Page:United States Statutes at Large Volume 103 Part 1.djvu/306

 103 STAT. 278 PUBLIC LAW 101-73 —AUG. 9, 1989. "(8) STATE.— The term 'State' has the same meaning as in section 3 of the Federal Deposit Insurance Act. "(9) AFFIUATE. — The term 'affiliate' means any person that ^ controls, is controlled by, or is under common control with, a savings association, except as provided in section 10. 12 USC 1462a. "SEC. 3. DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION. ' "(a) ESTABLISHMENT OF OFFICE.—T here is established the Office of Thrift Supervision, which shall be an office in the Department of the Treasury. " (b) ESTABLISHMENT OF POSITION OF DIRECTOR.— "(1) IN GENERAL.— There is established the position of the Director of the Office of Thrift Supervision, who shall be the head of the Office of Thrift Supervision and shall be subject to the general oversight of the Secretary of the Treasury. "(2) AUTHORITY TO PRESCRIBE REGULATIONS.— The Director may prescribe such regulations and issue such orders as the Director may determine to be necessary for carrying out this ^ ^ Act and all other laws within the Director's jurisdiction. "(3) AUTONOMY OF DIRECTOR. — The Secretary of the Treasury may not intervene in any matter or proceeding before the Director unless otherwise provided by law. "(c) APPOINTMENT; TERM.— "(1) APPOINTMENT.— The Director shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who are citizens of the United States. "(2) TERM.— The Director shall be appointed for a term of 5 years. ' "(3) VACANCY. — A vacancy in the position of Director which occurs before the expiration of the term for which a Director was appointed shall be filled in the manner established in paragraph (1) and the Director appointed to fill such vacancy shall be appointed only for the remainder of such term. "(4) SERVICE AFTER END OP TERM.—An individual may serve as ^ Director after the expiration of the term for which appointed until a successor Director has been appointed. ' '•• "(5) TRANSITIONAL PROVISION. — Notwithstanding paragraphs (1) and (2), the Chairman of the Federal Home Loan Bank Board on the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, shall be the Director until the date on which that individual's term as Chairman of the Federal Home Loan Bank Board would have expired. "(d) PROHIBITION ON FINANCIAL INTERESTS. —The Director shall not have a direct or indirect financial interest in any insured ^ depository institution, as defined in section 3 of the Federal Deposit Insurance Act. "(e) POWERS OF THE DIRECTOR. —The Director shall have all powers which— "(1) were vested in the Federal Home Loan Bank Board (in the Board's capacity as such) or the Chairman of such Board on the day before the date of the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989; and "(2) were not— _y. "(A) transferred to the Federal Deposit Insurance Cor- poration, the Federal Housing Finance Board, the Resolu- tion Trust Corporation, or the Federal Home Loan Mort-

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