subsections (a), (b), (g), (i), (j), and (k) of this section, the 
Director, in the Director’s sole discretion, may modify the 
standards contained in this section or in part 1710 of the 
Director’s rules (12 C.F.R. Part 1710) in accordance with 
section 553 of title 5, United States Code, and upon written 
notice to the enterprise.’’. 
SEC. 117. REQUIRED REGISTRATION UNDER SECURITIES 
EXCHANGE ACT OF 1934. 
The Housing and Community Development Act of 
1992 is amended by adding after section 1322A, as added 
by the preceding provisions of this Act, the following new 
section: 
‘‘SEC. 1322B. REQUIRED REGISTRATION UNDER SECURITIES 
EXCHANGE ACT OF 1934. 
‘‘(a) IN GENERAL.—Each regulated entity shall reg-
ister at least one class of the capital stock of such regulated 
entity, and maintain such registration with the Securities 
and Exchange Commission, under the Securities Exchange 
Act of 1934. 
‘‘(b) ENTERPRISES.—Each enterprise shall comply 
with sections 14 and 16 of the Securities Exchange Act of 
1934.’’. 
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SEC. 118. LIAISON WITH FINANCIAL INSTITUTIONS EXAM-
INATION COUNCIL. 
Section 1007 of the Federal Financial Institutions Ex-
amination Council Act of 1978 (12 U.S.C. 3306) is amend-
ed— 
(1) in the section heading, by inserting after 
‘‘STATE’’ the following: ‘‘AND FEDERAL HOUSING FI-
NANCE AGENCY’’; and 
(2) by inserting after ‘‘financial institutions’’ the 
following: ‘‘, and one representative of the Federal 
Housing Finance Agency,’’. 
SEC. 119. GUARANTEE FEE STUDY. 
(a) IN GENERAL.—The Director of the Federal Hous-
ing Finance Agency, in consultation with the heads of the 
federal banking agencies, shall, not later than 18 months 
after the date of the enactment of this Act, submit to the 
Congress a study concerning the pricing, transparency and 
reporting of the Federal National Mortgage Association, the 
Federal Home Loan Mortgage Corporation, and the Federal 
home loan banks with regard to guarantee fees and con-
cerning analogous practices, transparency and reporting 
requirements (including advances pricing practices by the 
Federal Home Loan Banks) of other participants in the 
business of mortgage purchases and securitization. 
(b) FACTORS.—The study required by this section shall 
examine various factors such as credit risk, counterparty 
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risk considerations, economic value considerations, and vol-
ume considerations used by the regulated entities (as such 
term is defined in section 1303 of the Housing and Commu-
nity Development Act of 1992) included in the study in 
setting the amount of fees they charge. 
(c) CONTENTS
OF REPORT.—The report required 
under subsection (a) shall identify and analyze— 
(1) the factors used by each enterprise (as such 
term is defined in section 1303 of the Housing and 
Community Development Act of 1992) in determining 
the amount of the guarantee fees it charges; 
(2) the total revenue the enterprises earn from 
guarantee fees; 
(3) the total costs incurred by the enterprises for 
providing guarantees; 
(4) the average guarantee fee charged by the en-
terprises; 
(5) an analysis of how and why the guarantee 
fees charged differ from such fees charged during the 
previous year; 
(6) a breakdown of the revenue and costs associ-
ated with providing guarantees, based on product 
type and risk classifications; and 
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(7) other relevant information on guarantee fees 
with other participants in the mortgage and 
securitization business. 
(d) PROTECTION OF INFORMATION.—Nothing in this 
section may be construed to require or authorize the Direc-
tor of the Federal Housing Finance Agency, in connection 
with the study mandated by this section, to disclose infor-
mation of the enterprises or other organization that is con-
fidential or proprietary. 
(e) EFFECTIVE DATE.—This section shall take effect on 
the date of the enactment of this Act. 
SEC. 120. CONFORMING AMENDMENTS. 
(a) 1992 ACT.—Part 1 of subtitle A of title XIII of 
the Housing and Community Development Act of 1992 (12 
U.S.C. 4511 et seq.), as amended by the preceding provi-
sions of this Act, is further amended— 
(1) by striking ‘‘an enterprise’’ each place such 
term appears in such part (except in sections 
1313(a)(2)(A), 1313A(b)(2)(B)(ii)(I), and 1316(b)(3)) 
and inserting ‘‘a regulated entity’’; 
(2) by striking ‘‘the enterprise’’ each place such 
term appears in such part (except in section 
1316(b)(3)) and inserting ‘‘the regulated entity’’; 
(3) by striking ‘‘the enterprises’’ each place such 
term appears in such part (except in sections 
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ccoleman on PRODPC74 with BILLS
1312(c)(2), and 1312(e)(2)) and inserting ‘‘the regu-
lated entities’’; 
(4) by striking ‘‘each enterprise’’ each place such 
term appears in such part and inserting ‘‘each regu-
lated entity’’; 
(5) by striking ‘‘Office’’ each place such term ap-
pears in such part (except in sections 1311(b)(2), 
1312(b)(5), 1315(b), and 1316(a)(4), (g), and (h), 
1317(c), and 1319A(a)) and inserting ‘‘Agency’’; 
(6) in section 1315 (12 U.S.C. 4515)— 
(A) in subsection (a)— 
(i) in the subsection heading, by strik-
ing ‘‘OFFICE PERSONNEL’’ and inserting 
‘‘IN GENERAL’’; and 
(ii) by striking ‘‘The’’ and inserting 
‘‘Subject to title III of the Federal Housing 
Finance Reform Act of 2007, the’’; 
(B) by striking subsections (d) and (f); and 
(C) by redesignating subsection (e) as sub-
section (d); 
(7) in section 1319B (12 U.S.C. 4521), by strik-
ing ‘‘Committee on Banking, Finance and Urban Af-
fairs’’ each place such term appears and inserting 
‘‘Committee on Financial Services’’; and 
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(8) in section 1319F (12 U.S.C. 4525), striking 
all that follows ‘‘United States Code’’ and inserting ‘‘, 
the Agency shall be considered an agency responsible 
for the regulation or supervision of financial institu-
tions.’’. 
(b) AMENDMENTS TO FANNIE MAE CHARTER ACT.— 
The Federal National Mortgage Association Charter Act (12 
U.S.C. 1716 et seq.) is amended— 
(1) by striking ‘‘Director of the Office of Federal 
Housing Enterprise Oversight of the Department of 
Housing and Urban Development’’ each place such 
term appears, and inserting ‘‘Director of the Federal 
Housing Finance Agency’’, in— 
(A) 
section 
303(c)(2) 
(12 
U.S.C. 
1718(c)(2)); 
(B) 
section 
309(d)(3)(B) 
(12 
U.S.C. 
1723a(d)(3)(B)); and 
(C) section 309(k)(1); and 
(2) in section 309— 
(A) in subsections (d)(3)(A) and (n)(1), by 
striking ‘‘Banking, Finance and Urban Affairs’’ 
each place such term appears and inserting ‘‘Fi-
nancial Services’’; and 
(B) in subsection (m)— 
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(i) in paragraph (1), by striking ‘‘Sec-
retary’’ the second place such term appears 
and inserting ‘‘Director’’; 
(ii) in paragraph (2), by striking 
‘‘Secretary’’ the second place such term ap-
pears and inserting ‘‘Director’’; and 
(iii) by striking ‘‘Secretary’’ each other 
place such term appears and inserting ‘‘Di-
rector of the Federal Housing Finance 
Agency’’; and 
(C) in subsection (n), by striking ‘‘Sec-
retary’’ each place such term appears and insert-
ing ‘‘Director of the Federal Housing Finance 
Agency’’. 
(c) AMENDMENTS TO FREDDIE MAC ACT.—The Fed-
eral Home Loan Mortgage Corporation Act is amended— 
(1) by striking ‘‘Director of the Office of Federal 
Housing Enterprise Oversight of the Department of 
Housing and Urban Development’’ each place such 
term appears, and inserting ‘‘Director of the Federal 
Housing Finance Agency’’, in— 
(A) 
section 
303(b)(2) 
(12 
U.S.C. 
1452(b)(2)); 
(B) 
section 
303(h)(2) 
(12 
U.S.C. 
1452(h)(2)); and 
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(C) 
section 
307(c)(1) 
(12 
U.S.C. 
1456(c)(1)); 
(2) in sections 303(h)(1) and 307(f)(1) (12 
U.S.C. 1452(h)(1), 1456(f)(1)), by striking ‘‘Banking, 
Finance and Urban Affairs’’ each place such term ap-
pears and inserting ‘‘Financial Services’’; 
(3) in section 306(i) (12 U.S.C. 1455(i))— 
(A) by striking ‘‘1316(c)’’ and inserting 
‘‘306(c)’’; and 
(B) by striking ‘‘section 106’’ and inserting 
‘‘section 1316’’; and 
(4) in section 307 (12 U.S.C. 1456))— 
(A) in subsection (e)— 
(i) in paragraph (1), by striking ‘‘Sec-
retary’’ the second place such term appears 
and inserting ‘‘Director’’; 
(ii) in paragraph (2), by striking 
‘‘Secretary’’ the second place such term ap-
pears and inserting ‘‘Director’’; and 
(iii) by striking ‘‘Secretary’’ each other 
place such term appears and inserting ‘‘Di-
rector of the Federal Housing Finance 
Agency’’; and 
(B) in subsection (f), by striking ‘‘Sec-
retary’’ each place such term appears and insert-
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ccoleman on PRODPC74 with BILLS
ing ‘‘Director of the Federal Housing Finance 
Agency’’. 
Subtitle B—Improvement of Mission 
Supervision 
SEC. 131. TRANSFER OF PRODUCT APPROVAL AND HOUS-
ING GOAL OVERSIGHT. 
Part 2 of subtitle A of title XIII of the Housing and 
Community Development Act of 1992 (12 U.S.C. 4541 et 
seq.) is amended— 
(1) by striking the designation and heading for 
the part and inserting the following: 
‘‘PART 2—PRODUCT APPROVAL BY DIRECTOR, 
CORPORATE GOVERNANCE, AND ESTABLISH-
MENT OF HOUSING GOALS’’; 
and 
(2) by striking sections 1321 and 1322. 
SEC. 132. REVIEW OF ENTERPRISE PRODUCTS. 
(a) IN GENERAL.—Part 2 of subtitle A of title XIII 
of 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. 1321. PRIOR APPROVAL AUTHORITY FOR PRODUCTS 
OF ENTERPRISES. 
‘‘(a) IN GENERAL.—The Director shall require each 
enterprise to obtain the approval of the Director for any 
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product of the enterprise before initially offering the prod-
uct. 
‘‘(b) STANDARD FOR APPROVAL.—In considering any 
request for approval of a product pursuant to subsection 
(a), the Director shall make a determination that— 
‘‘(1) in the case of a product of the Federal Na-
tional Mortgage Association, the Director determines 
that the product is authorized under paragraph (2), 
(3), (4), or (5) of section 302(b) or section 304 of the 
Federal National Mortgage Association Charter Act, 
(12 U.S.C. 1717(b), 1719); 
‘‘(2) in the case of a product of the Federal 
Home Loan Mortgage Corporation, the Director deter-
mines that the product is authorized under paragraph 
(1), (4), or (5) of section 305(a) of the Federal Home 
Loan Mortgage Corporation Act (12 U.S.C. 1454(a)); 
‘‘(3) the product is in the public interest; 
‘‘(4) the product is consistent with the safety and 
soundness of the enterprise or the mortgage finance 
system; and 
‘‘(5) the product does not materially impair the 
efficiency of the mortgage finance system. 
‘‘(c) PROCEDURE FOR APPROVAL.— 
‘‘(1) SUBMISSION OF REQUEST.—An enterprise 
shall submit to the Director a written request for ap-
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proval of a product that describes the product in such 
form as prescribed by order or regulation of the Di-
rector. 
‘‘(2) REQUEST FOR PUBLIC COMMENT.—Imme-
diately upon receipt of a request for approval of a 
product, as required under paragraph (1), the Direc-
tor shall publish notice of such request and of the pe-
riod for public comment pursuant to paragraph (3) 
regarding the product, and a description of the prod-
uct proposed by the request. The Director shall give 
interested parties the opportunity to respond in writ-
ing to the proposed product. 
‘‘(3) PUBLIC COMMENT PERIOD.—During the 30- 
day period beginning on the date of publication pur-
suant to paragraph (2) of a request for approval of 
a product, the Director shall receive public comments 
regarding the proposed product. 
‘‘(4) OFFERING OF PRODUCT.— 
‘‘(A) IN GENERAL.—Not later than 30 days 
after the close of the public comment period de-
scribed in paragraph (3), the Director shall ap-
prove or deny the product, specifying the 
grounds for such decision in writing. 
‘‘(B) FAILURE
TO
ACT.—If the Director 
fails to act within the 30-day period described in 
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subparagraph (A), the enterprise may offer the 
product. 
‘‘(d) EXPEDITED REVIEW.— 
‘‘(1) DETERMINATION AND NOTICE.—If an enter-
prise determines that any new activity, service, un-
dertaking, or offering is not a product, as defined in 
subsection (f), the enterprise shall provide written no-
tice to the Director prior to the commencement of such 
activity, service, undertaking, or offering. 
‘‘(2) DIRECTOR DETERMINATION OF APPLICABLE 
PROCEDURE.—Immediately upon receipt of any no-
tice pursuant to paragraph (1), the Director shall 
make a determination under paragraph (3). 
‘‘(3) DETERMINATION AND TREATMENT AS PROD-
UCT.—If the Director determines that any new activ-
ity, service, undertaking, or offering consists of, re-
lates to, or involves a product— 
‘‘(A) the Director shall notify the enterprise 
of the determination; 
‘‘(B) the new activity, service, undertaking, 
or offering described in the notice under para-
graph (1) shall be considered a product for pur-
poses of this section; and 
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