US HB7769

Amends Internal Revenue Code Section 149(b)(3)(A) to permanently allow state and local bonds guaranteed by Federal Home Loan Banks to retain tax-exempt status, removing the previous December 31, 2010 expiration date

Removes the restriction that limited the tax-exempt treatment to guarantees made only in connection with the original issuance of bonds

Transfers authority for setting safety and soundness requirements for these guarantees to the Director of the Federal Housing Finance Agency, replacing previously fixed statutory standards

Applies to all Federal Home Loan Bank guarantees made after the date of enactment