Page:United States Statutes at Large Volume 105 Part 2.djvu/918

 105 STAT. 1870 PUBLIC LAW 102-237—DEC. 13, 1991 (n) AMENDMENT TO SECTION 7.11(a)(2).— Section 7.11(a)(2) of such Act (12 U.S.C. 2279e(a)(2)) is amended by striking "30 days" and inserting "60 days". SEC. 503. FEDERAL AGRICULTURAL MORTGAGE CORPORATION. (a) SUPERVISION AND OVERSIGHT. —Section 8.11 of the Farm Credit Act of 1971 (12 U.S.C. 2279aa-ll) is amended— (1) by amending paragraph (1) of subsection (a) to read as follows: "(1) AUTHORITY.— Notwithstanding any other provision of this Act, the Farm Credit Administration shall have the authority to provide, acting through the Office of Secondary Market Oversight— "(A) for the examination of the Corporation and its affiliates; and "(B) for the general supervision of the safe and sound performance of the powers, functions, and duties vested in the Corporation and its affiliates by this title, including through the use of the authorities granted to the Farm' Credit Administration under— "(i) part C of title V; and "(ii) beginning 6 months after the date of enactment of this section, section 5.17(a)(9)."; (2) by adding at the end of subsection (a) the following new paragraph: Establishment. "(3) OFFICE OF SECONDARY MARKET OVERSIGHT. — "(A) Not later than 180 days after the date of enactment of this paragraph, the Farm Credit Administration Board shall establish within the Farm Credit Administration the Office of Secondary Market Oversight. "(B) The Farm Credit Administration Board shall carry out the authority set forth in this section through the Office of Secondary Market Oversight. "(C) The Office of Secondary Market Oversight shall be managed by a full-time Director who shall be selected by and report to the Farm Credit Administration Board."; and (3) by adding at the end thereof the following new subsection: "(f) The Farm Credit Administration Board shall ensure that— "(1) the Office of Secondary Market Oversight has access to a sufficient number of qualified and trained employees to adequately supervise the secondary market activities of the Corporation; and "(2) the supervision of the powers, functions, and duties of the Corporation is performed, to the extent practicable, by personnel who are not responsible for the supervision of the banks and associations of the Farm Credit System.". (b) REGULATION OF FINANCIAL SAFETY AND SOUNDNESS. —Title VIII of the Farm Credit Act of 1971 (12 U.S.C. 2279aa et seq.) is amended— (1) by inserting after section 8.0 the following:

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