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HR 7264 110th Congress House Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Bankruptcy Capital gains tax Congressional oversight Corporate finance and management Federally chartered organizations Financial crises and stabilization Government corporations and government-sponsored enterprises Government lending and loan guarantees Government studies and investigations Housing finance and home ownership Income tax deductions Income tax exclusion Interest, dividends, interest rates Securities Taxation of foreign income U.S. and foreign investments

Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008

Introduced: October 3, 2008 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 3, 2008
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Oct 3, 2008
Introduced in House
 Plain-English summary Congressional Research Service

Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008 - Amends the Internal Revenue Code to: (1) exclude from gross income gain from the sale of certain residential or commercial mortgages and related securities issued on or before March 14, 2008, and acquired before January 1, 2010; (2) extend the carryback period for net operating losses to five years; (3) provide an increased dividends received tax deduction for corporations with overseas operations that make investments in the United States; and (4) treat gain or loss from the sale of certain preferred stock in the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) as ordinary income or loss.

Repeals the Community Reinvestment Act.

Requires the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to establish a net worth certificate program to provide capital to assist insured banks in resolving solvency problems.

Government-Sponsored Enterprises Free Market Reform Act of 2008- Requires the Director of the Federal Housing Finance Agency (FHFA) to: (1) terminate the conservatorship of Fannie Mae and the Freddie Mac, jointly defined as the enterprise, if the Director determines that the enterprise is financially viable; or (2) immediately appoint FHFA as receiver of the enterprise if it is found not financially viable. Limits the amount of mortgage assets the enterprise may own after the termination of its conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprise.

Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to repeal provisions governing enterprise authority to purchase and sell certain insured and conventional mortgages and to engage in certain lending activities.

Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to repeal the new housing price index.

Amends the Housing and Economic Recovery Act of 2008 to repeal certain conforming loan limits.

Imposes requirements for the renewal of the enterprise's charter if it becomes financially sound and for winding down its operations and dissolving the enterprise otherwise.

What's happening now October 3, 2008

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1