Page:United States Statutes at Large Volume 106 Part 5.djvu/358

 106 STAT. 3996 PUBLIC LAW 102-550—OCT. 28, 1992 of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development."; (3) in subsection (0— (A) 1^ striking 'i» make payments" and all that follows through such capital contributions,"; and (B) by striking "additional shares of such stodc," and inserting "shares of common stock of the corporation"; and (4) by redesignating subsection (f) (as so amended) as subsection (d). (e) RATIO OF OBLIGATIONS.— Section 304 of the Federal National Mortgage Association Charter Act (12 U.S.C. 1719) is amended— (1) in subsection (b), by striking the semicolon in the first sentence and all that follows through the end of the second sentence and inserting a period; and (2) in subsection (e), by striking the fourth sentence. (f) STATEMENT IN SECURITIES. —Section 304(d) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1719(d)) is amended by inserting after the period at the end the following new sentence: The corporation shall insert appropriate language in all of the securities issued under this subsection clearly indicating that such securities, together with the interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or any agency or instrumentality thereof other than the corporation.". (g) ASSESSMENTS FOR OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT. —The first sentence of section 304(f) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1719(f)) is amended by inserting before the first comma the following: "of this Act and assessments pursuant to section 1316 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992". (h) BOARD OF DIRECTORS.— (1) IN GENERAL. —The second sentence of section 308(b) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723(b)) is amended— (A) by striking "and" after the second comma; and (B) by inserting before the period at the end the following: ", and at least one person from an organization that hi^ represented consumer or community interests for not less than 2 years or one person who nas demonstrated a career commitment to the provision of housing for lowincome households". 12 USC 1723 (2) IMPLEMENTATION.— The amendments made by para- "° ^- nraph (1) shall apply to the first annual appointment by the President of members to the board of directors of the Federal National Mortgage Association that occurs aRer the date of the enactment of this Act. (i) REMOVAL AUTHORITY OF PRESIDENT.— The third sentence of section 308(b) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723(b)) is amended by inserting "appointed" after "any such". (j) COMPENSATION.— Section 309(d) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723a(d)) is amend^— (1) in the first sentence of paragraph (2) by striking "as it may determine" and inserting the following: "as the board of directors determines reasonable and comparable with compensation for employment in other similar businesses (including

�