Page:United States Statutes at Large Volume 88 Part 2.djvu/190

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PUBLIC LAW 93-495-OCT. 28, 1974

[88 STAT.

SUPERVISORY AUTHORITY OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM OVER B A N K H O L D I N G C O M P A N I E S A N D THE I R N O N B A N K I N G SUBSIDIARIES

12 USC 1841

note

SEC. 110. Subsection (b) of section 8 of the Federal Deposit Insurance Act, as amended (12 U.S.C. 1818(b)), is amended by adding at the end thereof the following new paragraph: "(3) This subsection and subsections (c), (d), (h), (i), (k), (1), (m), and (n) of this section shall apply to any bank holding company, and to any subsidiary (other than a bank) of a holding company, as those terms are defined in the Bank Holding Company Act of 1956, in the same manner as they apply to a State member insured bank." I N D E P E N D E N C E OF F I N A N C I A L REGULATORY

12 USC 250.

AGENCIES

S E C 111. No officer or agency of the United States shall have any authority to require the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, or the National Credit Union Administration to submit legislative recommendations, or testimony, or comments on legislation, to any officer or agency of the United States for approval, comments, or review, prior to the submission of such recommendations, testimony, or comments to the Congress if such recommendations, testimony, or comments to the Congress include a statement indicating that the views expressed therein are those of the agency submitting them and do not necessarily represent the views of the President. I N C R E A S E I N AUTHORITY O F THE TREASURY TO P U R C H A S E FEDERAL H O M E LOAN B A N K OBLIGATIONS

Repayment of

SEC. 112. Subsection (i) of section 11 of the Federal Home Loan Bank Act, as amended (12 U.S.C. 1431 (i)), is amended as follows: (1) I n the fourth sentence of the first paragraph, strike out "subsection" both places it appears and insert in lieu thereof "paragraph". (2) Strike out the second paragraph and insert in lieu thereof the following: " I n addition to obligations authorized to be purchased by the preceding paragraph, the Secretary of the Treasury is authorized to purchase any obligations issued pursuant to this section in amounts not to exceed $2,000,000,000. The authority provided in this paragraph shall expire August 10, 1975. "Notwithstanding the foregoing, the authority provided in this subsection may be exercised during any calendar quarter beginning after the date of enactment of the Depository Institutions Amendments of 1974 only if the Secretary of the Treasury and the Chairman of the Federal Home Loan Bank Board certify to the Congress that (1) alternative means cannot be effectively employed to permit members of the Home I^oan Bank System to continue to supply reasonable amounts of funds to the mortgage market, and (2) the ability to supply such funds is substantially impaired because of monetary stringeucy and a high level of interest rates. Any funds borrowed under this subsection shall be repaid by the Home Loan Banks at the earliest practicable date.". AUTHORITY OF THE FEDERAL H O M E LOAN MORTGAGE CORPORATION TO P U R C H A S E MORTGAGES FROM STATE I N S U R E D INSTITUTIONS

12 USC 1454.

SEC. 113. The first sentence of section 305(a)(1) of the Federal Home Loan Mortgage Corporation Act is amended by inserting "or

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