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H.R. 7094: Government-Sponsored Enterprises Free Market Reform Act of 2008

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H.R. 7094: Government-Sponsored Enterprises Free Market Reform Act of 2008

110th Congress · introduced 2008-09-25 · Housing and Community Development · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2008-09-25 · official record
  2. Who proposed it: Rep. Hensarling, Jeb [R-TX-5] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Government-Sponsored Enterprises Free Market Reform Act of 2008

Plain summary

Government-Sponsored Enterprises Free Market Reform Act of 2008 - Sets a deadline for the Director of the Federal Housing Finance Agency to terminate the conservatorship of either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) if the Director determines that it is financially viable. (Refers to both Fannie Mae and Freddie Mac as enterprises.) Requires the Director to appoint the Federal Housing Finance Agency immediately as receiver of either enterprise if it is found not to be financially viable. Restricts the authority of an enterprise to acquire mortgage assets following its emergence from conservatorship. Requires the Director to establish mandatory minimum capital levels for the enterprises. Amends the Economic Stimulus Act of 2008 to repeal the temporary conforming loan limit increase for the enterprises. 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. Requires the enterprises to pay state and local taxes. Instructs the Director to assess each enterprise for the amount necessary to recoup to the federal government the full value of the benefit the enterprise receives from federal guarantees for its obligations and financial viability. Directs the Comptroller General to study and report to Congress on a risk-based pricing mechanism to determine accurately the value of the benefit the enterprises receive from such federal guarantees. Requires the wind down and dissolution of an enterprise whose charter is not renewed.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Government-Sponsored Enterprises Free Market Reform Act of 2008

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Hensarling, Jeb [R-TX-5] · 17 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Tim Walberg (R-MI), Jim Jordan (R-OH), Virginia Foxx (R-NC)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Obligation
A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong110-hr7094 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110