Page:United States Statutes at Large Volume 122.djvu/2687

 12 2 STA T . 2 6 6 4PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 ‘ ‘ (B)toensur et ha t — ‘‘( i )ea c hre g u l ate d entit y o p erates in a sa f e and sound m anner , including maintenance of ade q uate cap - ital and internal controls ‘‘(ii) the operations and acti v ities of each regulated entity foster liquid, efficient, competitive, and resilient national housing finance mar k ets (including activities relating to mortgages on housing for lo w - and mod- erate-income families involving a reasona b le economic return that may be less than the return earned on other activities); ‘‘(iii) each regulated entity complies with this title and the rules, regulations, guidelines, and orders issued under this title and the authori z ing statutes; ‘‘(iv) each regulated entity carries out its statutory mission only through activities that are authorized under and consistent with this title and the authorizing statutes; and ‘‘(v) the activities of each regulated entity and the manner in which such regulated entity is operated are consistent with the public interest . ‘‘( 2 ) SCOPE O FAUTH O RI T Y .— T he authority of the D irector shall include the authority— ‘‘( A ) to review and, if warranted based on the principal duties described in paragraph ( 1 ), re j ect any acquisition or transfer of a controlling interest in a regulated entity; and ‘‘(B) to e x ercise such incidental powers as may be nec- essary or appropriate to fulfill the duties and responsibil- ities of the Director in the supervision and regulation of each regulated entity. ‘‘(b) DE L E G ATIO N OF AUTHORITY.—The Director may delegate to officers and employees of the Agency any of the functions, powers, or duties of the Director, as the Director considers appropriate. ‘‘(c) L ITIGATION AUTHORITY.— ‘‘(1) I N GENERAL.—In enforcing any provision of this title, any regulation or order prescribed under this title, or any other provision of law, rule, regulation, or order, or in any other action, suit, or proceeding to which the Director is a party or in which the Director is interested, and in the adminis- tration of conservatorships and receiverships, the Director may act in the Director ’ s own name and through the Director’s own attorneys. ‘‘(2) SU BJ ECT TO S UIT.— E xcept as otherwise provided by law, the Director shall be subject to suit (other than suits on claims for money damages) by a regulated entity with respect to any matter under this title or any other applicable provision of law, rule, order, or regulation under this title, in the U nited States district court for the judicial district in which the regu- lated entity has its principal place of business, or in the United States District C ourt for the District of Columbia, and the Director may be served with process in the manner prescribed by the F ederal R ules of Civil P rocedure.’’. (b) IN D EPENDENCE IN CONGRESSIONAL TESTI M ONY AND REC- OMMENDATIONS.—Section 111 of Public Law 93–4 9 5 (12 U.S.C. 25 0 ) is amended by striking ‘‘the Federal H ousing Finance Board’’ and inserting ‘‘the Director of the Federal Housing Finance Agency’’.

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