H.R. 1028: End Unnecessary Borrowing Act of 2013

113th Congress, 2013–2015. Text as of Mar 07, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

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113th CONGRESS

1st Session

H. R. 1028

IN THE HOUSE OF REPRESENTATIVES

March 7, 2013

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.

1.

Short title

This Act may be cited as the End Unnecessary Borrowing Act of 2013 .

2.

Limitation on use of borrowing authority

Paragraph (2) of section 205(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.

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