Pay Back the Taxpayers Act of 2014

Pay Back the Taxpayers Act of 2014 - Prohibits the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), during the term of any conservatorship or receivership, from making any contribution or transfer to, or allocating or setting aside any amounts for, the Housing Trust Fund or the Capital Magnet Fund.

Requires any amounts paid or repaid to the Secretary of the Treasury by a GSE in any form, during any conservatorship or receivership of the GSE, to be covered into the General Fund of the Treasury and used only for reducing the federal budget deficit.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3901 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 3901

To prohibit contributions by Fannie Mae and Freddie Mac to the Housing 
 Trust Fund and the Capital Market Fund while such enterprises are in 
        conservatorship or receivership, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 16, 2014

 Mr. Royce (for himself, Mr. Hensarling, Mr. Garrett, Mrs. Capito, Mr. 
Neugebauer, Mr. Campbell, Mr. Lucas, Mr. McHenry, Mr. Westmoreland, Mr. 
   Ross, Mrs. Bachmann, Mr. Cotton, Mr. Pittenger, Mr. Hultgren, Mr. 
Duffy, Mr. Grimm, Mr. Mulvaney, Mrs. Wagner, Mr. Huizenga of Michigan, 
  Mr. Hurt, and Mr. Bachus) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To prohibit contributions by Fannie Mae and Freddie Mac to the Housing 
 Trust Fund and the Capital Market Fund while such enterprises are in 
        conservatorship or receivership, 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 ``Pay Back the Taxpayers Act of 
2014''.

SEC. 2. PROHIBITION OF CONTRIBUTIONS TO HOUSING TRUST FUND AND CAPITAL 
              MAGNET FUND WHILE ENTERPRISES ARE IN CONSERVATORSHIP OR 
              RECEIVERSHIP.

    Notwithstanding section 1337 of the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4567) or any 
other provision of law, during the term of any conservatorship or 
receivership of the Federal National Mortgage Association or the 
Federal Home Loan Mortgage Corporation pursuant to section 1367 of such 
Act (12 U.S.C. 4617), such enterprise shall not make any contribution 
or transfer to, or allocate or set aside any amounts for, the Housing 
Trust Fund established under section 1338 of such Act (12 U.S.C. 4568) 
or the Capital Magnet Fund established under section 1339 of such Act 
(12 U.S.C. 4569).

SEC. 3. USE OF ENTERPRISE REPAYMENTS TO REDUCE BUDGET DEFICIT.

    During the term of any conservatorship or receivership of the 
Federal National Mortgage Association or the Federal Home Loan Mortgage 
Corporation pursuant to section 1367 of such Act (12 U.S.C. 4617), 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 covered into the General Fund of the 
Treasury and shall be used only for reducing the budget deficit of the 
Federal Government.
                                 <all>