Fannie-Freddie Debt Elimination Act of 2013

Fannie-Freddie Debt Elimination Act of 2013 - Requires any amounts paid or repaid to the Secretary of the Treasury by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) to be transferred to the special Treasury account into which money received as gifts and proceeds from the sale or redemption of gifts is deposited for reduction of the national debt.

Prohibits the Secretary from entering into any agreement to further alter, amend, or change any provision of the Amended and Restated Senior Preferred Stock Purchase Agreements referred to by this Act that relates to dividend payment dates, dividend periods, dividend rates, or dividend amounts.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3340 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3340

 To require use of amounts repaid to the Secretary of the Treasury by 
        Fannie Mae and Freddie Mac to reduce the national debt.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 24, 2013

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

_______________________________________________________________________

                                 A BILL


 
 To require use of amounts repaid to the Secretary of the Treasury by 
        Fannie Mae and Freddie Mac to reduce the national debt.

    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 ``Fannie-Freddie Debt Elimination Act 
of 2013''.

SEC. 2. USE OF FANNIE MAE AND FREDDIE MAC REPAYMENTS TO REDUCE NATIONAL 
              DEBT.

    (a) Reduction of National Debt.--Any amounts paid or repaid to the 
Secretary of the Treasury by the Federal National Mortgage Association 
or the Federal Home Loan Mortgage Corporation in any form, including 
any dividends paid pursuant to the Amended and Restated Senior 
Preferred Stock Purchase Agreements, dated September 26, 2008, amended 
May 6, 2009, further amended December 24, 2009, and further amended 
August 17, 2012, between the United States Department of the Treasury 
and the Federal National Mortgage Association, and between such 
Department and the Federal Home Loan Mortgage Corporation shall be 
transferred by the Secretary to the special account established by 
subsection (d) of section 3113 of title 31, United States Code, and 
shall be used only as provided in such subsection.
    (b) Prohibition.--The Secretary of the Treasury may not enter into 
any agreement to further alter, amend, or change any provision of the 
Amended and Restated Senior Preferred Stock Purchase Agreements 
referred to in subsection (a) (as amended through August 17, 2012) that 
relates to dividend payment dates, dividend periods, dividend rates, or 
dividend amounts.
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