Commercial Real Estate Stabilization Act of 2010
Latest action. Referred to the House Committee on Financial Services.
Commercial Real Estate Stabilization Act of 2010 - Establishes an Oversight Board to: (1) advise the Secretary of the Treasury on the Commercial Real Estate Credit Guarantee Program (established by this Act); and (2) report quarterly to Congress on the Program and on the current state of the credit system in the United States with respect to commercial lending, small business, and commercial real estate lending.
Directs the Secretary to establish the Commercial Real Estate Credit Guarantee Program, under which the Secretary shall guarantee payments of interest and principal on an approved credit instrument.
Requires 50% of the Program to be used for small- and mid-sized institutions.
Permits loans for either owner-occupied or nonowner-occupied commercial real estate.
States that guarantees issued under this Act constitute general obligations of the United States, for which the full faith and credit of the United States is pledged.
Expresses the intent of Congress that the Program be utilized when such utilization proves beneficial, and not be unduly inhibited by concerns related to potential unfavorable regulatory accounting treatment.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on July 22, 2010. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on July 22, 2010: Referred to the House Committee on Financial Services.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 111th Congress (2009-10), 383 of the 10,778 bills and joint resolutions introduced became law, about 3.6 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Walter Minnick (D-ID) introduced it on July 22, 2010, and 6 members have since signed on as cosponsors.
They come from both major parties: 4 Democrats, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 22, 2010, 5894 days ago. The most recent recorded action was 5894 days ago, on July 22, 2010.
Measures do not carry over. Anything the 111th Congress has not finished by January 3, 2011 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers