Market Transparency and Taxpayer Protection Act of 2011 - Directs the Director of the Federal Housing Finance Agency to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) to identify to the Director all assets of value of the GSE and their functions, characteristics, and estimated value. Requires the Director then to: (1) determine which assets are critical, and which are not critical, to carrying out the GSE's mission; and (2) establish plans annually for the sale or other disposition of any non-mission critical assets.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2440 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 2440
To protect the taxpayers of the United States by requiring Fannie Mae
and Freddie Mac to sell or dispose of the assets of such enterprises
that are not critical to their missions.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 7, 2011
Mr. Hurt (for himself, Mr. Bachus, and Mr. Garrett) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To protect the taxpayers of the United States by requiring Fannie Mae
and Freddie Mac to sell or dispose of the assets of such enterprises
that are not critical to their missions.
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 ``Market Transparency and Taxpayer
Protection Act of 2011''.
SEC. 2. DISPOSITION OF NON-MISSION CRITICAL ASSETS.
(a) Enterprise Reports to Director.--The Director of the Federal
Housing Finance Agency shall require each enterprise to submit a report
to the Director, not later than the expiration of the 180-day period
beginning upon the date of the enactment of this Act, that--
(1) identifies all assets of value of the enterprise; and
(2) describes the functions, characteristics, and estimated
value of each such asset.
(b) Determination of Non-Mission Critical Assets.--
(1) In general.--After reviewing the report submitted by an
enterprise pursuant to subsection (a), the Director shall make
a determination of which assets of such enterprise are
critical, and which are not critical, to carrying out the
mission of the enterprise in accordance with the charter Act
for the enterprise and other applicable laws.
(2) Patents and historical mortgage data.--The
determinations under paragraph (1) shall include determinations
with regard to any patents and historical mortgage data of the
enterprise.
(c) Annual Plans.--
(1) Establishment.--Not later than the expiration of the
12- and 24-month periods beginning upon the date of the
enactment of this Act, the Director shall establish a plan for
each enterprise for sale or other disposition, during the
annual plan period for each such plan, of assets of such
enterprise that the Director has determined, pursuant to
subsection (b), to be non-mission critical assets of such
enterprise in a manner that complies with the requirements
under subsection (d) (relating to implementation, commencement,
and divestment).
(2) Contents.--Each plan required under paragraph (1) for
an enterprise shall--
(A) identify the non-mission critical assets of the
enterprise to be sold or otherwise disposed of during
the annual plan period;
(B) specifically address whether and how patents
and historical mortgage data of the enterprise that are
non-mission critical assets should be sold or disposed
of during the annual plan period, which may include
making such assets available in the public domain;
(C) provide for any sales or other dispositions to
be conducted in accordance with section 1367(b)(11)(E)
of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992 (12 U.S.C. 4617(b)(11)(E)); and
(D) include any other information as the Director
considers appropriate.
(d) Implementation.--
(1) Commencement.--Not later than the expiration of the 90-
day period beginning upon establishment of each annual plan
pursuant to subsection (c), the Director shall commence
implementation of such plan.
(2) Divestment of all non-mission critical assets.--The
Director shall prohibit each enterprise from owning or holding,
after the expiration of the 36-month period beginning upon the
date of the enactment of this Act, any asset that the Director
has determined, pursuant to subsection (b), to be a non-mission
critical asset of such enterprise.
(e) Annual Reports to Congress.--Not later than 90 days after the
conclusion of the annual plan period for each annual plan for an
enterprise required by subsection (c), the Director shall submit to the
Congress a report on the non-mission critical assets of such enterprise
that were sold or otherwise disposed of pursuant to such annual plan.
(f) Definitions.--For purposes of this section, the following
definitions shall apply:
(1) Annual plan period.--The term ``annual plan period''
means, with respect to an annual plan established pursuant to
subsection (c) for an enterprise, the 12-month period that
begins upon establishment of the annual plan.
(2) Charter act.--The term ``charter Act'' means--
(A) with respect to the Federal National Mortgage
Association, the Federal National Mortgage Association
Charter Act (12 U.S.C. 1716 et seq.); and
(B) with respect to the Federal Home Loan Mortgage
Corporation, the Federal Home Loan Mortgage Corporation
Act (12 U.S.C. 1451 et seq.).
(3) Director.--The term ``Director'' means the Director of
the Federal Housing Finance Agency.
(4) Enterprise.--The term ``enterprise'' has the meaning
given such term in section 1303 of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992 (12
U.S.C. 4502).
(5) Non-mission critical assets.--The term ``non-mission
critical asset'' means, with respect to an enterprise, an asset
of the enterprise that the Director determines, pursuant to
subsection (b), is not critical to carrying out the mission of
the enterprise in accordance with the charter Act for the
enterprise and other applicable laws.
<all>
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .
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