(Pub. L. 91–351, title III, § 303,July 24, 1970, 84 Stat. 452; Pub. L. 96–153, title III, § 316(b),Dec. 21, 1979, 93 Stat. 1118; Pub. L. 98–369, div. A, title I, § 177(a),July 18, 1984, 98 Stat. 709; Pub. L. 101–73, title VII, § 731(b)(1), (c),Aug. 9, 1989, 103 Stat. 429, 431; Pub. L. 102–550, title XIII, § 1382(c)(1), (d)–(h), Oct. 28, 1992, 106 Stat. 4002–4004; Pub. L. 110–289, div. A, title I, §§ 1113(b)(2),
(b)(1),July 30, 2008, 122 Stat. 2678, 2775, 2780, 2781.)
2008—Subsec. (a)(2)(A). Pub. L. 110–289
, § 1162(b)(1)(A), substituted “13 persons, or such other number as the Director determines appropriate, who” for “18 persons, 5 of whom shall be appointed annually by the President of the United States and the remainder of whom” in first sentence and struck out “appointed by the President of the United States” after “as members” in second sentence.
Pub. L. 110–289
, § 1153(b)(3), substituted “Except to the extent action under section
of this title temporarily results in a lesser number, the” for “The” in second sentence.
Subsec. (a)(2)(B). Pub. L. 110–289
, § 1162(b)(1)(B), struck out “such or” before “elected” and “, except that any appointed member may be removed from office by the President for good cause” before period at end.
Subsec. (a)(2)(C). Pub. L. 110–289
, § 1162(b)(1)(C), struck out “elective” after “Any” in second sentence and struck out first sentence which read as follows: “Any appointive seat on the Board of Directors that becomes vacant shall be filled by appointment by the President of the United States, but only for the unexpired portion of the term.”
Subsecs. (b)(2), (h)(2). Pub. L. 110–289
, § 1161(c)(1), substituted “Director of the Federal Housing Finance Agency” for “Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development”.
Subsec. (h)(4). Pub. L. 110–289
, § 1113(b)(2), added par. (4).
1992—Subsec. (a)(2)(A). Pub. L. 102–550
, § 1382(c)(1), in second sentence, struck out “and” after “mortgage lending industry,” and inserted before period “, and at least 1 person from an organization that has represented consumer or community interests for not less than 2 years or 1 person who has demonstrated a career commitment to the provision of housing for low-income households”.
Subsec. (a)(2)(B). Pub. L. 102–550
, § 1382(d), inserted before period at end “, except that any appointed member may be removed from office by the President for good cause”.
Subsec. (b). Pub. L. 102–550
, § 1382(e), amended subsec. (b) generally, substituting present provisions for provisions which outlined general regulatory authority of the Secretary of Housing and Urban Development over Corporation in such areas as mortgage purchases, dividends, examinations and audits, outstanding obligations, conversion of stock and debt obligations, residential mortgage transactions, and approval or disapproval of requests.
Subsec. (c). Pub. L. 102–550
, § 1382(f)(1), (g), in cl. (9) of first sentence, inserted “as the Board of Directors determines reasonable and comparable with compensation for employment in other similar businesses (including publicly held financial institutions or other major financial services companies) involving similar duties and responsibilities, except that a significant portion of potential compensation of all executive officers (as such term is defined in subsection (h)(3) of this section) of the Corporation shall be based on the performance of the Corporation” and struck out after first sentence “Nothing in this chapter or any other law shall be construed to prevent the appointment, employment, and provision for compensation and benefits, as an officer, employee, attorney, or agent of the Corporation, of any officer, employee, attorney, or agent of any department, establishment, or corporate or other instrumentality of the Government, including any Federal home loan bank or member thereof.”
Subsec. (f). Pub. L. 102–550
, § 1382(h), struck out at end “No attachment or execution shall be issued against the Corporation or any of its property before final judgment in any State, Federal, or other court.”
Subsec. (h). Pub. L. 102–550
, § 1382(f)(2), added subsec. (h).
1989—Subsec. (a). Pub. L. 101–73
, § 731(b)(1), amended subsec. (a) generally, reorganizing provisions into pars. (1) and (2), and substituting provisions setting forth general policies as governing Board, membership requirements and vacancies, for provisions setting forth status of members, liabilities, and conditions and limitations.
Subsecs. (b) to (g). Pub. L. 101–73
, § 731(c), added subsec. (b) and redesignated former subsecs. (b) to (f) as (c) to (g), respectively.
1984—Subsec. (d). Pub. L. 98–369
struck out “by the United States,” before “by any territory”, substituted “possession of the United States” for “possession thereof,” and struck out “The provisions of this subsection shall be applicable without regard to any other law, including without limitation on the generality of the foregoing section
, except laws hereafter enacted by Congress expressly in limitation of this subsection.”
1979—Subsec. (f). Pub. L. 96–153
added subsec. (f).
Change of Name
Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) ofPub. L. 104–14
, set out as a note preceding section
, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
Effective Date of 1992 Amendment
Section 1382(c)(2) ofPub. L. 102–550
provided that: “The amendments made by paragraph (1) [amending this section] shall apply to the first annual appointment by the President of members to the Board of Directors of the Federal Home Loan Mortgage Corporation that occurs after the date of the enactment of this Act [Oct. 28, 1992].”
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–369
, effective Jan. 1, 1985, see section 177(d) ofPub. L. 98–369
, set out as a note under section
, Internal Revenue Code.
Pub. L. 110–289
, div. A, title I, § 1162(b)(2),July 30, 2008, 122 Stat. 2782
, provided that: “The amendments made by paragraph (1) [amending this section] 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
[set out as an Effective Date of 2008 Amendment note under section
, Government Organization and Employees] occurs.”
Section 731(b)(2) ofPub. L. 101–73
“(A) Interim board.—
“(i) Establishment.—There shall be an interim Board of Directors of the Federal Home Loan Mortgage Corporation, which shall serve from the date of the enactment of this Act [Aug. 9, 1989] until the date of the 1st meeting of the voting common shareholders of the Corporation at which the first election of the directors elected by the shareholders occurs.
“(ii) Members.—The interim Board of Directors of the Federal Home Loan Mortgage Corporation shall consist of—
“(I) the President of the Corporation; and
“(II) the persons who were (on the day before the date of the enactment of this Act) the Chairman of the Federal Home Loan Bank Board and the Secretary of Housing and Urban Development (or their designees).
“(iii) Quorum.—A quorum of the interim Board of Directors of the Federal Home Loan Mortgage Corporation shall consist of a majority of the directors duly serving from time to time.
“(B) Election of permanent directors.—The first meeting of the voting common shareholders of the Federal Home Loan Mortgage Corporation for election of directors shall occur, under procedures established by the Corporation, within 6 months after the date of the enactment of this Act.”