Page:United States Statutes at Large Volume 122.djvu/2710

 12 2 STA T . 2 687PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ‘ ‘ (i i )prev e ntd i s r u pti o nsint h e a vai l a b ilit y o fm ort -g age finan c e and ‘‘(iii) protect the ta x payer . ‘‘( C )C ONSIDERAT IONS. —T o protect the taxpayers , the S ecretary of the Treasury shall ta k e into consideration the follo w ing in connection with exercising the authority contained in this paragraph

‘‘(i) The need for preferences or priorities regarding payments to the G overnment. ‘‘(ii) L imits on maturity or disposition of obligations or securities to be purchased. ‘‘(iii) The F ederal H ome Loan B ank ’ s plan for the orderly resumption of private market funding or capital market access. ‘‘(iv) The probability of the Federal Home Loan Bank fulfilling the terms of any such obligation or other security, including repayment. ‘‘(v) The need to maintain the Federal Home Loan Bank’s status as a private shareholder-owned company. ‘‘(vi) R estrictions on the use of Federal Home Loan Bank resources, including limitations on the payment of dividends and executive compensation and any such other terms and conditions as appropriate for those purposes. ‘‘( D )RE P ORTS TO C ON G RESS.— U pon exercise of this authority, the Secretary shall report to the Committees on the Budget, Financial Services, and W ays and M eans of the House of Representatives and the Committees on the Budget, Finance, and Banking, 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 ) RIG H TS; SA L EO F O B LIGATIONS AND 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 OBLIGATIONS.—The Secretary of the Treasury may, at any time, sub j ect to the terms of the security or otherwise upon terms and conditions and at prices determined by the Secretary, sell any obligation acquired by the Secretary under this subsection. ‘‘(C) APPLICATION OF SUNSET TO PURCHASED OBLIGA- TIONS.—The authority of the Secretary of the Treasury to hold, exercise any rights received in connection with, or sell, any obligations 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

�