Page:United States Statutes at Large Volume 103 Part 1.djvu/539

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 511 months after the date of the enactment of this Act and the second report shall be submitted to the Congress not later than 21 months after the date of the enactment of this Act. Each report shall set forth— (1) the results of the study under this section; (2) any recommendations of the Comptroller General with respect to appropriate capital standards for each government- sponsored enterprise; (3) any recommendations of the Comptroller General with respect to information that, in the determination of the Comptroller General, should be provided to the Congress concerning— (A) the extent and nature of the activities of the govern- ment-sponsored enterprises; and (B) the nature of any periodic reports that the Comptrol- ler General believes should be submitted to the Congress relating to the capital condition and operations of the government-sponsored enterprises; and (4) any recommendations and opinions of the Secretary of Agriculture, the Secretary of Education, the Secretary of Hous- ing and Urban Development, and the Secretary of the Treasury regarding the report, to the extent that the recommendations and views of such officers differ from the recommendations and opinions of the Comptroller General. (f) DEFINITION.— For purposes of this section, the term "govern- ment-sponsored enterprises" means the Federal Home Loan Mort- gage Corporation, the Federal National Mortgage Association, the Federal Home Loan Bank System, the Farm Credit Banks, the Banks for Cooperatives, the Federal Agricultural Mortgage Corpora- tion, the College Construction Loan Insurance Corporation, the Student Loan Marketing Association. TITLE XI—REAL ESTATE APPRAISAL REFORM AMENDMENTS SEC. 1101. PURPOSE. 12 USC 3331. The purpose of this title is to provide that Federal financial and public policy interests in real estate related transactions will be protected by requiring that real estate appraisals utilized in connec- tion with federally related transactions are performed in writing, in accordance with uniform standards, by individuals whose com- petency has been demonstrated and whose professional conduct will be subject to effective supervision. SEC. 1102. ESTABLISHMENT OF APPRAISAL SUBCOMMITTEE OF THE FED- ERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL. The Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended by adding at the end thereof the following new section: "SEC. 1011. ESTABLISHMENT OF APPRAISAL SUBCOMMITTEE. 12 USC 3310. "There shall be within the Council a subcommittee to be known as the 'Appraisal Subcommittee', which shall consist of the designees of the heads of the Federal financial institutions regulatory agencies.

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