293 
(i) by striking ‘‘Federal Home Loan 
Bank System Modernization Act of 1999’’ 
and inserting ‘‘Federal Housing Finance 
Reform Act of 2007’’; and 
(ii) by striking ‘‘1/3’’ and inserting 
‘‘1/4’’. 
(2) SAVINGS
PROVISION.—The amendments 
made by paragraph (1) shall not apply to the term 
of office of any director of a Federal home loan bank 
who is serving as of the effective date of this Act 
under section 211, including any director elected to 
fill a vacancy in any such office. 
(c) CONTINUED SERVICE OF INDEPENDENT DIREC-
TORS AFTER EXPIRATION OF TERM.—Section 7(f)(2) of 
the Federal Home Loan Bank Act (12 U.S.C. 1427(f)(2)) 
is amended— 
(1) in the second sentence, by striking ‘‘or the 
term of such office expires, whichever comes first’’; 
and 
(2) by adding at the end the following new sen-
tence: ‘‘An appointive Bank director may continue to 
serve as a director after the expiration of the term 
of such director until a successor is appointed.’’. 
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294 
(d) COMPENSATION.—Subsection (i) of section 7 of 
the Federal Home Loan Bank Act (12 U.S.C. 1427(i)) 
is amended to read as follows: 
‘‘(i) DIRECTORS’ COMPENSATION.— 
‘‘(1) IN GENERAL.—Each Federal home loan 
bank may pay the directors on the board of directors 
for the bank reasonable and appropriate compensa-
tion for the time required of such directors, and rea-
sonable and appropriate expenses incurred by such 
directors, in connection with service on the board of 
directors, in accordance with resolutions adopted by 
the board of directors and subject to the approval of 
the Director. 
‘‘(2) ANNUAL REPORT BY THE BOARD.—The 
Director shall include, in the annual report sub-
mitted to the Congress pursuant to section 1319B of 
the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992, information regarding 
the compensation and expenses paid by the Federal 
home loan banks to the directors on the boards of 
directors of the banks.’’. 
(e) TRANSITION RULE.—Any member of the board 
of directors of a Federal Home Loan Bank serving as of 
the effective date under section 211 may continue to serve 
as a member of such board of directors for the remainder 
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295 
of the term of such office as provided in section 7 of the 
Federal Home Loan Bank Act, as in effect before such 
effective date. 
SEC. 203. FEDERAL HOUSING FINANCE AGENCY OVER-
SIGHT OF FEDERAL HOME LOAN BANKS. 
The Federal Home Loan Bank Act (12 U.S.C. 1421 
et seq.), other than in provisions of that Act added or 
amended otherwise by this Act, is amended— 
(1) by striking sections 2A and 2B (12 U.S.C. 
1422a, 1422b); 
(2) in section 6 (12 U.S.C. 1426(b)(1))— 
(A) in subsection (b)(1), in the matter pre-
ceding subparagraph (A), by striking ‘‘Finance 
Board approval’’ and inserting ‘‘approval by the 
Director’’; and 
(B) in each of subsections (c)(4)(B) and 
(d)(2), by striking ‘‘Finance Board regulations’’ 
each place that term appears and inserting 
‘‘regulations of the Director’’; 
(3) in section 8 (12 U.S.C. 1428), in the sec-
tion heading, by striking ‘‘BY THE BOARD’’; 
(4) in section 10(b) (12 U.S.C. 1430), by strik-
ing ‘‘by formal resolution’’; 
(5) in section 11 (12 U.S.C. 1431)— 
(A) in subsection (b)— 
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296 
(i) in the first sentence— 
(I) by striking ‘‘The Board’’ and 
inserting ‘‘The Office of Finance, as 
agent for the Banks,’’; and 
(II) by striking ‘‘the Board’’ and 
inserting ‘‘such Office’’; and 
(ii) in the second and fourth sen-
tences, by striking ‘‘the Board’’ each place 
such term appears and inserting ‘‘the Of-
fice of Finance’’; 
(B) in subsection (c)— 
(i) by striking ‘‘the Board’’ the first 
place such term appears and inserting ‘‘the 
Office of Finance, as agent for the 
Banks,’’; and 
(ii) by striking ‘‘the Board’’ the sec-
ond place such term appears and inserting 
‘‘such Office’’; and 
(C) in subsection (f)— 
(i) by striking the two commas after 
‘‘permit’’ and inserting ‘‘or’’; and 
(ii) by striking the comma after ‘‘re-
quire’’; 
(6) in section 15 (12 U.S.C. 1435), by inserting 
‘‘or the Director’’ after ‘‘the Board’’; 
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297 
(7) in section 18 (12 U.S.C. 1438), by striking 
subsection (b); 
(8) in section 21 (12 U.S.C. 1441)— 
(A) in subsection (b)— 
(i) in paragraph (5), by striking 
‘‘Chairperson of the Federal Housing Fi-
nance Board’’ and inserting ‘‘Director’’; 
and 
(ii) in the heading for paragraph (8), 
by striking ‘‘FEDERAL HOUSING FINANCE 
BOARD’’ and inserting ‘‘DIRECTOR’’; and 
(B) in subsection (i), in the heading for 
paragraph (2), by striking ‘‘FEDERAL HOUSING 
FINANCE BOARD’’ and inserting ‘‘DIRECTOR’’; 
(9) in section 23 (12 U.S.C. 1443), by striking 
‘‘Board of Directors of the Federal Housing Finance 
Board’’ and inserting ‘‘Director’’; 
(10) by striking ‘‘the Board’’ each place such 
term appears in such Act (except in section 15 (12 
U.S.C. 
1435), 
section 
21(f)(2) 
(12 
U.S.C. 
1441(f)(2)), 
subsections 
(a), 
(k)(2)(B)(i), 
and 
(n)(6)(C)(ii) of section 21A (12 U.S.C. 1441a), sub-
sections (e)(7), (f)(2)(C), and (k)(7)(B)(ii) of section 
21B (12 U.S.C. 1441b), and the first two places 
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298 
such term appears in section 22 (12 U.S.C. 1442)) 
and inserting ‘‘the Director’’; 
(11) by striking ‘‘The Board’’ each place such 
term appears in such Act (except in sections 7(e) 
(12 U.S.C. 1427(e)), and 11(b) (12 U.S.C. 1431(b)) 
and inserting ‘‘The Director’’; 
(12) by striking ‘‘the Board’s’’ each place such 
term appears in such Act and inserting ‘‘the Direc-
tor’s’’; 
(13) by striking ‘‘The Board’s’’ each place such 
term appears in such Act and inserting ‘‘The Direc-
tor’s’’; 
(14) by striking ‘‘The Finance Board’’ each 
place such term appears in such Act and inserting 
‘‘The Director’’; 
(15) by striking ‘‘the Finance Board’’ each 
place such term appears in such Act and inserting 
‘‘the Director’’; 
(16) by striking ‘‘Federal Housing Finance 
Board’’ each place such term appears and inserting 
‘‘Director’’; 
(17) in section 11(i) (12 U.S.C. 1431(i), by 
striking ‘‘the Chairperson of’’; and 
(18) in section 21(e)(9) (12 U.S.C. 1441(e)(9)), 
by striking ‘‘Chairperson of the’’. 
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299 
SEC. 204. JOINT ACTIVITIES OF BANKS. 
Section 11 of the Federal Home Loan Bank Act (12 
U.S.C. 1431) is amended by adding at the end the fol-
lowing new subsection: 
‘‘(l) JOINT ACTIVITIES.—Subject to the regulation of 
the Director, any two or more Federal Home Loan Banks 
may establish a joint office for the purpose of performing 
functions for, or providing services to, the Banks on a 
common or collective basis, or may require that the Office 
of Finance perform such functions or services, but only 
if the Banks are otherwise authorized to perform such 
functions or services individually.’’. 
SEC. 205. SHARING OF INFORMATION BETWEEN FEDERAL 
HOME LOAN BANKS. 
(a) IN GENERAL.—The Federal Home Loan Bank 
Act is amended by inserting after section 20 (12 U.S.C. 
1440) the following new section: 
‘‘SEC. 20A. SHARING OF INFORMATION BETWEEN FEDERAL 
HOME LOAN BANKS. 
‘‘(a) REGULATORY AUTHORITY.—The Director shall 
prescribe such regulations as may be necessary to ensure 
that each Federal Home Loan Bank has access to infor-
mation that the Bank needs to determine the nature and 
extent of its joint and several liability. 
‘‘(b) NO WAIVER OF PRIVILEGE.—The Director shall 
not be deemed to have waived any privilege applicable to 
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300 
any information concerning a Federal Home Loan Bank 
by transferring, or permitting the transfer of, that infor-
mation to any other Federal Home Loan Bank for the 
purpose of enabling the recipient to evaluate the nature 
and extent of its joint and several liability.’’. 
(b) REGULATIONS.—The regulations required under 
the amendment made by subsection (a) shall be issued in 
final form not later than 6 months after the effective date 
under section 211 of this Act. 
SEC. 206. REORGANIZATION OF BANKS AND VOLUNTARY 
MERGER. 
Section 26 of the Federal Home Loan Bank Act (12 
U.S.C. 1446) is amended— 
(1) by inserting ‘‘(a) REORGANIZATION.—’’ 
before ‘‘Whenever’’; and 
(2) by striking ‘‘liquidated or’’ each place such 
phrase appears; 
(3) by striking ‘‘liquidation or’’; and 
(4) by adding at the end the following new sub-
section: 
‘‘(b) VOLUNTARY MERGERS.—Any Bank may, with 
the approval of the Director, and the approval of the 
boards of directors of the Banks involved, merge with an-
other Bank. The Director shall promulgate regulations es-
tablishing the conditions and procedures for the consider-
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301 
ation and approval of any such voluntary merger, includ-
ing the procedures for Bank member approval.’’. 
SEC. 207. SECURITIES AND EXCHANGE COMMISSION DIS-
CLOSURE. 
(a) IN GENERAL.—The Federal Home Loan Banks 
shall be exempt from compliance with— 
(1) sections 13(e), 14(a), 14(c), and 17A of the 
Securities Exchange Act of 1934 and related Com-
mission regulations; and 
(2) section 15 of that Act and related Securities 
and Exchange Commission regulations with respect 
to transactions in capital stock of the Banks. 
(b) MEMBER EXEMPTION.—The members of the 
Federal Home Loan Banks shall be exempt from compli-
ance with sections 13(d), 13(f), 13(g), 14(d), and 16 of 
the Securities Exchange Act of 1934 and related Securi-
ties and Exchange Commission regulations with respect 
to their ownership of, or transactions in, capital stock of 
the Federal Home Loan Banks. 
(c) EXEMPTED AND GOVERNMENT SECURITIES.— 
(1) CAPITAL STOCK.—The capital stock issued 
by each of the Federal Home Loan Banks under 
section 6 of the Federal Home Loan Bank Act are— 
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302 
(A) exempted securities within the mean-
ing of section 3(a)(2) of the Securities Act of 
1933; and 
(B) ‘‘exempted securities’’ within the 
meaning of section 3(a)(12)(A) of the Securities 
Exchange Act of 1934. 
(2) OTHER
OBLIGATIONS.—The debentures, 
bonds, and other obligations issued under section 11 
of the Federal Home Loan Bank Act are— 
(A) exempted securities within the mean-
ing of section 3(a)(2) of the Securities Act of 
1933; 
(B) ‘‘government securities’’ within the 
meaning of section 3(a)(42) of the Securities 
Exchange Act of 1934; 
(C) excluded from the definition of ‘‘gov-
ernment securities broker’’ within section 
3(a)(43) of the Securities Exchange Act of 
1934; 
(D) excluded from the definition of ‘‘gov-
ernment 
securities 
dealer’’ 
within 
section 
3(a)(44) of the Securities Exchange Act of 
1934; and 
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303 
(E) ‘‘government securities’’ within the 
meaning of section 2(a)(16) of the Investment 
Company Act of 1940. 
(d) 
EXEMPTION
FROM
REPORTING
REQUIRE-
MENTS.—The Federal Home Loan Banks shall be exempt 
from periodic reporting requirements pertaining to— 
(1) the disclosure of related party transactions 
that occur in the ordinary course of business of the 
Banks with their members; and 
(2) the disclosure of unregistered sales of equity 
securities. 
(e) TENDER OFFERS.—The Securities and Exchange 
Commission’s rules relating to tender offers shall not 
apply in connection with transactions in capital stock of 
the Federal Home Loan Banks. 
(f) REGULATIONS.—In issuing final regulations to 
implement provisions of this section, the Securities and 
Exchange Commission shall consider the distinctive char-
acteristics of the Federal Home Loan Banks when evalu-
ating the accounting treatment with respect to the pay-
ment to Resolution Funding Corporation, the role of the 
combined financial statements of the twelve Banks, the ac-
counting classification of redeemable capital stock, and the 
accounting treatment related to the joint and several na-
ture of the obligations of the Banks. 
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304 
SEC. 208. COMMUNITY FINANCIAL INSTITUTION MEMBERS. 
(a) TOTAL ASSET REQUIREMENT.—Paragraph (10) 
of section 2 of the Federal Home Loan Bank Act (12 
U.S.C. 1422(10)), as so redesignated by section 201(3) 
of this Act, is amended by striking ‘‘$500,000,000’’ each 
place such term appears and inserting ‘‘$1,000,000,000’’. 
(b) USE OF ADVANCES FOR COMMUNITY DEVELOP-
MENT ACTIVITIES.—Section 10(a) of the Federal Home 
Loan Bank Act (12 U.S.C. 1430(a)) is amended— 
(1) in paragraph (2)(B)— 
(A) by striking ‘‘and’’; and 
(B) by inserting ‘‘, and community devel-
opment activities’’ before the period at the end; 
(2) in paragraph (3)(E), by inserting ‘‘or com-
munity development activities’’ after ‘‘agriculture,’’; 
and 
(3) in paragraph (6)— 
(A) by striking ‘‘and’’; and 
(B) by inserting ‘‘, and ‘community devel-
opment activities’ ’’ before ‘‘shall’’. 
SEC. 209. TECHNICAL AND CONFORMING AMENDMENTS. 
(a) RIGHT TO FINANCIAL PRIVACY ACT OF 1978.— 
Section 1113(o) of the Right to Financial Privacy Act of 
1978 (12 U.S.C. 3413(o)) is amended— 
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305 
(1) by striking ‘‘Federal Housing Finance 
Board’’ and inserting ‘‘Federal Housing Finance 
Agency’’; and 
(2) by striking ‘‘Federal Housing Finance 
Board’s’’ and inserting ‘‘Federal Housing Finance 
Agency’s’’. 
(b) RIEGLE COMMUNITY DEVELOPMENT AND REGU-
LATORY IMPROVEMENT ACT OF 1994.—Section 117(e) of 
the Riegle Community Development and Regulatory Im-
provement Act of 1994 (12 U.S.C. 4716(e)) is amended 
by striking ‘‘Federal Housing Finance Board’’ and insert-
ing ‘‘Federal Housing Finance Agency’’. 
(c) TITLE 18, UNITED STATES CODE.—Title 18, 
United States Code, is amended by striking ‘‘Federal 
Housing Finance Board’’ each place such term appears 
in each of sections 212, 657, 1006, 1014, and inserting 
‘‘Federal Housing Finance Agency’’. 
(d) MAHRA ACT OF 1997.—Section 517(b)(4) of the 
Multifamily Assisted Housing Reform and Affordability 
Act of 1997 (42 U.S.C. 1437f note) is amended by strik-
ing ‘‘Federal Housing Finance Board’’ and inserting 
‘‘Federal Housing Finance Agency’’. 
(e) TITLE 44, UNITED STATES CODE.—Section 
3502(5) of title 44, United States Code, is amended by 
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306 
striking ‘‘Federal Housing Finance Board’’ and inserting 
‘‘Federal Housing Finance Agency’’. 
(f) ACCESS TO LOCAL TV ACT OF 2000.—Section 
1004(d)(2)(D)(iii) of the Launching Our Communities’ 
Access to Local Television Act of 2000 (47 U.S.C. 
1103(d)(2)(D)(iii)) is amended by striking ‘‘Office of Fed-
eral Housing Enterprise Oversight, the Federal Housing 
Finance Board’’ and inserting ‘‘Federal Housing Finance 
Agency’’. 
SEC. 210. STUDY OF AFFORDABLE HOUSING PROGRAM USE 
FOR LONG-TERM CARE FACILITIES. 
The Comptroller General shall conduct a study of the 
use of affordable housing programs of the Federal home 
loan banks under section 10(j) of the Federal Home Loan 
Bank Act to determine how and the extent to which such 
programs are used to assist long-term care facilities for 
low- and moderate-income individuals, and the effective-
ness and adequacy of such assistance in meeting the needs 
of affected communities. The study shall examine the ap-
plicability of such use to the affordable housing programs 
required to be established by the enterprises pursuant to 
the amendment made by section 128 of this Act. The 
Comptroller General shall submit a report to the Director 
of the Federal Housing Finance Agency and the Congress 
regarding the results of the study not later than the expi-
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307 
ration of the 1-year period beginning on the date of the 
enactment of this Act. This section shall take effect on 
the date of the enactment of this Act. 
SEC. 211. EFFECTIVE DATE. 
Except as specifically provided otherwise in this title, 
this title shall take effect on and the amendments made 
by this title shall take effect on, and shall apply beginning 
on, the expiration of the 6-month period beginning on the 
date of the enactment of this Act. 
TITLE III—TRANSFER OF FUNC-
TIONS, 
PERSONNEL, 
AND 
PROPERTY 
OF 
OFFICE 
OF 
FEDERAL 
HOUSING 
ENTER-
PRISE OVERSIGHT, FEDERAL 
HOUSING 
FINANCE 
BOARD, 
AND DEPARTMENT OF HOUS-
ING AND URBAN DEVELOP-
MENT 
Subtitle A—Office of Federal 
Housing Enterprise Oversight 
SEC. 301. ABOLISHMENT OF OFHEO. 
(a) IN GENERAL.—Effective at the end of the 6- 
month period beginning on the date of the enactment of 
this Act, the Office of Federal Housing Enterprise Over-
sight of the Department of Housing and Urban Develop-
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308 
ment and the positions of the Director and Deputy Direc-
tor of such Office are abolished. 
(b) DISPOSITION OF AFFAIRS.—During the 6-month 
period beginning on the date of the enactment of this Act, 
the Director of the Office of Federal Housing Enterprise 
Oversight shall, for the purpose of winding up the affairs 
of the Office of Federal Housing Enterprise Oversight and 
in addition to carrying out its other responsibilities under 
law— 
(1) manage the employees of such Office and 
provide for the payment of the compensation and 
benefits of any such employee which accrue before 
the effective date of the transfer of such employee 
pursuant to section 303; and 
(2) may take any other action necessary for the 
purpose of winding up the affairs of the Office. 
(c) STATUS OF EMPLOYEES BEFORE TRANSFER.— 
The amendments made by title I and the abolishment of 
the Office of Federal Housing Enterprise Oversight under 
subsection (a) of this section may not be construed to af-
fect the status of any employee of such Office as employ-
ees of an agency of the United States for purposes of any 
other provision of law before the effective date of the 
transfer of any such employee pursuant to section 303. 
(d) USE OF PROPERTY AND SERVICES.— 
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309 
(1) PROPERTY.—The Director of the Federal 
Housing Finance Agency may use the property of 
the Office of Federal Housing Enterprise Oversight 
to perform functions which have been transferred to 
the Director of the Federal Housing Finance Agency 
for such time as is reasonable to facilitate the or-
derly transfer of functions transferred pursuant to 
any other provision of this Act or any amendment 
made by this Act to any other provision of law. 
(2) AGENCY
SERVICES.—Any agency, depart-
ment, or other instrumentality of the United States, 
and any successor to any such agency, department, 
or instrumentality, which was providing supporting 
services to the Office of Federal Housing Enterprise 
Oversight before the expiration of the period under 
subsection (a) in connection with functions that are 
transferred to the Director of the Federal Housing 
Finance Agency shall— 
(A) continue to provide such services, on a 
reimbursable basis, until the transfer of such 
functions is complete; and 
(B) consult with any such agency to co-
ordinate and facilitate a prompt and reasonable 
transition. 
(e) SAVINGS PROVISIONS.— 
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310 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Subsection (a) shall not af-
fect the validity of any right, duty, or obligation of 
the United States, the Director of the Office of Fed-
eral Housing Enterprise Oversight, or any other per-
son, which— 
(A) arises under or pursuant to the title 
XIII of the Housing and Community Develop-
ment Act of 1992, the Federal National Mort-
gage Association Charter Act, the Federal 
Home Loan Mortgage Corporation Act, or any 
other provision of law applicable with respect to 
such Office; and 
(B) existed on the day before the abolish-
ment under subsection (a) of this section. 
(2) CONTINUATION
OF
SUITS.—No action or 
other proceeding commenced by or against the Di-
rector of the Office of Federal Housing Enterprise 
Oversight in connection with functions that are 
transferred to the Director of the Federal Housing 
Finance Agency shall abate by reason of the enact-
ment of this Act, except that the Director of the 
Federal Housing Finance Agency shall be sub-
stituted for the Director of the Office of Federal 
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