Page:United States Statutes at Large Volume 122.djvu/2709

 12 2 STA T . 2 68 6 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ‘ ‘ (A)EXERCIS E OF RI GHT S .—TheS e cr e ta r yof the Trea su ry m ay , ata n yt i me, e x ercise any ri g hts recei v e d in connection w ith such p urchases. ‘‘( B )S AL EOFO B LIGATIO N AN D SEC U RITIES.—The Sec - retary of the Treasury may, at any time, su bj ect to the terms of the security or otherwise upon terms and condi- tions and at prices determined by the Secretary, se l l any obligation or security ac q uired by the Secretary under this subsection. ‘‘( C )A P PLICATION 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 ) F UNDING.—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 (l), with the exception of paragraphs ( 2 ) and (3) of this subsection, shall expire D ecember 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 R egulation S- K ,1 7 C.F.R. 229. ’ ’. (c) FEDERAL H OME L OAN BAN K S.—Section 11 of the Federal Home Loan Ban k Act (12 U .S.C. 1431) is amended by adding at the end the following new subsection

‘‘(l) TEMPORARY AUTHORITY OF TREASURY TO P URCHASE O BLIGA- TIONS CONDITIONS.— ‘‘(1) AUTHORITY TO PURCHASE.— ‘‘(A) G ENERAL AUTHORITY.— I n addition to the authority under subsection (i) of this section, the Secretary of the Treasury is authori z ed to purchase any obligations issued by any Federal Home Loan Bank under any section of this Act, on such terms and conditions as the Secretary may determine and in such amounts as the Secretary may determine. N othing in this subsection requires a Federal Home Loan Bank to issue obligations or securities to the Secretary without mutual agreement between the Secretary and the Federal Home Loan Bank. Nothing in this sub- section permits or authorizes the Secretary, without the agreement of the Federal Home Loan Bank, to engage in open market purchases of the common securities of any Federal Home Loan Bank. ‘‘(B) EMERGENCY DETERMINATION RE Q UIRED.—In connection with any use of this authority, the Secretary must determine that such actions are necessary to— ‘‘(i) provide stability to the financial markets;

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