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U.S. Code as of:
01/19/04
Section 1422b. Powers and duties
(a) General powers
The Board shall have the following powers:
(1) To supervise the Federal Home Loan Banks and to promulgate
and enforce such regulations and orders as are necessary from
time to time to carry out the provisions of this chapter.
(2) To suspend or remove for cause a director, officer,
employee, or agent of any Federal Home Loan Bank or joint office.
The cause of such suspension or removal shall be communicated in
writing to such director, officer, employee, or agent and to such
Bank or joint office. Notwithstanding any other provision of this
chapter, no officer, employee, or agent of a Bank or joint office
shall be a Federal officer or employee under any definition of
either term in title 5.
(3) To determine necessary expenditures of the Board under this
chapter and the manner in which such expenditures shall be
incurred, allowed, and paid.
(4) To use the United States mails in the same manner and under
the same conditions as a department or agency of the United
States.
(5) To issue and serve a notice of charges upon a Federal home
loan bank or upon any executive officer or director of a Federal
home loan bank if, in the determination of the Finance Board, the
Bank, executive officer, or director is engaging or has engaged
in, or the Finance Board has reasonable cause to believe that the
Bank, executive officer, or director is about to engage in an
unsafe or unsound practice in conducting the business of the
bank, or any conduct that violates any provision of this chapter
or any law, order, rule, or regulation or any condition imposed
in writing by the Finance Board in connection with the granting
of any application or other request by the Bank, or any written
agreement entered into by the Bank with the agency, in accordance
with the procedures provided in subsection (c) or (f) of section
1371 of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992 [12 U.S.C. 4631]. Such authority includes
the same authority to issue an order requiring a party to take
affirmative action to correct conditions resulting from
violations or practices or to limit activities of a Bank or any
executive officer or director of a Bank as appropriate Federal
banking agencies have to take with respect to insured depository
institutions under paragraphs (6) and (7) of section 1818(b) of
this title, and to have all other powers, rights, and duties to
enforce this chapter with respect to the Federal home loan banks
and their executive officers and directors as the Office of
Federal Housing Enterprise Oversight has to enforce the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992
[12 U.S.C. 4501 et seq.], the Federal National Mortgage
Association Charter Act [12 U.S.C. 1716 et seq.], or the Federal
Home Loan Mortgage Corporation Act [12 U.S.C. 1451 et seq.] with
respect to the Federal housing enterprises under subtitle C [12
U.S.C. 4631 et seq.] (other than section 1371 [12 U.S.C. 4631])
of the Federal Housing Enterprises Financial Safety and Soundness
Act of 1992.
(6) To address any insufficiencies in capital levels resulting
from the application of section 1464(f) of this title.
(7) To act in its own name and through its own attorneys -
(A) in enforcing any provision of this chapter or any
regulation promulgated under this chapter; or
(B) in any action, suit, or proceeding to which the Finance
Board is a party that involves the Board's regulation or
supervision of any Federal home loan bank.
(b) Staff
(1) Board staff
Subject to title IV of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989, the Board may employ,
direct, and fix the compensation and number of employees,
attorneys, and agents of the Federal Housing Finance Board,
except that in no event shall the Board delegate any function to
any employee, administrative unit of any Bank, or joint office of
the Federal Home Loan Bank System. The prohibition contained in
the preceding sentence shall not apply to the delegation of
ministerial functions including issuing consolidated obligations
pursuant to section 1431(b) of this title. In directing and
fixing such compensation, the Board shall consult with and
maintain comparability with the compensation at the Federal bank
regulatory agencies. Such compensation shall be paid without
regard to the provisions of other laws applicable to officers or
employees of the United States, except the Chairperson and other
Directors shall be compensated as prescribed in sections 5314 and
5315 of title 5, respectively.
(2) Abolition of joint offices
The joint or collective offices of the Federal Home Loan Bank
System, except for the Office of Finance, are hereby abolished.
(c) Receipts of Board
Receipts of the Board derived from assessments levied upon the
Federal Home Loan Banks and from other sources (other than receipts
from the sale of consolidated Federal Home Loan Bank bonds and
debentures issued under section 1431 of this title) shall be
deposited in the Treasury of the United States. Salaries of the
directors and other employees of the Board and all other expenses
thereof may be paid from such assessments or other sources and
shall not be construed to be Government Funds or appropriated
monies, or subject to apportionment for the purposes of chapter 15
of title 31, or any other authority.
(d) Annual report
The Board shall make an annual report to the Congress.
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