S. 1508 (108th): Federal Enterprise Regulatory Reform Act of 2003

Jul 31, 2003 (108th Congress, 2003–2004)
Died (Reported by Committee)
Charles “Chuck” Hagel
Senator from Nebraska
Read Text »
Last Updated
Jul 31, 2003
72 pages
Related Bills
S. 1656 (Related)
Federal Housing Enterprise Oversight Modernization Act of 2003

Referred to Committee
Last Action: Sep 25, 2003


This bill was introduced on April 1, 2004, in a previous session of Congress, but was not enacted.

Introduced Jul 31, 2003
Referred to Committee Jul 31, 2003
Reported by Committee Apr 01, 2004
Full Title

A bill to address regulation of secondary mortgage market enterprises, and for other purposes.


No summaries available.

4 cosponsors (4R) (show)

Senate Banking, Housing, and Urban Affairs

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Primary Source

THOMAS.gov (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.

Federal Enterprise Regulatory Reform Act of 2003 - Amends the Housing and Community Development Act of 1992 to establish in the Department of the Treasury the Office of Federal Enterprise Supervision. Transfers to the Director of such Office supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development. Prohibits merger or consolidation of such Office or its functions.
Requires: (1) the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized; and (2) that each enterprise have prior approval of the Director before implementing a new program.
Sets forth operating, administrative, and regulatory provisions of the Director, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; and (7) reporting.
Sets forth certain retained authorities of the Secretary.
Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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