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U.S. Code as of:
01/19/04
Section 1422a. Federal Housing Finance Board
(a) Establishment
(1) In general
There is established the Federal Housing Finance Board, which
shall succeed to the authority of the Federal Home Loan Bank
Board with respect to the Federal Home Loan Banks.
(2) Status
The Board shall be an independent agency in the executive
branch of the Government.
(3) Duties
(A) Safety and soundness
The primary duty of the Board shall be to ensure that the
Federal Home Loan Banks operate in a financially safe and sound
manner.
(B) Other duties
To the extent consistent with subparagraph (A), the duties of
the Board shall also be -
(i) to supervise the Federal Home Loan Banks;
(ii) to ensure that the Federal Home Loan Banks carry out
their housing finance mission; and
(iii) to ensure that the Federal Home Loan Banks remain
adequately capitalized and able to raise funds in the capital
markets.
(b) Management
(1) In general
The management of the Board shall be vested in a Board of
Directors consisting of 5 directors as follows:
(A) The Secretary who shall serve without additional
compensation.
(B) Four citizens of the United States, appointed by the
President, by and with the advice and consent of the Senate,
each of whom shall hold office for a term of 7 years.
(2) Provisions relating to appointed directors
(A) In general
The directors appointed pursuant to paragraph (1)(B) shall be
from among persons with extensive experience or training in
housing finance or with a commitment to providing specialized
housing credit. An appointed director shall not hold any other
appointed office during his or her term as director. Not more
than 3 directors shall be members of the same political party.
Not more than 1 appointed director shall be from any single
district of the Federal Home Loan Bank System. Nominations
pursuant to this subparagraph shall be referred in the Senate
to the Committee on Banking, Housing, and Urban Affairs.
(B) Consumer representative
At least 1 director shall be chosen from an organization with
more than a 2-year history of representing consumer or
community interests on banking services, credit needs, housing,
or financial consumer protections.
(C) Limitations on conflicts of interest
No director may -
(i) serve as a director or officer of any Federal Home Loan
Bank or any member of any Bank; or
(ii) hold shares of, or any other financial interest in,
any member of any such Bank.
(D) Clarification of status
(i) In general
The directors appointed pursuant to paragraph (1)(B) shall
serve on a full-time basis after December 31, 1993.
(ii) Rule of construction
Clause (i) shall not be construed as implying that any
other position may be filled or held on a less than full-time
basis.
(3) Initial terms
Notwithstanding paragraph (2), of the directors first appointed
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(A) one shall be appointed for a term of 1 year;
(B) one shall be appointed for a term of 3 years; and
(C) one shall be appointed for a term of 5 years.
(c) Chairperson; transitional provisions
(1) In general
The President shall designate 1 of the appointed directors to
be the Chairperson of the Board. The Chairperson shall designate
another director to serve as Acting Chairperson during the
absence or disability of the Chairperson.
(2) Transitional provision
Beginning on August 9, 1989, until such time that at least 2
directors are appointed and confirmed pursuant to subsection (b)
of this section, the Secretary shall act for all purposes and
with the full powers of the Board of Directors. The Secretary may
utilize the services of employees from the Department of Housing
and Urban Development to perform services for the Board of
Directors during such transition period.
(d) Vacancies
(1) In general
Any vacancy on the Board of Directors shall be filled in the
manner in which the original appointment was made. Any director
appointed to fill a vacancy occurring before the expiration of
the term for which such director's predecessor was appointed
shall be appointed only for the remainder of such term. Each
director may continue to serve until a successor has been
appointed and qualified.
(2) The Secretary
In the event of a vacancy in the office of Secretary or during
the absence or disability of the Secretary, the Acting Secretary
shall act as a director in place of the Secretary.
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