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HR 2462 IH
112th CONGRESS
1st Session
H. R. 2462
To limit the aggregate amount provided by the taxpayers of the United States for the bailout of Fannie Mae and Freddie Mac.
IN THE HOUSE OF REPRESENTATIVES
July 8, 2011
Mr. FITZPATRICK introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To limit the aggregate amount provided by the taxpayers of the United States for the bailout of Fannie Mae and Freddie Mac.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. REESTABLISHMENT OF MAXIMUM AGGREGATE AMOUNT PERMITTED TO BE PROVIDED BY THE TAXPAYERS TO FANNIE MAE AND FREDDIE MAC.
(a) Maximum Aggregate Amount of Commitment- No funds may be provided by the United States Department of the Treasury or any other agency or entity of the Federal Government to either regulated entity (as such term is defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4502)), as part of the Amended and Restated Senior Preferred Stock Purchase Agreement, dated September 26, 2008, amended May 6, 2009, and further amended December 24, 2009 (as such agreement may be further amended), between the United States Department of the Treasury and the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, as applicable, under any other agreement between either such regulated entity and the Department of the Treasury, or otherwise, that exceed a maximum aggregate amount of the greater of--
(1) $200,000,000,000, or
(2) $200,000,000,000, plus the cumulative total of deficiency amounts of the regulated entity determined for calendar quarters in calendar years 2010, 2011, and 2012, less any surplus amount determined as of December 31, 2012.
(b) Definitions- For purposes of this section, the terms ‘deficiency amount’ and ‘surplus amount’ have the meanings provided such terms in the applicable Senior Preferred Stock Purchase Agreement described in subsection (a), as amended through December 24, 2009.
(c) Enforcement- The Administrator of the Federal Housing Finance Agency shall take such actions as necessary to prevent each regulated entity from requesting or receiving any funds that exceed the limit provided in subsection (a).
U.S. Congress - Text of H.R.2462 as Introduced in House Cap the GSE Bailout Act of 2011
