Federal Housing Finance Oversight Board Increased Transparency Act of 2010 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to require the Federal Housing Finance Oversight (FHFO) Board to testify at least annually before the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs (currently, before Congress).
Provides that, if at any time either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) receives funds from the Treasury under the Amended and Restated Senior Preferred Stock Purchase Agreement (dated September 26, 2008, amended May 6, 2009, and further amended December 24, 2009) between the Treasury and each GSE, the FHFO Board shall testify before each such Committee before the end of the calendar quarter during which such GSE received such funds regarding specified matters and the receipt of such funds. Considers any such testimony during a year to satisfy the requirement that the Board testify at least annually before such Committees.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5391 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 5391
To revise the requirements regarding congressional testimony for the
Federal Housing Finance Oversight Board.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 25, 2010
Mr. Hensarling (for himself, Mr. Bachus, and Mr. Garrett of New Jersey)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
To revise the requirements regarding congressional testimony for the
Federal Housing Finance Oversight Board.
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 ``Federal Housing Finance Oversight
Board Increased Transparency Act of 2010''.
SEC. 2. CONGRESSIONAL TESTIMONY.
Subsection (e) of section 1313A of the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4513a) is
amended--
(1) in the matter preceding paragraph (1)--
(A) by striking ``On an annual basis'' and
inserting ``Not less frequently than annually''; and
(B) by striking ``Congress'' and inserting ``the
Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate''; and
(2) by inserting after and below paragraph (6) the
following new flush matter:
``If at any time either enterprise receives funds from the Department
of the Treasury under the Amended and Restated Senior Preferred Stock
Purchase Agreement, dated September 26, 2008, amended May 6, 2009, and
further amended December 24, 2009, between the United States Department
of the Treasury and each enterprise, the Board shall testify before
each of the Committees referred to in the preceding sentence before the
conclusion of the calendar quarter during which such enterprise
received such funds regarding the matters referred to in this
subsection and such receipt of funds, and any testimony pursuant to
this sentence during a year shall be considered to satisfy the
requirement, for such year, under the preceding sentence to testify not
less frequently than annually.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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