Page:United States Statutes at Large Volume 122.djvu/2700

 12 2 STA T . 2 67 7 PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 ‘ ‘ (B)thes t and a r ds and p r oc ed u res that the Di rector w i l luseto m a k e the determination re f erred to in para g raph ( 2 ) and ‘‘( C ) a reasona b le time frame for periodic re v iew of an y temporary increase in minimum capital for the purpose of making the determination referred to in paragraph (2) . ‘‘(e) AUTHORI T YT O ES T ABL ISH A D DITIO N AL CA P ITAL AND RE SER V ERE Q UIRE M ENTS F OR P ARTI C ULAR PURPOSES. — The Director may , at any time by order or regulation, establish such capital or reserve re q uirements with respect to any product or activity of a regulated entity, as the Director considers appropriate to ensure that the regulated entity operates in a safe and sound manner, with sufficient capital and reserves to support the risks that arise in the operations and management of the regulated entity. ‘‘(f) PERIODIC REVIE W .—The Director shall periodically review the amount of core capital maintained by the enterprises, the amount of capital retained by the F ederal H ome L oan Banks, and the minimum capital levels established for such regulated entities pursuant to this section. ’ ’. SEC.1 11 2 . R E GI S T R A TI ONU N D ERT H E SECURITIES L A W S. The S ecurities E x change Act of 1934 (1 5U .S.C. 78 a et seq.) is amended by adding at the end the following

‘SEC. 38 . F EDERAL NATIONAL M ORTGAGE ASSOCIATION , FEDERAL HOME LOAN MORTGAGE COR P ORATION, FEDERAL HOME LOAN B AN K S. ‘‘(a) FEDERAL N ATIONAL M ORT G AGE ASSOCIATION AND FEDERAL HOME LOAN MORTGAGE CORPORATION.—No class of equity securities of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation shall be treated as an exempted security for purposes of section 12, 13, 14, or 1 6 . ‘‘(b) FEDERAL HOME LOAN BAN K S.— ‘‘(1) REGISTRATION.—Each Federal Home Loan Bank shall register a class of its common stock under section 12(g), not later than 12 0 days after the date of enactment of the Federal Housing Finance Regulatory Reform Act of 2008, and shall thereafter maintain such registration and be treated for pur - poses of this title as an ‘issuer’, the securities of which are required to be registered under section 12, regardless of the number of members holding such stock at any given time. ‘‘(2) STANDARDS RELATING TO AUDIT COMMITTEES.—Each Federal Home Loan Bank shall comply with the rules issued by the Commission under section 10A(m). ‘‘(c) DEFINITIONS.—For purposes of this section, the following definitions shall apply: ‘‘(1) FEDERAL HOME LOAN BANK; MEMBER.—The terms ‘Fed- eral Home Loan Bank’ and ‘member’, have the same meanings as in section 2 of the Federal Home Loan Bank Act. ‘‘(2) FEDERAL NATIONAL MORTGAGE ASSOCIATION.—The term ‘Federal National Mortgage Association’ means the corporation created by the Federal National Mortgage Association Charter Act. ‘‘(3) FEDERAL HOME LOAN MORTGAGE CORPORATION.—The term ‘Federal Home Loan Mortgage Corporation’ means the corporation created by the Federal Home Loan Mortgage Cor- poration Act.’’. Deadlin e .15USC78o o.

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