Page:United States Statutes at Large Volume 106 Part 5.djvu/307

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3945 SEC. 1312. DIRECTOR. 12 USC 4512. (a) APPOINTMENT.—The Office shall be under the management President. of a Director, who 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, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of mortgage seciirity markets and housing finance. An individual may not be appointed as Director if the individual has served as an executive officer or director of an enterprise at any time during the 3-year period ending upon the nomination of such individual for appointment as Director. (b) TERM.—The Director shall be appointed for a term of 5 years. (c) VACANCY.—A vacancy in the pK)sition of Director shall be filled in the manner in which the original appointment was made under subsection (a). (d) SERVICE AFTER END OF TERM. — ^A Director may serve after the expiration of the term for which the Director was appointed until a successor Director has been appointed. (e) DEPUTY DIRECTOR. — \ (1) IN GENERAL.—The Office shall have a Deputy Director who shall be appointed by the! Director from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of mortgage security markets and housing finance. An individual may not be appointed as Deputy Director if the individual has served as an executive officer or director of an enterprise at any time during the 3-year period ending upon the appointment of such individual as Deputy Director. (2) FUNCTIONS.—The Deputy Director shall have such functions, powers, and duties as the Director shall prescribe. In the event of the death, resignation, sickness, or absence of the Director, the Deputy Director shall serve as acting Director until the return of the Director or the appointment of a successor pursuant to subsection (c). SEC 1313. DUTY AND AUTHORITY OF DIRECTOR. 12 USC 4513. (a) DUTY.—The duty of the Director shall be to ensure that the enterprises are adequately capitalized and operating safely, in accordance with this title. (b) AUTHORITY EXCLUSIVE OF SECRETARY. —The Director is authorized, without the review or approval of the Secretary, to make such determinations, take such actions, and perform such functions as the Director determines necessary regarding— (1) the issuance of regulations to carry out this part, subtitle B, and subtitle C (including the establishment of capital standards pursuant to subtitle B); (2) examinations of the enterprises under section 1317; (3) determining the capital levels of the enterprises and classification of the enterprises within capital classifications established under subtitle B; (4) decisions to appoint conservators for the enterprises; (5) administrative and enforcement actions under subtitle B, actions taken under subtitle C with respect to enforcement of subtitle B, and other matters relating to safety and soundness;

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