United States 114th Congress Status: Died 1 R cosponsors

HR 1673 — Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015 This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Director of the Federal Housing Finance Agency to: (1) establish for any government sponsored enterprise (GSE, including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) operating in conservatorship a secondary reserve fund, and (2) deposit in it from any GSE revenues an amount equal to its required minimum capital level. The GSE must hold secondary reserve fund amounts in escrow until the Director uses them according to this Act or until the fund is abolished. The Director shall: (1) decide whether to use funds held in the secondary reserve of a GSE operating in conservatorship if the GSE's losses will exceed other available amounts, and (2) abolish any secondary reserve upon dissolution of the GSE's conservatorship. Any amounts remaining in a secondary reserve upon abolishment shall revert first to meet the GSE's capital requirements and then to its earnings.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 1673 on the official United States source →

Action History

  1. Referred to the House Committee on Financial Services.

  2. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation finance housing
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Frequently asked questions

What does HR 1673 do?
Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015 This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Director of the Federal Housing Finance Agency to: (1) establish for any government sponsored enterprise (GSE, including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) operating in conservatorship a secondary reserve fund, and (2) deposit in it from any GSE revenues an amount equal to its required minimum capital level. The GSE must hold secondary reserve fund amounts in escrow until the Director uses them according to this Act or until the fund is abolished. The Director shall: (1) decide whether to use funds held in the secondary reserve of a GSE operating in conservatorship if the GSE's losses will exceed other available amounts, and (2) abolish any secondary reserve upon dissolution of the GSE's conservatorship. Any amounts remaining in a secondary reserve upon abolishment shall revert first to meet the GSE's capital requirements and then to its earnings.
Who sponsors HR 1673?
HR 1673 is sponsored by Marsha Blackburn (R).
What is the current status of HR 1673?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 1673?
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