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

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

Referred to Committee
Last Action: Sep 25, 2003

 
Status

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

Progress
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.

Summary

No summaries available.

Cosponsors
4 cosponsors (4R) (show)
Committees

Senate Banking, Housing, and Urban Affairs

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


7/31/2003--Introduced.
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

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

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