http://www.cuna.org/newsnow/archive/list.php?date=072905
Senate Banking Approves GSE Reform
WASHINGTON (8/1/05)The Senate Banking Committee last week approved
the Federal Housing Enterprise Regulatory Reform Act (S. 190) intended
to overhaul the regulations for government-sponsored enterprises.
The bill places tighter limits on the types of mortgage investments
Fannie Mae and Freddie Mac can hold in their portfolios and calls for
restrictions if either company's portfolio holding pose a "systemic
risk" to the economy, according to legislative experts at the Credit
Union National Association (CUNA) who monitored the hearing.
The bill contained no affordable housing provision, and senators
expressed doubt about being about to work out a compromise package
with the House without such a provision, according to CUNA's team.
The Senate Banking Committee bill does seek to abolish the Federal
Housing Finance Board and proposes to create an independent Federal
Housing Enterprise Regulatory Agency, which would have authority over
the Federal Home Loan Bank Finance Corporation, the Federal Home Loan
Banes, Fannie Mae and Freddie Mac, as well as the Federal Housing
Enterprise Board. That agency would take the place of the existing
Office of Federal Housing Enterprise Oversight.
The new regulator would have the power to enforce and regulate:
* assessment authority;
* authority to limit nonmission-ralated assets;
* minimum and critical capital levels;
* a risk-based capital test;
* capital classifications and undercapitalized enterprises;
* enforcement actions and penalties;
* golden parachutes; and
* reporting.
On Mon, Sep 22, 2008 at 3:49 PM, Maureen <[EMAIL PROTECTED]> wrote:
> S.190 was read into committee. It never came to the floor of the
> senate. The committee had a majority Republican membership that
> failed to bring the bill to the floor to vote. So the comments about
> a possible filibuster are moot.
>
> From the congressional record:
>
> S.190
> Title: A bill to address the regulation of secondary mortgage market
> enterprises, and for other purposes.
> Sponsor: Sen Hagel, Chuck [NE] (introduced 1/26/2005) Cosponsors (3)
> Latest Major Action: 7/28/2005 Senate committee/subcommittee actions.
> Status: Committee on Banking, Housing, and Urban Affairs.
>
> ALL ACTIONS:
> 1/26/2005:
> Sponsor introductory remarks on measure. (CR S599-600)
> 1/26/2005:
> Read twice and referred to the Committee on Banking, Housing, and
> Urban Affairs.
> 7/28/2005:
> Committee on Banking, Housing, and Urban Affairs. Ordered to
> be reported with an amendment in the nature of a substitute favorably.
>
>
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