Representative Ed Royce (D-CA) introduced H.R. 574, the “Pay Back the Taxpayers Act of 2015,” on January 27. He announced the bill at the House Financial Services Committee hearing at which Federal Housing Finance Agency Director Mel Watt testified. The bill was referred to the Financial Services Committee.
The bill would prohibit Fannie Mae and Freddie Mac from contributing to the NHTF and the Capital Magnet Fund while in conservatorship or receivership, and would require any payments that have already been set aside to instead be used to reduce the federal budget deficit. The bill had twelve original co-sponsors, all Republications.
Mr. Royce, a longtime opponent of the NHTF, introduced the same bill in the last Congress on January 16, 2014 with 21 co-sponsors (see Memo, 2/21/2014). The bill was never taken up by the Financial Services Committee.