Government Corporation and Government Sponsored Enterprise Standards Act

TABLE OF CONTENTS: Title I: Classifications of Government Corporations and GSES Title II: General Provisions Title III: Wholly Owned Government Corporations Title IV: Transitional Government Corporations Title V: Government Sponsored Enterprises Title VI: Government Corporation Control Act Title VII: Separability Government Corporation and Government Sponsored Enterprise Standards Act - Title I: Classifications of Government Corporations and GSES - Directs the Director of the Office of Management and Budget to maintain a list of all Government corporations and Government sponsored enterprises and publish such list as a part of the annual budget of the U.S. Government. Title II: General Provisions - Reserves to the Congress the right to alter, amend or repeal any law establishing or governing the activities of a Government corporation or Government sponsored enterprise (GSE). (Sec. 202) Authorizes each newly established Government corporation or newly established GSE to establish, acquire or control the activities of a subsidiary or other affiliate only by or under a U.S. law expressly authorizing the action. Title III: Wholly Owned Government Corporations - Subjects each newly established wholly owned Government corporation to the Government Corporation Control Act. (Sec. 303) Provides that each newly established wholly owned Government corporation shall terminate ten years after establishment, but may be extended for additional ten-year periods by the Congress. (Sec. 304) Provides for: (1) the general powers of each newly established wholly owned Government corporation; (2) officers and employees; (3) obligations issued or guaranteed; (4) retirement and disability contributions and contributions to the Employees' Compensation Fund; and (5) annual financial statements. (Sec. 309) Prohibits a newly established wholly owned Government corporation from engaging in new business activities before they are included in the annual budget program approved by the Congress. (Sec. 310) Authorizes appropriations to each newly established wholly owned Government corporation for each year in sums equal to certain revenues foregone by the corporation for national policy reasons to provide goods or services at prices or rates below a reasonable estimate of the cost of production. (Sec. 311) Exempts funds, accounts, receipts and outlays of newly established wholly owned Government corporations from general budget limitations upon expenditures and net lending (budget outlays), sequestration orders, or discretionary spending limits. (Sec. 312) Exempts, subject to exceptions, newly established wholly owned Government corporations, including their franchises, property and income, from all State, county, municipality or local taxation. Requires that each such corporation make payments to State and local governments in lieu of property taxes. Title IV: Transitional Government Corporations - Provides for each newly established transitional Government corporation to have succession for a period of five years. (Sec. 403) Directs each newly established transitional Government corporation, no later than four years after enactment of its establishing or extending statute to submit to the President and the Congress a specified strategic privatization plan. Directs the U.S. Comptroller General to report to the Congress on the extent to which: (1) the privatization plan would result in any ongoing obligation or undue cost to the Government; and (2) the revenues gained by the Government under the plan would represent at least the net present value of the corporation. Title V: Government Sponsored Enterprises - Provides for each newly established government sponsored enterprise (GSE) to have succession for a period of ten years, subject to review by the Congress and extension for additional ten-year periods. (Sec. 503) Requires the statute establishing any GSE to address specified financial safety and soundness issues, including requirements for Federal supervision. Requires the Secretary to contract with two nationally recognized statistical rating organizations to: (1) assess a new GSE's ability to meet its obligations; and (2) review the new GSE's rating at least annually. Requires each new GSE to maintain throughout its existence one of the two highest of such ratings. (Sec. 504) Requires that the Federal agency responsible for supervision of the newly established GSE or the Secretary, within one year after the establishment or extension of a GSE, to submit to the President and the Congress a strategic plan (revised and updated triennially) for the removal of Government sponsorship from the GSE. Permits a GSE that holds different views from those of the Federal agency or Secretary to prepare and submit its own strategic plan. Requires the Federal agency or the Secretary to report at least annually on any unauthorized transactions or undertakings. (Sec. 505) Mandates that an annual report be submitted by the Secretary to the Congress assessing the financial safety and soundness of the activities of all newly established GSEs and the impact of their operations on Federal borrowing. (Sec. 506) Requires each newly established GSE to have an annual audit of its financial statements by an independent accountant. Subjects each GSE to an audit by the Comptroller General. (Sec. 507) Sets forth requirements regarding: (1) shareholder rights; (2) equity securities; and (3) Federal investments. (Sec. 511) Subjects each newly established GSE to Federal, State, and local taxation to the same extent as other business organizations are taxed. (Sec. 512) Requires each newly established GSE to report annually to the Congress. Title VI: Government Corporation Control Act - Amends the Government Corporation Control Act to: (1) redefine the term "Government corporation" to mean a wholly owned Government corporation and a Government sponsored enterprise; (2) strike the current definition of the term "mixed-ownership Government corporation" and define the term "Government sponsored enterprise" to mean the Federal Home Loan Banks, the Farm Credit Banks, the Banks for Cooperatives of the Farm Credit System, and such other Government sponsored enterprises as the Secretary of the Treasury may designate; (3) revise audit provisions, including requiring the Comptroller General to conduct annual audits of wholly owned Government corporations; (4) exempt former mixed-ownership wholly owned government corporations from specified Federal budget and audit requirements under the Act; (5) exempt GSE's from specified requirements of the Secretary to keep accounts; and (6) delete references to "mixed-ownership Government corporation" and insert "Government sponsored enterprise." Title VII: Separability - Sets forth separability provisions.