guidelines, and orders issued under this title 
and the authorizing statutes; 
‘‘(iv) each regulated entity carries out 
its statutory mission only through activities 
that are authorized under and consistent 
with this title and the authorizing statutes; 
and 
‘‘(v) the activities of each regulated en-
tity and the manner in which such regu-
lated entity is operated are consistent with 
the public interest. 
‘‘(2) SCOPE OF AUTHORITY.—The authority of 
the Director shall include the authority— 
‘‘(A) to review and, if warranted based on 
the principal duties described in paragraph (1), 
reject any acquisition or transfer of a controlling 
interest in a regulated entity; and 
‘‘(B) to exercise such incidental powers as 
may be necessary or appropriate to fulfill the 
duties and responsibilities of the Director in the 
supervision and regulation of each regulated en-
tity. 
‘‘(b) DELEGATION OF AUTHORITY.—The Director may 
delegate to officers and employees of the Agency any of the
functions, powers, or duties of the Director, as the Director 
considers appropriate. 
‘‘(c) LITIGATION AUTHORITY.— 
‘‘(1) IN GENERAL.—In enforcing any provision 
of this title, any regulation or order prescribed under 
this title, or any other provision of law, rule, regula-
tion, or order, or in any other action, suit, or pro-
ceeding to which the Director is a party or in which 
the Director is interested, and in the administration 
of conservatorships and receiverships, the Director 
may act in the Director’s own name and through the 
Director’s own attorneys. 
‘‘(2) SUBJECT
TO
SUIT.—Except as otherwise 
provided by law, the Director shall be subject to suit 
(other than suits on claims for money damages) by a 
regulated entity with respect to any matter under this 
title or any other applicable provision of law, rule, 
order, or regulation under this title, in the United 
States district court for the judicial district in which 
the regulated entity has its principal place of busi-
ness, or in the United States District Court for the 
District of Columbia, and the Director may be served 
with process in the manner prescribed by the Federal 
Rules of Civil Procedure.’’.
(b) INDEPENDENCE IN CONGRESSIONAL TESTIMONY 
AND RECOMMENDATIONS.—Section 111 of Public Law 93– 
495 (12 U.S.C. 250) is amended by striking ‘‘the Federal 
Housing Finance Board’’ and inserting ‘‘the Director of the 
Federal Housing Finance Agency’’. 
SEC. 
1103. 
FEDERAL 
HOUSING 
FINANCE 
OVERSIGHT 
BOARD. 
(a) IN GENERAL.—The Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 (12 U.S.C. 
4501 et seq.) is amended by inserting after section 1313 
the following: 
‘‘SEC. 1313A. FEDERAL HOUSING FINANCE OVERSIGHT 
BOARD. 
‘‘(a) IN GENERAL.—There is established the Federal 
Housing Finance Oversight Board, which shall advise the 
Director with respect to overall strategies and policies in 
carrying out the duties of the Director under this title. 
‘‘(b) LIMITATIONS.—The Board may not exercise any 
executive authority, and the Director may not delegate to 
the Board any of the functions, powers, or duties of the Di-
rector. 
‘‘(c) COMPOSITION.—The Board shall be comprised of 
4 members, of whom— 
‘‘(1) 1 member shall be the Secretary of the 
Treasury;
‘‘(2) 1 member shall be the Secretary of Housing 
and Urban Development; 
‘‘(3) 1 member shall be the Chairman of the Se-
curities and Exchange Commission; and 
‘‘(4) 1 member shall be the Director, who shall 
serve as the Chairperson of the Board. 
‘‘(d) MEETINGS.— 
‘‘(1) IN GENERAL.—The Board shall meet upon 
notice by the Director, but in no event shall the Board 
meet less frequently than once every 3 months. 
‘‘(2) SPECIAL MEETINGS.—Either the Secretary 
of the Treasury, the Secretary of Housing and Urban 
Development, or the Chairman of the Securities and 
Exchange Commission may, upon giving written no-
tice to the Director, require a special meeting of the 
Board. 
‘‘(e) TESTIMONY.—On an annual basis, the Board 
shall testify before Congress regarding— 
‘‘(1) the safety and soundness of the regulated en-
tities; 
‘‘(2) any material deficiencies in the conduct of 
the operations of the regulated entities; 
‘‘(3) the overall operational status of the regu-
lated entities;
this section shall not be construed to be Government 
or public funds or appropriated money. 
‘‘(3) NO APPORTIONMENT OF FUNDS.—Notwith-
standing any other provision of law, the amounts re-
ceived by the Director from any assessment under this 
section shall not be subject to apportionment for the 
purpose of chapter 15 of title 31, United States Code, 
or under any other authority. 
‘‘(4) USE OF FUNDS.—The Director may use any 
amounts received by the Director from assessments 
under this section for compensation of the Director 
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 of the Fed-
eral Housing Finance Regulatory Reform Act of 
2008, and any amounts remaining from assessments 
on the Federal Home Loan Banks pursuant to section 
18(b) of the Federal Home Loan Bank Act (12 U.S.C. 
1438(b)), shall, upon such effective date, be treated for 
purposes of this subsection as amounts received from 
assessments under this section.