Government-Sponsored Enterprises Financial Safety and Soundness Act of 1991

Summary

Government-Sponsored Enterprises Financial Safety and Soundness Act of 1991 - Title I: Improvement of Supervision and Regulation of the Federal National Mortgage Association and the Federal Home Loan Mortgage Association - Defines specified terms for purposes of this title. Subtitle A: Establishment of Financial Safety and Soundness Regulator - Establishes in the Department of Housing and Urban Development the Office of Government-Sponsored Enterprise Financial Oversight (Office). Subtitle B: Capital Levels and Special Enforcement Powers - Requires the Office to establish risk-based capital levels for each enterprise. Establishes minimum capital levels, critical capital levels, and enforcement levels. Sets forth mandatory supervisory actions at various capital levels. Subtitle C: General Enforcement Powers - Sets forth provisons regarding: (1) cease-and-desist proceedings; (2) temporary cease-and-desist orders; (3) removal and prohibition authority; (4) director or officer suspension or removal; (5) hearings and judicial review; (6) jurisdiction; (7) civil money penalties; (8) notice; (9) subpoena power; and (10) public disclosure of final orders and agreements. Subtitle D: Conservatorship - Authorizes: (1) the appointment of a conservator for a troubled enterprise; and (2) an enterprise to judicially challenge such appointment. Title II: Primary of Financial Safety and Soundness for the Federal Housing Finance Board - Amends the Federal Home Loan Bank Act to state that the primary duty of the Board shall be to ensure that the Federal Home Loan Banks operate in a financially safe and sound manner.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 25 June 1991

  Open at official source

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