H.R. 1427 – Federal Housing Finance Reform Act of 2007

1. Open rule with a preprinting requirement.
2. Provides one hour of general debate equally divided and controlled by the Chairman and Ranking Minority Member of the Committee on Financial Services.
3. Waives all points of order against consideration of the bill except for clauses 9 and 10 of Rule XXI.
4. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in the report of the Committee on Rules to accompany the resolution, shall be considered as an original bill for the purpose of amendment.
5. Provides that the committee amendment in the nature of a substitute, as modified, shall be considered under the five-minute rule by title rather than by section and that each title shall be considered as read.
6. All points of order against the committee amendment in the nature of a substitute, as modified, are waived except for clauses 9 and 10 of Rule XXI.
7. Makes in order only those amendments to the amendment in the nature of a substitute that are pre-printed in the Congressional Record before the beginning of consideration of the bill or are pro forma amendments for the purpose of debate.
8. Provides that each amendment printed in the Congressional Record may be offered only by the Member who caused it to be printed or a designee, and that each amendment shall be considered as read.
9. Provides one motion to recommit with or without instructions.
10. Provides that, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to a time designated by the Speaker.

RESOLUTION

           Resolved, That at any time after the adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 1427) to reform the regulation of certain housing-related Government-sponsored enterprises, and for other purposes.  The first reading of the bill shall be dispensed with.  All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI.  General debate shall be confined to the bill and shall not exceed one hour equally divided and controlled by the chairman and ranking minority member of the Committee on Financial Services.  After general debate the bill shall be considered for amendment under the five-minute rule.  It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, modified by the amendment printed in the report of the Committee on Rules accompanying this resolution.  That amendment in the nature of a substitute shall be considered by title rather than by section.  Each title shall be considered as read. All points of order against that amendment in the nature of a substitute are waived except those arising under clause 9 or 10 of rule XXI.  Notwithstanding clause 11 of rule XVIII, no amendment to that amendment in the nature of a substitute shall be in order except those printed in the portion of the Congressional Record designated for that purpose in clause 8 of rule XVIII before the beginning of consideration of the bill and except pro forma amendments for the purpose of debate.  Each amendment so printed may be offered only by the Member who caused it to be printed or his designee and shall be considered as read.  At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill to the House with such amendments as may have been adopted.  Any Member may demand a separate vote in the House on any amendment adopted in the Committee of the Whole to the bill or to the amendment in the nature of a substitute made in order as original text.  The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.

            Sec. 2. During consideration in the House of H.R. 1427 pursuant to this resolution, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to such time as may be designated by the Speaker.

SUMMARY OF AMENDMENT TO BE CONSIDERED AS ADOPTED

The amendment adds back to the bill section 185, which was inadvertently dropped due to a clerical error.  Section 185, which is referenced throughout title one, contains an effective date of six months after the date of enactment.

TEXT OF THE AMENDMENT TO BE CONSIDERED AS ADOPTED