MOVE Act

Congress possesses the constitutional authority to regulate the interstate mortgage market and the operations of federally chartered enterprises such as Fannie Mae and Freddie Mac. The commerce power under Article I, Section 8, Clause 3 extends to the national housing finance system, which involves the purchasing and securitization of mortgages across state lines. Requiring these entities to deal in portable mortgages is a proper means to ensure the stability and uniformity of the national credit market, and it falls within the necessary and proper execution of Congress's enumerated powers und…

This bill compels private corporations, albeit government-sponsored enterprises, to engage in specific commercial activities—purchasing and securitizing portable mortgages—which exceeds the enumerated powers of Congress. The Constitution grants Congress only those powers expressly listed in Article I, Section 8, and no clause therein authorizes the federal government to dictate the terms of mortgage products or mandate the operations of private entities. Such an act would violate the Tenth Amendment, which reserves to the States or the people all powers not delegated to the United States. Furt…

The Congress is vested with the power to regulate commerce among the several states, and to make all laws which shall be necessary and proper for carrying into execution its enumerated powers. The creation and regulation of federal instrumentalities such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation falls within the scope of these powers, as the mortgage market is undeniably a matter of interstate commerce. Requiring these entities to purchase and securitize portable mortgages is a legitimate exercise of that commerce power, provided it does not in…

This bill directs federally chartered corporations engaged in the national mortgage market to purchase and securitize portable mortgages. The Constitution vests Congress with the power to regulate commerce among the several states, and the secondary mortgage market is a vital part of that commerce. Under the necessary and proper clause, Congress may select any appropriate means to execute its enumerated powers, including directing the operations of instrumentalities it has lawfully created. The requirement here is a reasonable regulation of interstate commerce, consistent with the principles e…