation and proliferation of the securitized mortgage instrument, and how such instrument affected the solvency of such enterprises;
(3) the role of the respective boards of directors in voting for the policies relating to risk assessments, subprime mortgages, and the international securitization of mortgages; and
(4) compensation, stock options, and financial benefits that accrued to executive officers and members of the boards of directors.
Requires the enterprises and the Director of the Federal Housing Finance Agency to grant the Commission access to requested records and information.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
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The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 5: GOVERNMENT ORGANIZATION AND EMPLOYEES
- Part III: EMPLOYEES
- Subpart B: Employment and Retention
- Chapter 31: AUTHORITY FOR EMPLOYMENT
- Subchapter I: EMPLOYMENT AUTHORITIES
- Section 3109: Employment of experts and consultants; temporary or intermittent
Other Citations
- 5 U.S.C. Chapter 57