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H.R. 2348 (113th): Jumpstart GSE Reform Act

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The text of the bill below is as of Jun 13, 2013 (Introduced). The bill was not enacted into law.

I

113th CONGRESS

1st Session

H. R. 2348

IN THE HOUSE OF REPRESENTATIVES

June 13, 2013

introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To provide certainty that Congress and the Administration will undertake substantive and structural housing finance reform, and for other purposes.

1.

Short title

This Act may be cited as the Jumpstart GSE Reform Act .

2.

Definitions

As used in this Act, the following definitions shall apply:

(1)

Enterprise

The term enterprise has the same meaning as in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

(2)

Guarantee fee

The term guarantee fee has the same meaning as in section 1327(a) of the Housing and Community Development Act of 1992 (12 U.S.C. 4547(a)).

(3)

Secretary

The term Secretary means the Secretary of the Treasury.

(4)

Senior Preferred Stock Purchase Agreement

The term Senior Preferred Stock Purchase Agreement means—

(A)

the Amended and Restated Senior Preferred Stock Purchase Agreement, dated September 26, 2008, as such Agreement has been amended on May 6, 2009, December 24, 2009, and August 17, 2012, respectively, and as such Agreement may be further amended and restated, entered into between the Department of the Treasury and each enterprise, as applicable; and

(B)

any provision of any certificate in connection with such Agreement creating or designating the terms, powers, preferences, privileges, limitations, or any other conditions of the Variable Liquidation Preference Senior Preferred Stock of an enterprise issued or sold pursuant to such Agreement.

3.

Prohibition on use of guarantee fees to offset other government spending

An increase in the guarantee fee required to be charged by an enterprise may not be used to offset an increase in outlays or a reduction in revenues for any purpose (other than those related to the enterprises' business functions) under—

(1)

the congressional budget;

(2)

the Balanced Budget and Emergency Deficit Control Act of 1985; or

(3)

the Statutory Pay-As-You-Go Act of 2010.

4.

Limitations on sale of preferred stock

Notwithstanding any other provision of law or any provision of the Senior Preferred Stock Purchase Agreement, the Secretary may not sell, transfer, relinquish, liquidate, divest, or otherwise dispose of any outstanding shares of senior preferred stock acquired pursuant to the Senior Preferred Stock Purchase Agreement, until such time as Congress has passed and the President has signed into law legislation that includes a specific instruction to the Secretary regarding the sale, transfer, relinquishment, liquidation, divestiture, or other disposition of the senior preferred stock so acquired.