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House Bill 4560
115th Congress(2017-2018)
GSE Jumpstart Reauthorization Act of 2017
Introduced
Introduced
Introduced in House on Dec 6, 2017
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H. R. 4560 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 4560


To suspend contributions by Fannie Mae and Freddie Mac to the Housing Trust Fund during any period that the full required dividend payments under the Senior Preferred Stock Purchase Agreements for such enterprises are not made, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

December 6, 2017

Mr. Hill introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To suspend contributions by Fannie Mae and Freddie Mac to the Housing Trust Fund during any period that the full required dividend payments under the Senior Preferred Stock Purchase Agreements for such enterprises are not made, 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 “GSE Jumpstart Reauthorization Act of 2017”.

SEC. 2. Extension of limitation on sale of preferred stock.

Subsection (b) of section 702 of division O of the Consolidated Appropriations Act, 2016 (Public Law 114–113; 129 Stat. 3025) is amended by striking “January 1, 2018” and inserting “January 1, 2019”.

SEC. 3. Conservation of capital during periods of low net worth.

Subsection (b) of section 1337 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4567(b)) is amended—

(1) by striking “The Director” and inserting “Notwithstanding any other provision of law, the Director”;

(2) by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively, and realigning such subparagraphs (as so redesignated) so as to be indented 4 ems from the left margin;

(3) by striking “by an enterprise upon a finding” and inserting the following: “by an enterprise—

“(1) upon a finding”;

(4) in paragraph (1)(C), as so redesignated by the amendments made by paragraphs (2) and (3) of this section, by striking the period at the end at inserting “; or”; and

(5) by adding at the end the following new paragraph:

“(2) for a fiscal year, if, for any Dividend Period ending during such fiscal year, the holders of outstanding shares of Senior Preferred Stock of such enterprise do not receive cumulative cash dividends in an amount equal to the Dividend Amount for such Dividend Period.

For purposes of paragraph (2), the terms ‘Dividend Period’, ‘Senior Preferred Stock’, and ‘Dividend Amount’ shall, with respect to an enterprise, have the meanings given such terms for purposes of the Amended and Restated Senior Preferred Stock Purchase Agreement, dated September 26, 2008, and entered into between the Department of the Treasury and such enterprise, as such Agreement has been amended on May 6, 2009, December 24, 2009, and August 17, 2012, but such meanings shall not take into consideration any additional amendment to such Agreement made after the date of the enactment of the GSE Jumpstart Reauthorization Act of 2017”..”.