H.R. 2441 (112th): Housing Trust Fund Elimination Act of 2011

112th Congress, 2011–2013. Text as of Jul 07, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 2441

IN THE HOUSE OF REPRESENTATIVES

July 7, 2011

(for himself, Mr. Bachus, and Mr. Garrett) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To terminate the Housing Trust Fund and the requirement that Fannie Mae and Freddie Mac make annual allocations for such Fund.

1.

Short title

This Act may be cited as the Housing Trust Fund Elimination Act of 2011.

2.

Termination of Housing Trust Fund, Capital Magnet Fund, and HOPE Reserve Fund

(a)

Termination

Immediately upon the enactment of this Act—

(1)

the Secretary of Housing and Urban Development shall transfer any amounts in the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4568) to the Secretary of the Treasury for use only under subsection (b) of this section;

(2)

any amounts in the Capital Magnet Fund established under section 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4569) shall be available to the Secretary of the Treasury for use only under subsection (b) of this section;

(3)

any amounts in the HOPE Reserve Fund established under section 1337(e) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4567(e)) shall be available to the Secretary of the Treasury for use only under subsection (b) of this section; and

(4)

sections 1337, 1338, and 1339 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4567–9) are repealed and the HOPE Reserve Fund, Housing Trust Fund, and Capital Magnet Fund established under such sections are abolished.

(b)

Use of remaining amounts

Amounts made available pursuant to paragraphs (1) and (2) of subsection (a) shall be used only for reducing the budget deficit of the Federal Government.

(c)

Conforming amendments

(1)

Federal Housing Enterprises Financial Safety and Soundness Act of 1992

The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 is amended—

(A)

in section 1303(24) (12 U.S.C. 4502(24)), by striking subparagraph (B);

(B)

in section 1324(b)(1)(A) (12 U.S.C. 4544(b)(91)(A))—

(i)

by striking clause (iii); and

(ii)

by redesignating clauses (iv) and (v) as clauses (iii) and (iv), respectively;

(C)

in section 1335(d) (12 U.S.C. 4565(d)), by striking paragraph (4);

(D)

in section 1345 (12 U.S.C. 4585), by striking subsection (f); and

(E)

in section 1371(a)(2) (12 U.S.C. 4631(a)(2)), by striking or 1337.

(2)

HOPE for Homeowners program

Section 257(w) of the National Housing Act (12 U.S.C. 1715z–23(w)) is amended—

(A)

by striking paragraphs (2) and (3); and

(B)

by redesignating paragraph (4) as paragraph (2).