H.R. 3550: New Fair Deal Banking and Housing Stability Act of 2013

113th Congress · introduced 2013-11-20 · Housing and Community Development · Latest: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

federal

Follow this bill, step by step

Where it came from: introduced 2013-11-20 · official record
Who proposed it: Rep. Amash, Justin [R-MI-3] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. 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

New Fair Deal Banking and Housing Stability Act of 2013

Plain summary

New Fair Deal Banking and Housing Stability Act of 2013 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA), the Federal National Mortgage Association Charter Act (FNMACA), and the Federal Home Loan Mortgage Corporation Act (FHLMCA) to repeal housing goals and related provisions, including the Housing Trust Fund and the Capital Magnet Fund, with respect to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises) (GSEs). Amends the FNMACA and the FHLMCA to limit Fannie Mae and Freddie Mac mortgage purchases on property comprising 1- to 4-family dwelling units. Amends the FHLMCA to repeal the authority of banking entities with respect to Freddie Mac transactions. Amends the FNMACA and the FHLMCA to: (1) reduce GSE conforming loan limits, and (2) set a loan-to-value limitation on GSE mortgage purchases. Amends the FHEFSSA to: (1) replace mandatory risk-based standards for GSEs with mandatory non-risk-based standards, and (2) increase the minimum and critical capital levels for GSEs. Amends the Housing and Community Development Act of 1992 to place specified restrictions on the mortgage assets owned by GSEs Repeals the FNMACA and the FHLMCA, and denies Fannie Mae and Freddie Mac any authority to conduct new business. Pledges the full faith and credit of the United States to pay all amounts which may be required under existing Fannie Mae and Freddie Mac obligations. Prescribes requirements for winding down Fannie Mae and Freddie Mac operations. Amends the National Housing Act to revise requirements for Federal Housing Administration (FHA) credit programs and: (1) require mortgagees to repurchase defaulted mortgages in certain circumstances, (2) prohibit mortgage insurance for cash-out refinancings, and (3) prohibit mortgage insurance on a 1- to 4-family residential property for which the seller contributes more than 3% of the total closing costs toward the purchaser's acquisition of the property. Reduces guarantees of mortgages by requiring an increase in FHA downpayment requirements. Terminates FHA credit guarantees five years after enactment of this Act, and transfers FHA functions to the Secretary of the Treasury. Amends the FNMACA to limit Government National Mortgage Association (Ginnie Mae) guarantees. Abolishes Ginnie Mae and transfers all of its functions to the Secretary. Repeals the Community Reinvestment Act of 1977, the Home Mortgage Disclosure Act of 1975, certain risk retention requirements of the Dodd-Frank Wall Street Reform And Consumer Protection Act, the Affordable Housing Program of the Federal Deposit Insurance Act (FDIA), and other specified federal law. Repeals transportation planning requirements and rescinds unobligated balances of funds made available to carry them out. Terminates Department of Housing and Urban Development (HUD) sustainable communities initiatives and makes a similar related rescission. Requires the appropriate federal regulators to set the capital standards for financial companies, which shall maintain sufficient capital to remain adequately capitalized. Amend the FDIA to: (1) reduce from $250,000 to $150,000 the amount of the standard maximum deposit insurance amount of the Federal Deposit Insurance Corporation (FDIC), and (2) repeal FDIC Administrator authority to make systemic risk determinations. Amends the Federal Reserve Act to repeal the unusual and exigent authority of the Board of Governors of the Federal Reserve. Renames the stabilization fund in the Treasury as the Special Drawing Rights Fund, and directs the Secretary to liquidate all property in the Fund, other than Special Drawing Rights, and to use all such amounts to reduce the public debt. Expresses the sense of Congress that the appropriate congressional committees should each report legislation proposing changes to existing law to accommodate bankruptcy proceedings for failing multinational financial institutions.

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

New Fair Deal Banking and Housing Stability Act of 2013

Source: Congressional Research Service summary (Introduced in House)

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Alternatives

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

Officials and money

Sponsor: Rep. Amash, Justin [R-MI-3] · 7 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Jim Jordan (R-OH), Tom McClintock (R-CA)

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 (4)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Ballot initiative: A proposed law or constitutional amendment that citizens place on the ballot by gathering enough voter signatures, so voters decide it directly. About half the states allow some form of it.
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.
Sponsor and cosponsor: The sponsor is the member who introduces a bill and leads it. Cosponsors are other members who sign on to show support.

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-113hr3550.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/113/hr>

Record fed-us-cong113-hr3550 · catalog fed-us-congress-bills-cong113 · updated 2026-11-15 by psicol fed-bills-cong113