Text: S.2038 — 114th Congress (2015-2016)All Information (Except Text)

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Introduced in Senate (09/16/2015)

 
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2038 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 2038

    To provide certainty that Congress and the Administration will 
 undertake substantive and structural housing finance reform, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 16, 2015

   Mr. Corker (for himself, Mr. Warner, Mr. Vitter, and Ms. Warren) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To provide certainty that Congress and the Administration will 
 undertake substantive and structural housing finance reform, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Jumpstart GSE Reform Act''.

SEC. 2. DEFINITIONS.

    As used in this Act, the following definitions shall apply:
            (1) Enterprise.--The term ``enterprise'' has the same 
        meaning as in section 1303 of the Federal Housing Enterprises 
        Financial Safety and Soundness Act of 1992.
            (2) Guarantee fee.--The term ``guarantee fee'' has the same 
        meaning as in section 1327(a) of the Housing and Community 
        Development Act of 1992 (12 U.S.C. 4547(a)).
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (4) Senior preferred stock purchase agreement.--The term 
        ``Senior Preferred Stock Purchase Agreement'' means--
                    (A) the Amended and Restated Senior Preferred Stock 
                Purchase Agreement, dated September 26, 2008, as such 
                Agreement has been amended on May 6, 2009, December 24, 
                2009, and August 17, 2012, respectively, and as such 
                Agreement may be further amended and restated, entered 
                into between the Department of the Treasury and each 
                enterprise, as applicable; and
                    (B) any provision of any certificate in connection 
                with such Agreement creating or designating the terms, 
                powers, preferences, privileges, limitations, or any 
                other conditions of the Variable Liquidation Preference 
                Senior Preferred Stock of an enterprise issued or sold 
                pursuant to such Agreement.

SEC. 3. PROHIBITION ON USE OF GUARANTEE FEES TO OFFSET OTHER GOVERNMENT 
              SPENDING.

    An increase in the guarantee fee required to be charged by an 
enterprise may not be used to offset an increase in outlays or a 
reduction in revenues for any purpose other than those related to the 
enterprises' business functions under--
            (1) the congressional budget;
            (2) the Balanced Budget and Emergency Deficit Control Act 
        of 1985; or
            (3) the Statutory Pay-As-You-Go Act of 2010.

SEC. 4. LIMITATIONS ON SALE OF PREFERRED STOCK.

    Notwithstanding any other provision of law or any provision of the 
Senior Preferred Stock Purchase Agreement, the Secretary may not sell, 
transfer, relinquish, liquidate, divest, or otherwise dispose of any 
outstanding shares of senior preferred stock acquired pursuant to the 
Senior Preferred Stock Purchase Agreement, until such time as Congress 
has passed and the President has signed into law legislation that 
includes a specific instruction to the Secretary regarding the sale, 
transfer, relinquishment, liquidation, divestiture, or other 
disposition of the senior preferred stock so acquired.
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