Representative Michael E. Capuano (D-MA) introduced H.R. 2435, the “Let the GSEs Pay Us Back Act” of 2013, on June 19. The bill would order Fannie Mae and Freddie Mac to pay the approximately $187 billion bailout they received during the financial crisis to the Federal Treasury.Under the bill, any government sponsored enterprise (GSE) Senior Preferred Stock purchased by the Treasury would no longer accrue dividends, as is current practice. The amounts of federal funds the GSEs received prior to the aforementioned modification would be treated as a loan made by the Treasury to a GSE that would have to be repaid, and current dividend payments would be treated as payments of principal and interest under the loan. Currently, the dividend payments from the GSEs to Treasury cannot be used to repay the government investment in the enterprises. Fannie Mae and Freddie Mac were taken into the conservatorship by the federal government in 2008 after investments in risky loans led to a taxpayer bailout. However, Fannie and Freddie reported record profits in early May 2013, leading many to call on the GSEs to repay the Treasury and assist in deficit reduction. H.R. 2435 has been referred to the House Committee on Financial Services.