HR 4653 111th Congress House Economics and Public Finance Accounting and auditing Budget deficits and national debt Government corporations and government-sponsored enterprises Housing finance and home ownership Securities

Accurate Accounting of Fannie Mae and Freddie Mac Act

Introduced: February 23, 2010 See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 23, 2010

Referred to House Financial Services

Feb 23, 2010

Referred to House Ways and Means

Feb 23, 2010

Referred to the Committee on the Budget, and in addition to the Committees on Ways and Means, and 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.

Feb 23, 2010

Referred to House Budget

Feb 23, 2010

Introduced in House

Plain-English summary Congressional Research Service

Accurate Accounting of Fannie Mae and Freddie Mac Act - Requires the receipts and disbursements of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the federal budget submitted by the President; (2) the congressional budget; or (3) the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

Requires the costs of purchases of mortgages, and mortgage-backed securities issued, by Fannie Mae and Freddie Mac to be calculated by adjusting a specified discount rate for market risks under the Credit Reform Act of 1990.

Subjects to the statutory public debt limit the face amount of obligations issued by Fannie Mae and Freddie Mac and outstanding at one time.

What's happening now February 23, 2010

Referred to House Financial Services

Committees of jurisdiction 3