H.R.4653 - Accurate Accounting of Fannie Mae and Freddie Mac Act111th Congress (2009-2010)
|Sponsor:||Rep. Garrett, Scott [R-NJ-5] (Introduced 02/23/2010)|
|Committees:||House - Budget; Financial Services; Ways and Means|
|Latest Action:||02/23/2010 Referred to the Committee on the Budget, and in addition to the Committees on Ways and Means, and Financial Services, 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.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.4653 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (02/23/2010)
Accurate Accounting of Fannie Mae and Freddie Mac Act - Requires the receipts and disbursements of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the federal budget submitted by the President; (2) the congressional budget; or (3) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).
Requires the costs of purchases of mortgages, and mortgage-backed securities issued, by Fannie Mae and Freddie Mac to be calculated by adjusting a specified discount rate for market risks under the Credit Reform Act of 1990.
Subjects to the statutory public debt limit the face amount of obligations issued by Fannie Mae and Freddie Mac and outstanding at one time.