Page:United States Statutes at Large Volume 122.djvu/2711

 12 2 STA T . 2 68 8 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ofanyrights r ec ei v e d in connection w ith s u ch p urchases under this su b section sha l lbedee m ed appropriated at the time of such purchase , modification, or e x ercise .‘ ‘ (4)TERMINAT I O NO F A U T H ORIT Y . — The authority under this subsection (l), with the exception of paragraphs ( 2 )and( 3 ) of this subsection, shall expire D ecember 3 1 ,2 0 0 9 . ‘‘( 5 ) A UTHORITY OF THE D IRE C TOR W ITH RE SP ECTTOE X ECU - TI V E COMPENSATION.—The Director shall have the power to approve, disapprove, or modify the executive compensation of the F ederal H ome L oan B an k , as defined under R egulation S - K ,1 7C .F.R. 229. ’ ’. SEC.1 11 8 .C ON S ULTA T I ON B ET W EEN T H E D I R ECTOR O F THE FEDERAL HOUSIN G FINANCE AGENC Y AND THE BOARD OF GO V- ERNORS OF THE FEDERAL RESERVE SYSTE M TO ENSURE FINANCIAL MAR K ET STABILITY. Subsection (a) of section 1313 of the Federal Housing E nter- prises Financial Safety and Soundness Act of 1992 (12 U .S.C. 4513), as amended by the preceding provisions of this Act, is further amended by adding at the end the following new paragraph

‘‘(3) COORDINATION WITH THE CHAIRMAN OF THE B OARD OF G OVERNORS OF THE FEDERA L RESERVE SYSTEM.— ‘‘(A) CONSULTATION.— The Director shall consult with, and consider the views of, the Chairman of the Board of G overnors of the Federal Reserve System, with respect to the risks posed by the regulated entities to the financial system, prior to issuing any proposed or final regulations, orders, and guidelines with respect to the exercise of the additional authority provided in this Act regarding pruden- tial management and operations standards, safe and sound operations of, and capital re q uirements and portfolio stand- ards applicable to the regulated entities (as such term is defined in section 1303). The Director also shall consult with the Chairman regarding any decision to place a regu- lated entity into conservatorship or receivership. ‘‘(B) I NFORMATION SHARING.—To facilitate the consult- ative process, the Director shall share information with the Board of Governors of the Federal Reserve System on a regular, periodic basis as determined by the Director and the Board regarding the capital, asset and liabilities, financial condition, and risk management practices of the regulated entities as well as any information related to financial market stability. ‘‘(C) TERMINATION OF CONSULTATION RE Q UIREMENT.— The requirement of the Director to consult with the Board of Governors of the Federal Reserve System under this paragraph shall expire at the conclusion of December 31, 2009.’’.

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