Page:United States Statutes at Large Volume 103 Part 1.djvu/443

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 415 delegate any function to any employee, administrative unit of any Bank, or joint office of the Federal Home Loan Bank System. The prohibition contained in the preceding sentence shall not apply to the delegation of ministerial functions includ- ing issuing consolidated obligations pursuant to section IIG)). In directing and fixing such compensation, the Board shall consult with and maintain comparability with the compensation at the Federal bank regulatory agencies. Such compensation shall be paid without regard to the provisions of other laws applicable to officers or employees of the United States, except the Chair- person and other Directors shall be compensated as prescribed in sections 5314 and 5315 of title 5, United States Code, respec- tively. "(2) ABOLITION OF JOINT OFFICES. —The joint or collective of- fices of the Federal Home Loan Bank System, except for the Office of Finance, are hereby abolished. "(c) RECEIPTS OF THE BOARD. —Receipts of the Board derived from assessments levied upon the Federal Home Loan Banks and from other sources (other than receipts from the sale of consolidated Federal Home Loan Bank bonds and debentures issued under sec- tion 11 of this Act) shall be deposited in the Treasury of the United States. Salaries of the directors and other employees of the Board and all other expenses thereof may be paid from such assessments or other sources and shall not be construed to be Government Funds or appropriated monies, or subject to apportionment for the pur- poses of chapter 15 of title 31, United States Code, or any other authority. "(d) ANNUAL REPORT.— The Board shall make an annual report to the Congress.". (b) AUDITS AND REPORTS.— Section 20 of the Federal Home Loan Bank Act (12 U.S.C. 1440) is amended by adding at the end the following: "In addition to such examinations, the Comptroller Gen- eral may audit or examine the Board and the Banks, to determine the extent to which the Board and the Banks are fairly and effec- tively fulfilling the purposes of this Act.". (c) APPOINTMENT OF INSPECTOR GENERAL.— Section 8E(a)(2) of the Inspector General Act of 1978 (5 U.S.C. App.) is amended by striking "Federal Home Loan Bank Board," and inserting "Federal Housing Finance Board,". SEC. 703. TERMINATION OF THE FEDERAL HOME LOAN BANK BOARD. (a) IN GENERAL. —Section 17 of the Federal Home Loan Bank Act (12 U.S.C. 1437) is hereby repealed. SEC. 704. ELIGIBILITY FOR MEMBERSHIP. (a) INSURED DEPOSITORY INSTITUTIONS.— Section 4(a) of the Federal Home Loan Bank Act (12 U.S.C. 1424(a)) is amended to read as follows: "(a) CRITERIA FOR ELIGIBILITY. — "(1) IN GENERAL.— Any building and loan association, savings and loan association, cooperative bank, homestead association, insurance company, savings bank, or any insured depository institution (as defined in section 2 of this Act), shall be eligible to become a member of a Federal Home Loan Bank if such institution— .^ "(A) is duly organized under the laws of any State or of the United States;

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