1 vote

Dr. Paul tried to stop Freddie Mac and Fannie Mae BACK IN 2002! H.R. 5126

I would encourage all Daily Paulers to go to the Library of Congress and look up RON PAUL and the bills he has tried to introduce. Dr. Paul has been ridiculed for introducing hundreds of bills that never get a vote. YOU NEED TO SEE AND READ THE COMMON SENSE THAT IS RON PAUL.
Each bill gives a small synopsis of its content. Dr. Paul is AMAZING, and I hope those of us who have ties to radio programs, makes the effort to call in and now give real examples of how Ron Paul has been right for years.
Below is the summary of this bill.

Thank you, and I'd like to know what people think about it.

D

H.R.5126
Latest Title: Free Housing Market Enhancement Act
Sponsor: Rep Paul, Ron [TX-14] (introduced 7/15/2002) Cosponsors (None)
Latest Major Action: 7/29/2002 Referred to House subcommittee. Status: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
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SUMMARY AS OF:
7/15/2002--Introduced.
Free Housing Market Enhancement Act - Prohibits providing Federal funds to the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or any Federal Home Loan bank (Such entities are referred to as government sponsored enterprises, or GSEs.)

Amends the Federal National Mortgage Association Charter Act ( Fannie Mae) and the Federal Home Loan Mortgage Corporation Act (Freddie Mac) to repeal: (1) the State tax exemption; (2) the requirement that the Treasury approve debt issues; (3) Treasury authority to purchase Fannie Mae/Freddie Mac obligations; (4) depositary authority; and (5) the designation of obligations as lawful investments.

Amends the Federal Home Loan Bank Act to repeal: (1) the State tax exemption; (2) Treasury authority to purchase bank obligations; (3) depositary authority; and (4) the designation of obligations as lawful investments.

Amends the Federal Reserve Act to prohibit Federal Reserve purchase of GSE debt.

Repeals the eligibility of GSE obligations for unlimited investment by national banks, federally chartered thrifts, and credit unions.