Secondary Mortgage Market Enterprises Regulatory Improvement Act

Secondary Mortgage Market Enterprises Regulatory Improvement Act - Amends the Housing and Community Development Act of 1992 to transfer supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) to the Board of Governors of the Federal Reserve System from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development.

Directs the Board to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized.

Sets forth Board operating, administrative, and regulatory provisions, including: (1) public disclosure of information; (2) assessment authority; (3) elimination of specified enterprise regulatory authority of HUD; (4) prior approval authority over new activities; (5) authority to limit nonmission-related assets and set specified conforming loan limits; (6) establishment of a housing price index; (7) minimum and critical capital levels; (8) risk-based capital test; (9) capital classifications and undercapitalized enterprises; (10) receivership; (11) enforcement actions and penalties; and (12) reporting.

Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.