Legislation

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  • H.R. 1121, the Responsible Consumer Financial Protection Regulations Act
    Apr 26, 2011 - The Responsible Consumer Financial Protection Regulations Act establishes a bipartisan commission of five members at the Consumer Financial Protection Bureau (CFPB). H.R. 1121, introduced by Chairman Spencer Bachus facilitates robust consumer financial protection by empanelling a five-member Commiss... More
  • H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act
    Apr 26, 2011 - The expansive powers given to the CFPB to write rules will have far-reaching implications. Yet, the Dodd-Frank Act makes the CFPB’s judgments essentially unreviewable. The Dodd-Frank Act did include a review process, but the process is essentially meaningless . The Act allows the Financial Stabilit... More
  • H.R. 1182, the GSE Bailout Elimination and Taxpayer Protection Act
    Apr 26, 2011 - H.R. 1182 ends the taxpayer-funded bailouts of Fannie Mae and Freddie Mac and put these two companies on a path towards privatization. The failures of the two government-sponsored enterprises (GSEs) have directly cost taxpayers more than $150 billion. H.R. 1182 is sponsored by Rep. Jeb Hensarling. More
  • H.R. 839, the HAMP Termination Act
    Apr 13, 2011 - H.R. 839, introduced by Rep. Patrick McHenry (NC), would terminate Treasury’ authority to provide new assistance under the Home Affordable Modification Program (HAMP) while preserving the contracts made prior to the bill’s enactment. H.R. 839 prevents $30 billion in TARP funds from being spent. Back... More
  • H.R. 861, the NSP Termination Act
    Apr 13, 2011 - H.R. 861, introduced by Rep. Gary Miller (CA) on March 1, terminates the Neighborhood Stabilization Program (NSP) and prevents $1 billion from being spent on this program. Background: In 2008 the Democrats’ GSE bailout bill (the Housing and Economic Recovery Act) established the NSP with $4 billion ... More
  • H.R. 836 - Emergency Homeowner Relief Program Termination Act
    Apr 13, 2011 - H.R. 836, introduced by Rep. Jeb Hensarling on February 28, 2011, ends HUD’s Emergency Homeowners Relief Program and prevents $1 billion from being spent on this program that increases struggling homeowners’ debts. Background: The Dodd-Frank Act established a $1 billion HUD Emergency Homeowner Reli... More
  • H.R. 1223, the GSE Credit Risk Equitable Treatment Act
    Apr 13, 2011 - The legislation, introduced by Capital Markets Subcommittee Chairman Scott Garrett, helps clarify the risk retention rules required under Section 941 of the Dodd-Frank Act to make clear that Fannie Mae and Freddie Mac will be held to the same standards as any other secondary mortgage market particip... More
  • H.R. 1221, the Equity In Government Compensation Act
    Apr 13, 2011 - The legislation, introduced by Chairman Bachus, suspends the compensation packages for executives of Fannie Mae and Freddie Mac and places all other employees on the General Schedule pay scale. Since September 2008 when Fannie Mae and Freddie Mac entered Federal conservatorships, the Federal Housing... More
  • H.R. 1224, the Portfolio Risk Reduction Act
    Apr 13, 2011 - The legislation, introduced by Financial Services Committee Vice Chairman Jeb Hensarling, accelerates and formalizes the reduction in the size of the GSEs’ portfolios. As of January 2011, Fannie Mae retained portfolio was $777.059 billion, and Freddie Mac retained portfolio was $694.846 billion. The... More
  • H.R. 1222, the GSE Subsidy Elimination Act
    Apr 13, 2011 - The legislation, introduced by Oversight and Investigations Subcommittee Chairman Randy Neugebauer, requires that FHFA gradually increase guarantee fees at Fannie Mae and Freddie Mac over the next two years. Under the legislation, the FHFA will consider the market conditions in raising the GSEs’ gua... More