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H.R. 4560 (115th): GSE Jumpstart Reauthorization Act of 2017


The text of the bill below is as of Dec 6, 2017 (Introduced).


I

115th CONGRESS

1st Session

H. R. 4560

IN THE HOUSE OF REPRESENTATIVES

December 6, 2017

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To suspend contributions by Fannie Mae and Freddie Mac to the Housing Trust Fund during any period that the full required dividend payments under the Senior Preferred Stock Purchase Agreements for such enterprises are not made, and for other purposes.

1.

Short title

This Act may be cited as the GSE Jumpstart Reauthorization Act of 2017.

2.

Extension of limitation on sale of preferred stock

Subsection (b) of section 702 of division O of the Consolidated Appropriations Act, 2016 (Public Law 114–113; 129 Stat. 3025) is amended by striking January 1, 2018 and inserting January 1, 2019.

3.

Conservation of capital during periods of low net worth

Subsection (b) of section 1337 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4567(b)) is amended—

(1)

by striking The Director and inserting Notwithstanding any other provision of law, the Director;

(2)

by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively, and realigning such subparagraphs (as so redesignated) so as to be indented 4 ems from the left margin;

(3)

by striking by an enterprise upon a finding and inserting the following:

by an enterprise—

(1)

upon a finding

;

(4)

in paragraph (1)(C), as so redesignated by the amendments made by paragraphs (2) and (3) of this section, by striking the period at the end at inserting ; or; and

(5)

by adding at the end the following new paragraph:

(2)

for a fiscal year, if, for any Dividend Period ending during such fiscal year, the holders of outstanding shares of Senior Preferred Stock of such enterprise do not receive cumulative cash dividends in an amount equal to the Dividend Amount for such Dividend Period.

For purposes of paragraph (2), the terms Dividend Period, Senior Preferred Stock, and Dividend Amount shall, with respect to an enterprise, have the meanings given such terms for purposes of the Amended and Restated Senior Preferred Stock Purchase Agreement, dated September 26, 2008, and entered into between the Department of the Treasury and such enterprise, as such Agreement has been amended on May 6, 2009, December 24, 2009, and August 17, 2012, but such meanings shall not take into consideration any additional amendment to such Agreement made after the date of the enactment of the GSE Jumpstart Reauthorization Act of 2017.

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