Government-Sponsored Housing Enterprises Financial Safety and Soundness Act of 1991

Summary

Government-Sponsored Housing Enterprises Financial Safety and Soundness Act of 1991 - Title I: Supervision and Regulation of FNMA and FHLMC - Subtitle A: Establishment of Financial Safety and Soundness Regulator - Establishes the Office of Secondary Market Examination and Oversight (the Office) within the Department of Housing and Urban Development (HUD), to be managed by a presidentially appointed Director and a Deputy Director. Delineates the Director's scope of exclusive authority, which shall not be subject to the approval of the Secretary of HUD (the Secretary). Authorizes the Director to establish and collect from the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation and their affiliates (the enterprises) charges sufficient to provide for all costs and expenses of the Office of Secondary Market Examination and Oversight, including examination expenses. Establishes in the Treasury the Secondary Market Examination and Oversight Fund (to be funded by such fees and charges) which shall be used to implement this Act and the Director's responsibilities. Requires the Director to submit an annual status report to the Congress, including the financial condition of the enterprises. Subtitle B: Amendments to Other Acts - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to bring them within the purview of this Act, including: (1) prohibiting, without prior written approval, dividend payments that would decrease the regulatory capital of the enterprises to an amount less than the risk-based capital level established for them under this Act; (2) authorizing the Director to require the enterprises to report before paying any dividend; and (3) requiring the enterprises to establish affordable housing goals according to prescribed guidelines. Subtitle C: Implementation - Directs the Secretary and the Director to promulgate final regulations implementing this Act by a specified deadline. Title II: Required Capital Levels for FNMA and FHLMC And Special Enforcement Powers - Requires the Director to establish risk-based capital levels for each enterprise according to statutory guidelines. Establishes minimum capital levels, critical capital levels, and enforcement levels. Sets forth mandatory supervisory actions for the enterprises at various capital levels, including the mandatory appointment of a conservator, and the contents of capital restoration plans. Subjects the Director's actions to judicial review. Mandates an annual financial condition examination of each enterprise. Sets forth civil money penalties for enterprise failure to report, or the filing of false reports. Title III: Cease and Desist Orders Against FNMA and FHLMC - Outlines the conditions for the issuance of either cease and desist orders or temporary cease and desist orders upon the Director's determination that an enterprise is about to engage in a rapid capital depletion activity. Subjects such orders to judicial review procedures. Authorizes enforcement actions by the Attorney General upon the Director's request. Grants the Director subpoena authority. Title IV: Primary of Financial Safety and Soundness for the Federal Housing Finance Board - Amends the Federal Home Loan Bank Act to declare that the primary duty of the Federal Housing Finance Board is to ensure that the Federal Home Loan Banks operate in a financially safe and sound manner.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 16 July 1991

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

2. 16 July 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 July 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 18 July 1991

   Referred

   Referred to the Subcommittee on Housing and Community Development.

   Source: Committee

5. 18 July 1991

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 19 July 1991

   Committee

   Subcommittee Hearings Held.

   Source: Committee

7. 24 July 1991

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

8. 24 July 1991

   Committee

   Forwarded by Subcommittee to Full Committee (Amended).

   Source: Committee

9. 30 July 1991

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

10. 31 July 1991

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

11. 31 July 1991

    Reported

    Ordered to be Reported (Amended).

    Source: Committee

12. 17 September 1991

    Calendars

    Placed on the Union Calendar, Calendar No. 124.

    Source: Calendars

13. 17 September 1991

    Reported

    Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 102-206.

    Source: Committee

14. 17 September 1991

    Reported

    Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 102-206.

    Source: Committee

15. 24 September 1991

    Reported

    Rules Committee Resolution H. Res. 226 Reported to House. Rule provides for consideration of H.R. 2900 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. It shall be in order to consider the amendment in the nature of a substitute recommended by the Committee on Banking, Finance, and Urban Affairs now printed in the bill as an original bill for the purpose of amendment under the five-minute rule. Measure will be read by title. Bill is open to amendments.

    Source: Floor

16. 25 September 1991

    Floor

    The Speaker designated the Honorable Bart Gordon to act as Chairman of the Committee.

    Source: Floor

17. 25 September 1991

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

18. 25 September 1991

    Vote

    On passage Passed by the Yeas and Nays: 412 - 8 (Roll no. 278).

    Source: Floor

19. 25 September 1991

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 412 - 8 (Roll no. 278).

    Source: Floor

20. 25 September 1991

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

21. 25 September 1991

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

22. 25 September 1991

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2900.

    Source: Floor

23. 25 September 1991

    Floor

    Rule provides for consideration of H.R. 2900 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. It shall be in order to consider the amendment in the nature of a substitute recommended by the Committee on Banking, Finance, and Urban Affairs now printed in the bill as an original bill for the purpose of amendment under the five-minute rule. Measure will be read by title. Bill is open to amendments.

    Source: Floor

24. 25 September 1991

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 226 and Rule XXIII.

    Source: Floor

25. 25 September 1991

    Floor

    Considered under the provisions of rule H. Res. 226.

    Source: Floor

26. 25 September 1991

    Passed

    Rule H. Res. 226 passed House.

    Source: Floor

27. 30 September 1991

    Introduced

    Received in the Senate and read twice and referred to the Committee on Banking.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Engrossed in House · — · Download file
• Introduced in House · — · Download file
• Referred in Senate · — · Download file
• Reported in House · — · Download file

Documents

7 official files

• Reported in House (text)

  Reported in House · EN

  ViewDownloadOpen at official source

• Referred in Senate (text)

  Referred in Senate · EN

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Engrossed in House (text)

  Engrossed in House · EN

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Passed House amended

  summary · EN · 25 September 1991

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Reported to House with amendment(s)

  summary · EN · 17 September 1991

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 16 July 1991

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Gonzalez, Henry B. [D-TX-20] · D · Sponsor
• Rep. Wylie, Chalmers P. [R-OH-15] · R · Sponsor
• Rep. Roukema, Marge [R-NJ-5] · R · Sponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to → Providing for the consideration of the bill (H.R. 2900) to improve supervision and regulation with respect to the financial safety and soundness of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank System, and for other purposes.
• related to ← Federal Housing Enterprises Financial Safety and Soundness Act of 1992
• amends ← Amendment adds language expressing as the sense of Congress that salaries and compensation provided to executive officers of the Federal National Mortgage Association have been excessive, and encourages the Association to redirect parts of future compensation into strengthening capital and expanding affordable housing opportunities.
• amends ← Amendment sought to raise the levels of assets in excess of liabilities required as operating capital standards for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), and grant greater discretion to a newly created Office of Secondary Market Examination and Oversight in setting those levels.
• amends ← Amendment clarifies language that allows employees of the Office of Secondary Market Examination and Oversight to be appointed without regard to civil service laws and and to receive compensation without regard to the provisions of law relating to classification or General Schedule pay rates.
• amends ← Amendment establishes specific guidelines for determining the existence of financial institutions that employ discriminatory lending practices in issuing mortgages. Under the amendment Fannie Mae and Freddie Mac are prohibited from doing business with such institution.
• amends ← Amendment requires HUD to use family incomes to determine if Government Sponsored Enterprises (GSE) are serving low- and moderate-income families, rather than the size of the loan and the value of the property, as is the current practice.
• amends ← Amendment covers all employees of the Office of Secondary Market Examination and Oversight, and any conservators and examiners of the Office, under Federal financial disclosure laws and also requires each to certify that, consistent with Federal law relating to conflict of interest, no such conflict of interest exists with the positions occupied.