Page:United States Statutes at Large Volume 122.djvu/2685

 12 2 STA T . 2 6 62 PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 gen e ral reg u la to r y aut h or i ty , in c lu d ing s uch duties and authori - ties set f orth under section 13 13, to ensure that the p urposes of this A ct, the authori z ing statutes, and any other applica b le la w are carried out .‘ ‘ ( c )SAVINGSPRO VISION. —T he authority of the D irector to ta k e actions under subtitles B and C shall not in any way li m it the general super v isory and regulatory authority granted to the Director under subsection (b). ‘ ‘ SEC.13 1 2 . DIR EC TO R. ‘‘(a) E S T A BL IS HME NTO F POSITION.—There is established the position of the Director of the Agency, who shall be the head of the Agency. ‘‘(b) A P POINTMENT TERM.— ‘‘(1) APPOINTMENT.—The Director shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who are citizens of the U nited States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of capital markets, including the mortgage securities markets and housing finance. ‘‘( 2 ) TERM.—The Director shall be appointed for a term of 5 years, unless removed before the end of such term for cause by the President. ‘‘(3) V A C ANC Y .—A vacancy in the position of Director that occurs before the e x piration of the term for which a Director was appointed shall be filled in the manner established under paragraph (1), and the Director appointed to fill such vacancy shall be appointed only for the remainder of such term. ‘‘( 4 ) SERVICE AFTER EN D OF TERM.—An individual may serve as the Director after the expiration of the term for which appointed until a successor has been appointed. ‘‘(5) TRANSITIONAL PROVISION.— N otwithstanding para- graphs (1) and (2), during the period beginning on the effective date of the F ederal H ousing Finance R egulatory Reform Act of2 0 0 8, and ending on the date on which the Director is appointed and confirmed, the person serving as the Director of the O ffice of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development on that effec- tive date shall act for all purposes as, and with the full powers of, the Director. ‘‘(c) DEP U TY DIRECTOR OF THE DIVISION OF ENTERPRISE REGULA- TION.— ‘‘(1) I N GENERAL.—The Agency shall have a Deputy Director of the Division of Enterprise Regulation, who shall be des- ignated 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 securities markets and housing finance. ‘‘(2) FUNCTIONS.—The Deputy Director of the Division of Enterprise Regulation shall have such functions, powers, and duties with respect to the oversight of the enterprises as the Director shall prescribe. ‘‘(d) DEPUTY DIRECTOR OF THE DIVISION OF FEDERAL HOME L OAN BAN K REGULATION.— Ef f ectiv e da te .T e rm i n ati o n date. P re s ident.

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