H.R. 941: End Unnecessary Borrowing Act of 2013

113th Congress, 2013–2015. Text as of Mar 04, 2013 (Introduced).

Status & Summary | PDF | Source: GPO

HR 941 IH

113th CONGRESS

1st Session

H. R. 941

To ensure that any authority of the Mutual Mortgage Insurance Fund to borrow amounts from the Treasury is used only to pay mortgage insurance claims.

IN THE HOUSE OF REPRESENTATIVES

March 4, 2013

Mr. CAPUANO introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To ensure that any authority of the Mutual Mortgage Insurance Fund to borrow amounts from the Treasury is used only to pay mortgage insurance claims.

    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 ‘End Unnecessary Borrowing Act of 2013’.

SEC. 2. LIMITATION ON USE OF BORROWING AUTHORITY.

    Paragraph (2) of section 206(f) of the National Housing Act (12 U.S.C. 1711(f)(2)) is amended--

      (1) by inserting ‘(A)’ after ‘(2)’; and

      (2) by adding at the end the following new subparagraphs:

      ‘(B) Subparagraph (A) may not be construed to authorize or require the Secretary to borrow any amounts to comply with the capital ratio requirement under such subparagraph.

      ‘(C) Notwithstanding any other provision of law, any authority of the Secretary under this Act or otherwise to borrow amounts from the Treasury of the United States for the Mutual Mortgage Insurance Fund may be used only to the extent necessary to pay claims on mortgage insurance that is an obligation of such Fund.’.