Page:United States Statutes at Large Volume 122.djvu/2707

 12 2 STA T . 2 684PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ‘ ‘ (iv)Theproba bi l i ty o f the c orporatio n f u lfillin g the ter ms of any such obligation or other security , inclu d ing repayment . ‘‘(v) The need to maintain the corporation ’ s status as a private shareholder - o w ned company. ‘‘(vi) R estrictions on the use of corporation resources, including limitations on the payment of divi- dends and e x ecutive compensation and any such other terms and conditions as appropriate for those purposes. ‘‘( D )R EPORTS TO C O NG RESS. —U pon exercise of this authority, the S ecretary shall report to the C ommittees on the B udget, F inancial Services, and W ays and M eans of the H ouse of Representatives and the Committees on the Budget, Finance, and Ban k ing, Housing, and Urban A ffairs of the Senate as to the necessity for the purchase and the determinations made by the Secretary under subparagraph (B) and with respect to the considerations re q uired under subparagraph (C), and the si z e, terms, and probability of repayment or fulfillment of other terms of such purchase. ‘‘( 2 )R I G H TS S AL EO F O B LIGATIONS AN D SEC U RITIES.— ‘‘(A) EX ERCISE OF RIGHTS.—The Secretary of the Treasury may, at any time, exercise any rights received in connection with such purchases. ‘‘(B) SALE OF OBLIGATION AND SECURITIES.—The Sec- retary of the Treasury may, at any time, sub j ect to the terms of the security or otherwise upon terms and condi- tions and at prices determined by the Secretary, sell any obligation or security acquired by the Secretary under this subsection. ‘‘(C) APPLICATION OF SUNSET TO PURCHASED OBLIGA- TIONS OR SECURITIES.—The authority of the Secretary of the Treasury to hold, exercise any rights received in connec- tion with, or sell, any obligations or securities purchased is not subject to the provisions of paragraph ( 4 ). ‘‘( 3 ) FUNDING.—For the purpose of the authorities granted in this subsection, the Secretary of the Treasury may use the proceeds of the sale of any securities issued under chapter 3 1 of Title 31, and the purposes for which securities may be issued under chapter 31 of Title 31 are extended to include such purchases and the exercise of any rights in connection with such purchases. Any funds expended for the purchase of, or modifications to, obligations and securities, or the exercise of any rights received in connection with such purchases under this subsection shall be deemed appropriated at the time of such purchase, modification, or exercise. ‘‘(4) TER M INATION OF AUTHORIT Y .—The authority under this subsection (g), with the exception of paragraphs (2) and (3) of this subsection, shall expire December 31, 2 0 0 9 . ‘‘( 5 ) AUTHORITY OF THE DIRECTOR W ITH RESPECT TO EXECU- TI V E COMPENSATION.—The Director shall have the power to approve, disapprove, or modify the executive compensation of the corporation, as defined under Regulation S- K ,1 7 C.F.R. 229.’’. (b) FREDDIE MAC.—Section 30 6 of the Federal Home L oan Mortgage Corporation Act (12 U.S.C. 1455) is amended by adding at the end the following new subsection

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