---
kind: "section"
citation: "12 U.S.C. § 4602"
title: "12"
title_heading: "Banks and Banking"
number: "4602"
heading: "Studies of effects of privatization of FNMA and FHLMC"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/4602"
units:
  - "Chapter 46 — Government Sponsored Enterprises"
  - "Subchapter I — Supervision and Regulation of Enterprises"
  - "Part C — Miscellaneous Provisions"
---

# §4602. Studies of effects of privatization of FNMA and FHLMC

- (a) **In general—** The Comptroller General of the United States, the [Secretary](/usc/12/1715z–22a.md?p=4) of Housing and Urban Development, the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury, and the [Director](/usc/12/4502.md?p=9) of the Congressional Budget Office shall each conduct and submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, not later than the expiration of the 2-year period beginning on October 28, 1992, a study regarding the desirability and feasibility of repealing the Federal charters of the Federal National [Mortgage](/usc/12/1707.md?p=a) Association and the Federal Home Loan [Mortgage](/usc/12/1707.md?p=a) Corporation, eliminating any Federal sponsorship of the [enterprises](/usc/12/4502.md?p=10), and allowing the [enterprises](/usc/12/4502.md?p=10) to continue to operate as fully private entities.
- (b) **Requirements—** Each study shall particularly examine the effects of such privatization on—
  - (1) the requirements applicable to the Federal National [Mortgage](/usc/12/1707.md?p=a) Association and the Federal Home Loan [Mortgage](/usc/12/1707.md?p=a) Corporation under Federal law and the costs to the [enterprises](/usc/12/4502.md?p=10);
  - (2) the cost of capital to the [enterprises](/usc/12/4502.md?p=10);
  - (3) housing affordability and availability and the cost of homeownership;
  - (4) the level of secondary [mortgage](/usc/12/1707.md?p=a) market competition subsequently available in the private sector;
  - (5) whether increased amounts of capital would be necessary for the [enterprises](/usc/12/4502.md?p=10) to continue operation;
  - (6) the secondary market for residential loans and the liquidity of such loans; and
  - (7) any other factors that the Comptroller General, the [Secretary](/usc/12/1715z–22a.md?p=4) of Housing and Urban Development, the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury, or the [Director](/usc/12/4502.md?p=9) of the Congressional Budget Office deems appropriate to enable the Congress to evaluate the desirability and feasibility of privatization of the [enterprises](/usc/12/4502.md?p=10).
- (c) **Information—** The Federal National [Mortgage](/usc/12/1707.md?p=a) Association and the Federal Home Loan [Mortgage](/usc/12/1707.md?p=a) Corporation shall provide full and prompt access to the Comptroller General, the [Secretary](/usc/12/1715z–22a.md?p=4) of Housing and Urban Development, the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury, and the [Director](/usc/12/4502.md?p=9) of the Congressional Budget Office to any books, records, and other information requested for the purposes of conducting the studies under this section.
- (d) **Views of FNMA and FHLMC—**
  - (1) **Consideration in studies—** In conducting the studies under this section, the Comptroller General, the [Secretary](/usc/12/1715z–22a.md?p=4) of Housing and Urban Development, the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury, and the [Director](/usc/12/4502.md?p=9) of the Congressional Budget Office shall each consider the views of the Federal National [Mortgage](/usc/12/1707.md?p=a) Association and the Federal Home Loan [Mortgage](/usc/12/1707.md?p=a) Corporation.
  - (2) **Direct report—** The Federal National [Mortgage](/usc/12/1707.md?p=a) Association and the Federal Home Loan [Mortgage](/usc/12/1707.md?p=a) Corporation may each report directly to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on its own analysis of the desirability and feasibility of repealing the Federal charters of the [enterprises](/usc/12/4502.md?p=10), eliminating any Federal sponsorship, and allowing the [enterprises](/usc/12/4502.md?p=10) to continue to operate as fully private entities.

## Source credit

(Pub. L. 102–550, title XIII, § 1355, Oct. 28, 1992, 106 Stat. 3970.)

## Notes

### Statutory Notes and Related Subsidiaries

### Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.