Leave No Securities Behind Act

        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2022 Introduced in House (IH)]

108th CONGRESS
1st Session
H. R. 2022

To extend the registration and reporting requirements of the Federal
securities laws to certain housing-related Government-sponsored
enterprises, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

May 7, 2003

Mr. Shays (for himself and Mr. Markey) introduced the following bill;
which was referred to the Committee on Financial Services

_______________________________________________________________________

A BILL

To extend the registration and reporting requirements of the Federal
securities laws to certain housing-related Government-sponsored
enterprises, and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Leave No Securities Behind Act''.

SEC. 2. REGISTRATION OF SECURITIES.

(a) Fannie Mae.--
(1) Mortgage-backed securities.--Section 304(d) of the
Federal National Mortgage Association Charter Act (12 U.S.C.
1719(d)) is amended by striking the fourth sentence and
inserting the following new sentence: ``Securities issued by
the corporation under this subsection shall not be exempt
securities within the meaning of the laws administered by the
Securities and Exchange Commission.''
(2) Subordinate obligations.--Section 304(e) of the Federal
National Mortgage Association Charter Act (12 U.S.C. 1719(e))
is amended by striking the fourth sentence and inserting the
following new sentence: ``Obligations issued by the corporation
under this subsection shall not be exempt securities within the
meaning of the laws administered by the Securities and Exchange
Commission.''
(3) Securities.--Section 311 of the Federal National
Mortgage Association Charter Act (12 U.S.C. 1723c) is amended--
(A) in the section header, by striking
``association'';
(B) by inserting ``(a) In General.--'' after ``Sec.
311.'';
(C) in the second sentence, by inserting ``by the
Association'' after ``issued''; and
(D) by adding at the end the following new
subsection:
``(b) Treatment of Corporation Securities.--
``(1) In general.--Any stock, obligations, securities,
participations, or other instruments issued or guaranteed by
the corporation pursuant to this title shall not be exempt
securities within the meaning of the laws administered by the
Securities and Exchange Commission.
``(2) Exemption for approved sellers.--Notwithstanding any
other provision of this title or the Securities Act of 1933,
transactions involving the initial disposition by an approved
seller of pooled certificates that are acquired by that seller
from the corporation upon the initial issuance of the pooled
certificates shall be deemed to be transactions by a person
other than an issuer, underwriter, or dealer within the meaning
of the laws administered by the Securities and Exchange
Commission.
``(3) Definitions.--For purposes of this subsection:
``(A) Approved seller.--The term `approved seller'
means an institution approved by the corporation to
sell mortgage loans to the corporation in exchange for
pooled certificates.
``(B) Pooled certificates.--The term `pooled
certificates' means single class mortgage-backed
securities guaranteed by the corporation that have been
issued by the corporation directly to the approved
seller in exchange for the mortgage loans underlying
such mortgage-backed securities.
``(4) Mortgage related securities.--A single class
mortgage-backed security guaranteed by the corporation that has
been issued by the Corporation directly to the approved seller
in exchange for the mortgage loans underlying such mortgage-
backed securities or directly by the corporation for cash shall
be deemed to be a mortgage related security as defined in
section 3(a) of the Securities Exchange Act of 1934.''.
(b) Freddie Mac.--Subsection (g) of section 306 of the Federal Home
Loan Mortgage Corporation Act (12 U.S.C. 1455(g)) is amended to read as
follows:
``(g) Treatment of Securities.--
``(1) In general.--Any securities issued or guaranteed by
the Corporation shall not be exempt securities within the
meaning of the laws administered by the Securities and Exchange
Commission.''.
``(2) Exemption for approved sellers.--Notwithstanding any
other provision of this title or the Securities Act of 1933,
transactions involving the initial disposition by an approved
seller of pooled certificates that are acquired by that seller
from the Corporation upon the initial issuance of the pooled
certificates shall be deemed to be transactions by a person
other than as an issuer, underwriter, or dealer within the
meaning of the laws administered by the Securities and Exchange
Commission.
``(3) Definitions.--For purposes of this subsection:
``(A) Approved seller.--The term `approved seller'
means an institution approved by the Corporation to
sell mortgage loans to the Corporation in exchange for
pooled certificates.
``(B) Pooled certificates.--The term `pooled
certificates' means single class mortgage-backed
securities guaranteed by the Corporation that have been
issued by the Corporation directly to the approved
seller in exchange for the mortgage loans underlying
such mortgage-backed securities.''.
(c) Regulations.--The Securities and Exchange Commission may issue
any regulations as may be necessary or appropriate to carry out the
purposes of this section and the amendments made by this section.
(d) Effective Date.--The amendments under this section shall be
made upon the expiration of the 180-day period beginning on the date of
the enactment of this Act, but shall apply only with respect to fiscal
years of the Federal National Mortgage Association and the Federal Home
Loan Mortgage Corporation that begin after the expiration of such 180-
day period.

SEC. 3. LIMITATION ON REGISTRATION FEES.

(a) In General.--Section 6(b)(2) of the Securities Act of 1933 (15
U.S.C. 77f(b)(2)) is amended by adding at the end the following new
sentence: ``Notwithstanding any other provision of this title, no
applicant, or group of affiliated applicants that do not include any
investment company registered under the Investment Company Act of 1940,
filing a registration statement subject to a fee shall be required in
any fiscal year with respect to all registration statements filed by
such applicant in such fiscal year to pay an aggregate amount in fees
to the Commission pursuant to subsection (b) in excess of five percent
of the target offsetting collection amount for such fiscal year. Fees
paid in connection with registration statements relating to business
combinations shall not be included in calculating the total fees paid
by any applicant.''.
(b) Effective Date.--The amendment under subsection (a) shall be
made and shall apply upon the expiration of the 180-day period
beginning on the date of the enactment of this Act.
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