Page:United States Statutes at Large Volume 106 Part 5.djvu/303

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3941 tion required under this paragraph, as determined by the Secretary, the unit of general local government may submit its assessment submitted to the State to the Secretary and shall be considered to have complied with this paragraph". SEC. 1207. REPORTS BY SECRETARY. Not later than 2 years after the date of enactment of this Act, the Secretary of Housing and Urban Development shall submit a report to the Congress. The report shall— (1) describe any successful State and local strategies for the removal of barriers to affordable housing; (2) assess the impact of identified regulatory barriers on the housing patterns of minorities; and (3) describe any strategies developed or implemented by the Department of Mousing and Urban Development for reducing barriers to affordable housing imposed by the Federal Government. 42 USC 12705a note. TITLE XIII—GOVERNMENT SPONSORED ENTERPRISES SEC. 1301. SHORT TITLE. This title may be cited as the ''Federal Housing Enterprises Financial Safety and Soundness Act of 1992". SEC. 1302. CONGRESSIONiikL FINDINGS. The Congress finds that— (1) the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (referred to in this section collectively as the "enterprises"), and the Federal Home Loan Banks (referred to in this section as the "Banks"), have important public missions that are reflected in the statutes and charter Acts establishing the Banks and the enterprises; (2) because the continued ability of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation to accomj^lish their public missions is important to proViding housing in the United States and the health of the Nation^ economy, more effective Federal regulation is needed to reduce the risk of failure of the enterprises; (3) considering the current operating procedures of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federcd Home Loan Banks, the enterprises and the Banks currently pose low financial risk of insolvency; (4) neither the enterprises nor the Banks, nor any securities or obligations issued by the enterprises or the Banks, are backed by the full faith and credit of the United States; (5) an entity regulating the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation should have sufficient autonomy from the enterprises and special interest groups; (6) an entity regulating such enterprises should have the authority to esteblish capital standards, require financial disclosure, prescribe adequate standards for books and records and other mtemal controls, conduct examinations when necessary, Federal Housing Enterprises Financial Safety and Soundness Act of 1992. 12 USC 4501 note. 12 USC 4501.

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