S.Amdt. 2731

SA 2731. Mr. WARNER (for Mr. Rounds (for himself and Mr. Warner))
submitted an amendment intended to be proposed by Mr. Warner to the
bill H.R. 133, to promote economic partnership and cooperation between
the United States and Mexico; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. ___. ENTERPRISE REGULATORY CAPITAL FRAMEWORK RULE.

(a) Definitions.--In this section--
(1) the term ``enterprise'' means--
(A) the Federal National Mortgage Association; and
(B) the Federal Home Loan Mortgage Corporation; and
(2) the term ``final rule'' means the final rule adopted by
the Federal Housing Finance Agency entitled ``Enterprise
Regulatory Capital Framework''.
(b) Study and Report Required.--Not later than 180 days
after the date of enactment of this Act, the Comptroller
General of the United States shall submit to Congress a
report containing the results of a study regarding the effect
that the final rule would have on the following:
(1) With respect to the mortgage finance system of the
United States--

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(A) the stability and resiliency of that system;
(B) the liquidity of investment with respect to that
system; and
(C) the relationship of that system with private capital.
(2) The taxpayers of the United States.
(3) The counter-cyclical role played by the enterprises.
(4) The cost and availability of mortgage credit for the
purchase of single-family and multi-family residences.
(5) Interested parties, including--
(A) potential sources of private capital supporting
mortgage finance;
(B) investors in mortgage-backed securities and insurance
markets;
(C) market participants, including originators of mortgage
loans, servicers of mortgage loans, and sources of
alternative funding with respect to mortgage finance; and
(D) purchasers of homes, including first-time and
historically underserved borrowers.
(6) The enterprises, including the effect that the final
rule would have on the enterprises--
(A) while the enterprises are in conservatorship;
(B) if the enterprises were no longer in conservatorship;
and
(C) during a transition between the states described in
subparagraphs (A) and (B).
(c) Effect of Rule.--The final rule shall not take effect
until the date that is 180 days after the date on which the
Comptroller General of the United States submits the report
required under subsection (b).
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