H.R. 7264: Reliable Economic Stabilization, Capital Utilization, and Enterprise Reform Act of 2008

110th Congress · introduced 2008-10-03 · Finance and Financial Sector · Latest: 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.

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Follow this bill, step by step

Where it came from: introduced 2008-10-03 · official record
Who proposed it: Rep. King, Steve [R-IA-5] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: 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. Not final yet: this can still change. We check for updates every day.
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

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

Plain summary

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.

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

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

What does this mean? (plain words)

Official text

Reliable Economic Stabilization, Capital Utilization, and Enterprise 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. King, Steve [R-IA-5] · 9 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

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)

Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr7264.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr7264 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110