‘‘(g) COSTS.—Costs of the Board, including staff, 
shall be paid by the Agency as a cost and expense of the 
Agency.’’. 
(b) ANNUAL REPORT OF THE DIRECTOR.—Section 
1319B(a) of the Housing and Community Development 
Act of 1992 (12 U.S.C. 4521 (a)) is amended— 
(1) in paragraph (3), by striking ‘‘and’’ at the 
end; and 
(2) by striking paragraph (4) and inserting the 
following new paragraphs: 
‘‘(4) an assessment of the Board with respect 
to— 
‘‘(A) the safety and soundness of the regu-
lated entities; 
‘‘(B) any material deficiencies in the con-
duct of the operations of the regulated entities; 
‘‘(C) the overall operational status of the 
regulated entities; 
‘‘(D) an evaluation of the performance of 
the regulated entities in carrying out their mis-
sions, including compliance of the enterprises 
with the housing goals under subpart B of part 
2 of this subtitle and compliance of the Federal 
home loan banks with the community invest-
ment and affordable housing programs under
subsections (i) and (j) of section 10 of the Fed-
eral Home Loan Bank Act; 
‘‘(E) an evaluation of the performance of 
the Agency in fulfilling its duties and respon-
sibilities under law; and 
‘‘(F) such other matters relating to the 
Board and the fulfillment of its duties as the 
Board considers appropriate; 
‘‘(5) operations, resources, and performance of 
the Agency; and 
‘‘(6) such other matters relating to the Agency 
and its fulfillment of its mission.’’. 
SEC. 104. AUTHORITY TO REQUIRE REPORTS BY REGU-
LATED ENTITIES. 
Section 1314 of the Housing and Community Devel-
opment Act of 1992 (12 U.S.C. 4514) is amended— 
(1) in the section heading, by striking ‘‘ENTER-
PRISES’’ and inserting ‘‘REGULATED ENTITIES’’; 
and 
(2) in subsection (a)— 
(A) in the subsection heading, by striking 
‘‘SPECIAL REPORTS AND REPORTS OF FINAN-
CIAL
CONDITION’’ and inserting ‘‘REGULAR 
AND SPECIAL REPORTS’’; 
(B) in paragraph (1)—
(i) in the paragraph heading, by strik-
ing ‘‘FINANCIAL CONDITION’’ and inserting 
‘‘REGULAR REPORTS’’; and 
(ii) by striking ‘‘reports of financial 
condition and operations’’ and inserting 
‘‘regular reports on the condition (includ-
ing financial condition), management, ac-
tivities, or operations of the regulated enti-
ty, as the Director considers appropriate’’; 
and 
(C) in paragraph (2), after ‘‘submit special 
reports’’ insert ‘‘on any of the topics specified 
in paragraph (1) or such other topics’’. 
SEC. 105. ASSESSMENTS. 
Section 1316 of the Housing and Community Devel-
opment Act of 1992 (12 U.S.C. 4516) is amended— 
(1) by striking subsection (a) and inserting the 
following new subsection: 
‘‘(a) ANNUAL ASSESSMENTS.—The Director shall es-
tablish and collect from the regulated entities annual as-
sessments in an amount not exceeding the amount suffi-
cient to provide for reasonable costs and expenses of the 
Agency, including—
‘‘(1) the expenses of any examinations under 
section 1317 of this Act and under section 20 of the 
Federal Home Loan Bank Act; 
‘‘(2) the expenses of obtaining any reviews and 
credit assessments under section 1319; and 
‘‘(3) such amounts in excess of actual expenses 
for any given year as deemed necessary by the Di-
rector to maintain a working capital fund in accord-
ance with subsection (e).’’; 
(2) in subsection (b)— 
(A) in the subsection heading, by striking 
‘‘ENTERPRISES’’ and inserting ‘‘REGULATED 
ENTITIES’’; 
(B) by realigning paragraph (2) two ems 
from the left margin, so as to align the left 
margin of such paragraph with the left margins 
of paragraph (1); 
(C) in paragraph (1)— 
(i) by striking ‘‘Each enterprise’’ and 
inserting ‘‘Each regulated entity’’; 
(ii) by striking ‘‘each enterprise’’ and 
inserting ‘‘each regulated entity’’; and 
(iii) by striking ‘‘both enterprises’’ 
and inserting ‘‘all of the regulated enti-
ties’’; and
(D) in paragraph (3)—— 
(i) in subparagraph (B), by striking 
‘‘subparagraph (A)’’ and inserting ‘‘clause 
(i)’’; 
(ii) by redesignating subparagraphs 
(A), (B), and (C) as clauses (i), (ii) and 
(ii), respectively, and realigning such 
clauses, as so redesignated, so as to be in-
dented 6 ems from the left margin; 
(iii) by striking the matter that pre-
cedes clause (i), as so redesignated, and in-
serting the following: 
‘‘(3) DEFINITION OF TOTAL ASSETS.—For pur-
poses of this section, the term ‘total assets’ means 
as follows: 
‘‘(A) ENTERPRISES.—With respect to an 
enterprise, the sum of—’’; and 
(iv) by adding at the end the following 
new subparagraph: 
‘‘(B) FEDERAL HOME LOAN BANKS.—With 
respect to a Federal home loan bank, the total 
assets of the Bank, as determined by the Direc-
tor in accordance with generally accepted ac-
counting principles.’’.
(3) in subsection (c), by inserting after the pe-
riod at the end the following: ‘‘The Director may ad-
just the amounts of any semiannual assessments for 
an assessment under subsection (a) that are to be 
paid pursuant to subsection (b) by a regulated enti-
ty, as necessary in the discretion of the Director, to 
ensure that the costs of enforcement activities under 
subtitles B and C for a regulated entity are borne 
only by that entity.’’; 
(4) in subsection (d), by striking ‘‘If’’ and in-
serting ‘‘Except with respect to amounts collected 
pursuant to subsection (a)(3), if’’; and 
(5) by striking subsections (e) through (g) and 
inserting the following new subsections: 
‘‘(e) WORKING CAPITAL FUND.—At the end of each 
year for which an assessment under this section is made, 
the Director shall remit to each regulated entity any 
amount of assessment collected from such regulated entity 
that is attributable to subsection (a)(3) and is in excess 
of the amount the Director deems necessary to maintain 
a working capital fund. 
‘‘(f) TREATMENT OF ASSESSMENTS.— 
‘‘(1) DEPOSIT.—Amounts received by the Di-
rector from assessments under this section may be 
deposited in the manner provided in section 5234 of
the Revised Statutes (12 U.S.C. 192) with respect 
to assessments by the Comptroller of the Currency. 
‘‘(2) NOT GOVERNMENT FUNDS.—The amounts 
received by the Director from any assessment under 
this section shall not be construed to be Government 
or public funds or appropriated money. 
‘‘(3) NO
APPORTIONMENT
OF
FUNDS.—Not-
withstanding any other provision of law, the 
amounts received by the Director from any assess-
ment under this section shall not be subject to ap-
portionment for the purpose of chapter 15 of title 
31, United States Code, or under any other author-
ity. 
‘‘(4) USE OF FUNDS.—The Director may use 
any amounts received by the Director from assess-
ments under this section for compensation of the Di-
rector and other employees of the Agency and for all 
other expenses of the Director and the Agency. 
‘‘(5) 
AVAILABILITY
OF
OVERSIGHT
FUND 
AMOUNTS.—Notwithstanding any other provision of 
law, any amounts remaining in the Federal Housing 
Enterprises Oversight Fund established under this 
section (as in effect before the effective date under 
section 184 of the Federal Housing Finance Reform 
Act of 2005), and any amounts remaining from as-
sessments on the Federal Home Loan banks pursu-
ant to section 18(b) of the Federal Home Loan 
Bank Act (12 U.S.C. 1438(b)), shall, upon such ef-
fective date, be treated for purposes of this sub-
section as amounts received from assessments under 
this section. 
‘‘(g) BUDGET AND FINANCIAL REPORTS.— 
‘‘(1) FINANCIAL OPERATING PLANS AND FORE-
CASTS.—The Director shall provide to the Director 
of the Office of Management and Budget copies of 
the Director’s financial operating plans and fore-
casts as prepared by the Director in the ordinary 
course of the Agency’s operations, and copies of the 
quarterly reports of the Agency’s financial condition 
and results of operations as prepared by the Direc-
tor in the ordinary course of the Agency’s oper-
ations. 
‘‘(2) RULE
OF
CONSTRUCTION.—This sub-
section may not be construed as implying any obliga-
tion on the part of the Director to consult with or 
obtain the consent or approval of the Director of the 
Office of Management and Budget with respect to 
any reports, plans, forecasts, or other information 
referred to in paragraph (1) or any jurisdiction or
oversight over the affairs or operations of the Agen-
cy. 
‘‘(h) AUDIT OF AGENCY.— 
‘‘(1) IN GENERAL.—The financial transactions 
of the Agency shall be audited by the Government 
Accountability Office in accordance with the prin-
ciples and procedures applicable to commercial cor-
porate transactions and under such rules and regu-
lations as may be prescribed by the Comptroller 
General of the United States. The audit shall be 
conducted at the place or places where accounts of 
the Agency are normally kept. The representatives of 
the Government Accountability Office shall have ac-
cess to all books, accounts, records, reports, files, 
and all other papers, things, or property belonging 
to or in use by the Agency pertaining to its financial 
transactions and necessary to facilitate the audit, 
and they shall be afforded full facilities for verifying 
transactions with the balances or securities held by 
depositaries, fiscal agents, and custodians. All such 
books, accounts, records, reports, files, papers, and 
property of the Agency shall remain in possession 
and custody of the Agency. The Agency shall be au-
dited at least once in every three years.
‘‘(2) REPORT.—A report of each audit con-
ducted under this subsection shall be made by the 
Comptroller General to the Congress not later than 
six and one-half months following the close of the 
last year covered by such audit. The report to the 
Congress shall set forth the scope of the audit and 
shall include a statement of assets and liabilities and 
surplus or deficit; a statement of surplus or deficit 
analysis; a statement of income and expenses; a 
statement of sources and application of funds and 
such comments and information as may be deemed 
necessary to inform Congress of the financial oper-
ations and condition of the Agency, together with 
such recommendations with respect thereto as the 
Comptroller General may deem advisable. The report 
shall also show specifically any program, expendi-
ture, or other financial transaction or undertaking 
observed in the course of the audit, which, in the 
opinion of the Comptroller General, has been carried 
on or made without authority of law. A copy of each 
report shall be furnished to the President and to the 
Agency at the time submitted to the Congress. 
‘‘(3) ASSISTANCE AND COSTS.—For the purpose 
of conducting an audit under this subsection, the 
Comptroller General may, in the discretion of the
Comptroller General, employ by contract, without re-
gard to section 5 of title 41, professional services of 
firms and organizations of certified public account-
ants, with the concurrence of the Agency, for tem-
porary periods or for special purposes. The Agency 
shall reimburse the Government Accountability Of-
fice for the cost of any such audit as billed therefor 
by the Comptroller General, and the Government 
Accountability Office shall deposit the sums so reim-
bursed into the Treasury as miscellaneous receipts.’’. 
SEC. 106. EXAMINERS AND ACCOUNTANTS. 
(a) EXAMINATIONS.—Section 1317 of the Housing 
and Community Development Act of 1992 (12 U.S.C. 
4517) is amended—
(1) in subsection (b)—
(A) by inserting ‘‘of a regulated entity’’ 
after ‘‘under this section’’; and 
(B) by striking ‘‘to determine the condition 
of an enterprise for the purpose of ensuring its 
financial safety and soundness’’ and inserting 
‘‘or appropriate’’ ; and 
(2) in subsection (c)—
(A) in the second sentence—
(i) by striking ‘‘The’’ and inserting 
‘‘During the 3-year period that begins
upon the date of the enactment of the Fed-
eral Housing Finance Reform Act of 2005, 
the’’; and 
(ii) by inserting ‘‘to conduct examina-
tions under this section’’ before the period; 
and 
(B) in the third sentence, by striking 
‘‘from amounts available in the Federal Hous-
ing Enterprises Oversight Fund’’. 
(b) ENHANCED AUTHORITY TO HIRE EXAMINERS 
AND ACCOUNTANTS.—Section 1317 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4517) 
is amended by adding at the end the following new sub-
section: 
‘‘(g) APPOINTMENT OF ACCOUNTANTS, ECONOMISTS, 
AND EXAMINERS.— 
‘‘(1) APPLICABILITY.—This section applies with 
respect to any position of examiner, accountant, and 
economist at the Agency, with respect to supervision 
and regulation of the regulated entities, that is in 
the competitive service. 
‘‘(2) APPOINTMENT AUTHORITY.—The Director 
may appoint candidates to any position described in 
paragraph (1)—
‘‘(A) in accordance with the statutes, rules, 
and regulations governing appointments in the 
excepted service; and 
‘‘(B) notwithstanding any statutes, rules, 
and regulations governing appointments in the 
competitive service.’’. 
(c) REPEAL.—Section 20 of the Federal Home Loan 
Bank Act (12 U.S.C. 1440) is amended—
(1) in the section heading, by striking ‘‘RE-
PORTS’’ and inserting ‘‘GAO AUDITS’’; 
(2) in the third sentence, by striking ‘‘the 
Board and’’ each place such term appears; and 
(3) by striking the first two sentences and in-
serting the following: ‘‘The Federal home loan banks 
shall be subject to examinations by the Director to 
the extent provided in section 1317 of the Federal 
Housing Enterprises Financial Safety and Sound-
ness Act of 1992 (12 U.S.C. 4517).’’. 
(d) EFFECTIVE DATE.—This section and the amend-
ments made by this section shall take effect on the date 
of the enactment of this Act.
SEC. 107. PROHIBITION AND WITHHOLDING OF EXECUTIVE 
COMPENSATION. 
(a) IN GENERAL.—Section 1318 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4518) 
is amended— 
(1) in the section heading, by striking ‘‘OF EX-
CESSIVE’’ and inserting ‘‘AND WITHHOLDING OF 
EXECUTIVE’’; 
(2) by redesignating subsection (b) as sub-
section (d); and 
(3) by inserting after subsection (a) the fol-
lowing new subsections: 
‘‘(b) FACTORS.—In making any determination under 
subsection (a), the Director may take into consideration 
any factors the Director considers relevant, including any 
wrongdoing on the part of the executive officer, and such 
wrongdoing shall include any fraudulent act or omission, 
breach of trust or fiduciary duty, violation of law, rule, 
regulation, order, or written agreement, and insider abuse 
with respect to the regulated entity. 
‘‘(c) WITHHOLDING
OF COMPENSATION.—In car-
rying out subsection (a), the Director may require a regu-
lated entity to withhold any payment, transfer, or dis-
bursement of compensation to an executive officer, or to 
place such compensation in an escrow account, during the
review of the reasonableness and comparability of com-
pensation.’’. 
(b) CONFORMING AMENDMENTS.— 
(1) FANNIE MAE.—Section 309(d) of the Fed-
eral National Mortgage Association Charter Act (12 
U.S.C. 1723a(d)) is amended by adding at the end 
the following new paragraph: 
‘‘(4) The corporation shall not transfer, disburse, or 
pay compensation to any executive officer, or enter into 
an agreement with such executive officer, without the ap-
proval of the Director, for matters being reviewed under 
section 1318 of the Federal Housing Enterprises Finan-
cial Safety and Soundness Act of 1992 (12 U.S.C. 
4518).’’. 
(2) FREDDIE MAC.—Section 303(h) of the Fed-
eral Home Loan Mortgage Corporation Act (12 
U.S.C. 1452(h)) is amended by adding at the end 
the following new paragraph: 
‘‘(4) The Corporation shall not transfer, disburse, or 
pay compensation to any executive officer, or enter into 
an agreement with such executive officer, without the ap-
proval of the Director, for matters being reviewed under 
section 1318 of the Federal Housing Enterprises Finan-
cial Safety and Soundness Act of 1992 (12 U.S.C. 
4518).’’.
(3) FEDERAL HOME LOAN BANKS.—Section 7 
of the Federal Home Loan Bank Act (12 U.S.C. 
1427) is amended by adding at the end the following 
new subsection: 
‘‘(l) DIRECTOR’S APPROVAL OF COMPENSATION.— 
Notwithstanding any other provision of this section, a 
Federal home loan bank shall not transfer, disburse, or 
pay compensation to any executive officer, or enter into 
an agreement with such executive officer, without the ap-
proval of the Director, for matters being reviewed under 
section 1318 of the Federal Housing Enterprises Finan-
cial Safety and Soundness Act of 1992 (12 U.S.C. 
4518).’’. 
SEC. 108. REVIEWS OF REGULATED ENTITIES. 
Section 1319 of the Housing and Community Devel-
opment Act of 1992 (12 U.S.C. 4519) is amended— 
(1) by striking the section designation and 
heading and inserting the following: 
‘‘SEC. 1319. REVIEWS OF REGULATED ENTITIES.’’; and 
(2) by inserting after ‘‘any entity’’ the fol-
lowing: ‘‘that the Director considers appropriate, in-
cluding an entity’’. 
SEC. 109. REGULATIONS AND ORDERS. 
Section 1319G of the Housing and Community De-
velopment Act of 1992 (12 U.S.C. 4526) is amended—
(1) by striking subsection (a) and inserting the 
following new subsection: 
‘‘(a) AUTHORITY.—The Director shall issue any reg-
ulations, guidelines, and orders necessary to carry out the 
duties of the Director under this title, the Federal Na-
tional Mortgage Association Charter Act, the Federal 
Home Loan Mortgage Corporation Act, and the Federal 
Home Loan Bank Act to ensure that the purposes of this 
title and such Acts are accomplished.’’; and 
(2) by striking subsection (c). 
SEC. 110. RISK-BASED CAPITAL REQUIREMENTS. 
(a) IN GENERAL.—Section 1361 of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4611) 
is amended to read as follows: 
‘‘SEC. 1361. RISK-BASED CAPITAL LEVELS FOR REGULATED 
ENTITIES. 
‘‘(a) IN GENERAL.— 
‘‘(1) ENTERPRISES.—The Director shall, by 
regulation, establish risk-based capital requirements 
for the enterprises to ensure that the enterprises op-
erate in a safe and sound manner, maintaining suffi-
cient capital and reserves to support the risks that 
arise in the operations and management of the en-
terprises.
‘‘(2) FEDERAL HOME LOAN BANKS.—The Di-
rector shall establish risk-based capital standards 
under section 6 of the Federal Home Loan Bank 
Act for the Federal home loan banks. 
‘‘(b) REQUIRED REGISTRATION UNDER THE SECURI-
TIES EXCHANGE ACT OF 1934.—
‘‘(1) IN GENERAL.—Each regulated entity shall 
register at least one class of the capital stock of 
such regulated entity, and maintain such registra-
tion with the Securities and Exchange Commission, 
under the Securities Exchange Act of 1934. 
‘‘(2) ENTERPRISES.—Each enterprise shall 
comply with sections 14 and 16 of the Securities Ex-
change Act of 1934. 
‘‘(c) NO LIMITATION.—Nothing in this section shall 
limit the authority of the Director to require other reports 
or undertakings, or take other action, in furtherance of 
the responsibilities of the Director under this Act.’’. 
(b) FEDERAL HOME LOAN BANKS RISK-BASED CAP-
ITAL.—Section 6(a)(3) of the Federal Home Loan Bank 
Act (12 U.S.C. 1426(a)(3)) is amended—
(1) by striking subparagraph (A) and inserting 
the following new subparagraph: 
‘‘(A) RISK-BASED CAPITAL STANDARDS.—
The Director shall, by regulation, establish risk-
based capital standards for the Federal home 
loan banks to ensure that the Federal home 
loan banks operate in a safe and sound manner, 
with sufficient permanent capital and reserves 
to support the risks that arise in the operations 
and management of the Federal home loans 
banks.’’; and 
(2) in subparagraph (B), by striking ‘‘(A)(ii)’’ 
and inserting ‘‘(A)’’. 
SEC. 111. MINIMUM AND CRITICAL CAPITAL LEVELS. 
(a) MINIMUM CAPITAL LEVEL.—Section 1362 of the 
Housing and Community Development Act of 1992 (12 
U.S.C. 4612) is amended— 
(1) in subsection (a), by striking the subsection 
heading and inserting ‘‘ENTERPRISES’’ ; and 
(2) by striking subsection (b) and inserting the 
following new subsections: 
‘‘(b) FEDERAL HOME LOAN BANKS.—For purposes 
of this subtitle, the minimum capital level for each Federal 
home loan bank shall be the minimum capital required to 
be maintained to comply with the leverage requirement for 
the bank established under section 6(a)(2) of the Federal 
Home Loan Bank Act (12 U.S.C. 1426(a)(2)). 
‘‘(c) 
REGULATORY
DISCRETION
TO
INCREASE 
LEVEL.—Notwithstanding subsections (a) and (b), the Di-
rector may, by regulations issued under section 1319G(b), 
establish a minimum capital level that is higher than the 
level specified in subsection (a) for an enterprise or the 
level specified in subsection (b) for a Federal home loan 
bank. 
‘‘(d) AUTHORITY
TO
REQUIRE
TEMPORARY
IN-
CREASE.—Notwithstanding subsections (a) and (b) and 
any minimum capital level established pursuant to sub-
section (c), the Director may, by order, increase the min-
imum capital level for a regulated entity for such period 
as the Director may provide if the Director— 
‘‘(1) makes any of the determinations specified 
in subparagraphs (A) through (C) of section 
1364(c)(1); or 
‘‘(2) determines that the regulated entity has 
violated any of the prudential management and op-
erations standards established pursuant to section 
1313A and, as a result of such violation, is oper-
ating in an unsafe and unsound manner. 
‘‘(e) AUTHORITY TO ESTABLISH ADDITIONAL CAP-
ITAL AND RESERVE REQUIREMENTS FOR PARTICULAR 
PROGRAMS.—The Director may, at any time by order or 
regulation, establish such capital or reserve requirements 
with respect to any program or activity of a regulated enti-
ty as the Director considers appropriate to ensure that
the regulated entity operates in a safe and sound manner, 
with sufficient capital and reserves to support the risks 
that arise in the operations and management of the regu-
lated entity.’’. 
(b) CRITICAL CAPITAL LEVELS.— 
(1) IN GENERAL.—Section 1363 of the Housing 
and Community Development Act of 1992 (12 
U.S.C. 4613) is amended— 
(A) by striking ‘‘For’’ and inserting ‘‘(a) 
ENTERPRISES.—For’’; and 
(B) by adding at the end the following new 
subsection: 
‘‘(b) FEDERAL HOME LOAN BANKS.— 
‘‘(1) IN GENERAL.—For purposes of this sub-
title, the critical capital level for each Federal home 
loan bank shall be such amount of capital as the Di-
rector shall, by regulation require. 
‘‘(2) CONSIDERATION OF OTHER CRITICAL CAP-
ITAL
LEVELS.—In establishing the critical capital 
level under paragraph (1) for the Federal home loan 
banks, the Director shall take due consideration of 
the critical capital level established under subsection 
(a) for the enterprises, with such modifications as 
the Director determines to be appropriate to reflect
the difference in operations between the banks and 
the enterprises.’’. 
(2) REGULATIONS.—Not later than the expira-
tion of the 120-day period beginning on the effective 
date under section 184, the Director of the Federal 
Housing Finance Agency shall issue regulations pur-
suant to section 1363(b) of the Housing and Com-
munity Development Act of 1992 (as added by para-
graph (1) of this subsection) establishing the critical 
capital level under such section. 
SEC. 112. REVIEW OF AND AUTHORITY OVER ENTERPRISE 
ASSETS AND OBLIGATIONS. 
Subtitle B of title XIII of the Housing and Commu-
nity Development Act of 1992 (12 U.S.C. 4611 et seq.) 
is amended—
(1) by striking the subtitle designation and 
heading and inserting the following: 
‘‘Subtitle B—Required Capital Lev-
els for Regulated Entities, Spe-
cial Enforcement Powers, and 
Reviews of Assets and Obliga-
tions’’; and 
(2) by adding at the end the following new sec-
tion:
‘‘SEC. 1369E. REVIEWS OF ENTERPRISE ASSETS AND OBLI-
GATIONS. 
‘‘(a) IN GENERAL.—The Director shall conduct, on 
a periodic basis, a review of the on-balance sheet assets 
and off-balance sheet obligations of each enterprise. 
‘‘(b) AUTHORITY TO REQUIRE DISPOSITION OR AC-
QUISITION.—Pursuant to such a review, the Director may 
by order require an enterprise, under such terms and con-
ditions as the Director determines to be appropriate, to 
dispose of or acquire any asset or obligation, if the Direc-
tor determines that such action is consistent with the safe 
and sound operation of the enterprise or with the purposes 
of this Act, the Federal National Mortgage Association 
Charter Act, or the Federal Home Loan Mortgage Cor-
poration Act.’’. 
SEC. 113. CORPORATE GOVERNANCE OF ENTERPRISES. 
The Housing and Community Development Act of 
1992 is amended by inserting before section 1323 (12 
U.S.C. 4543) the following new section: 
‘‘SEC. 1322A CORPORATE GOVERNANCE OF ENTERPRISES. 
‘‘(a) BOARD OF DIRECTORS.— 
‘‘(1) MEMBERSHIP.— 
‘‘(A) IN GENERAL.—No person may serve 
on the board of directors of an enterprise for 
more than 10 years or past the age of 72, 
whichever comes first; except that a member of