Page:United States Statutes at Large Volume 122.djvu/2805

 12 2 STA T . 2 78 2 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 (1)INGE NE RAL.—Section30 3( a )( 2 )o f t h e F e d e r a lH o m e L oan M ort g age C or p oration A ct (12 U .S.C. 1 45 2(a)(2)) i s amended— (A)ins ub paragraph (A)— (i) in the first sentence , b y stri k ing ‘ ‘1 8 persons, 5of w hom shall be appointed annually by the P resident of the United States and the remainder of whom ’ ’ and inserting ‘‘13 persons, or such other number as the D irector determines appropriate, who’’ and (ii) in the second sentence, by striking ‘‘appointed by the President of the United States’’; ( B ) in subparagraph (B)— (i) by striking ‘‘such or’’; and (ii) by striking ‘‘, e x cept that any appointed member may be remo v ed from office by the President for good cause’’; and (C) in subparagraph (C)— (i) by striking the first sentence; and (ii) by striking ‘‘elective’’. (2) T RAN SIT I O NAL P RO V ISION.—The amendments made by paragraph (1) shall not apply to any appointed position of the board of directors of the Federal Home Loan Mortgage Corporation until the expiration of the annual term for such position during which the effective date under section 11 6 3 occurs. SEC.1 1 63 .E F FEC TIV E DA TE. E xcept as otherwise specifically provided in this title, this title and the amendments made by this title shall take effect on, and shall apply beginning on, the date of enactment of this Act. TI T LE II —F E D E RA L HOM E LOA NB AN KS SEC. 1 20 1. R EC OGN ITION OF DISTINCTIONS B ET W EEN T H E ENTER -P RISES AND THE FEDERA L HO M E LOAN BAN K S. Section 1313 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1 9 92 (12 U.S.C. 4513) is amended by adding at the end the following

‘‘(f) R E C OGNITION O F DISTINCTIONS BET W EEN T H E ENTERPRISES AN D THE FEDERAL HO M E LOAN BAN K S.—Prior to promulgating any regulation or taking any other formal or informal agency action of general applicability and future effect relating to the Federal Home Loan Banks (other than any regulation, advisory document, or examination guidance of the Federal Housing Finance Board that the Director reissues after the authority of the Director over the Federal Home Loan Banks takes effect), including the issuance of an advisory document or examination guidance, the Director shall consider the differences between the Federal Home Loan Banks and the enterprises with respect to— ‘‘(1) the Banks’— ‘‘(A) cooperative ownership structure; ‘‘(B) the mission of providing li q uidity to members; ‘‘(C) affordable housing and community development mission; ‘‘(D) capital structure; and ‘‘(E) j oint and several liability; and 5USC13 13 2note. 12USC1 4 52 note.

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