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oversight, and have a demonstrated understanding 
of capital markets, including the mortgage securities 
markets and housing finance. 
‘‘(2) TERM AND REMOVAL.—The Director shall 
be appointed for a term of 5 years and may be re-
moved by the President only for cause. 
‘‘(3) VACANCY.—A vacancy in the position of 
Director that occurs before the expiration of the 
term for which a Director was appointed shall be 
filled in the manner established under paragraph 
(1), and the Director appointed to fill such vacancy 
shall be appointed only for the remainder of such 
term. 
‘‘(4) SERVICE AFTER END OF TERM.—An indi-
vidual may serve as the Director after the expiration 
of the term for which appointed until a successor 
has been appointed. 
‘‘(5) 
TRANSITIONAL
PROVISION.—Notwith-
standing paragraphs (1) and (2), the Director of the 
Office of Federal Housing Enterprise Oversight of 
the Department of Housing and Urban Development 
shall serve as the Director until a successor has been 
appointed under paragraph (1). 
‘‘(c) DEPUTY DIRECTOR OF THE DIVISION OF EN-
TERPRISE REGULATION.— 
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‘‘(1) IN GENERAL.—The Agency shall have a 
Deputy Director of the Division of Enterprise Regu-
lation, who shall be appointed by the Director from 
among individuals who are citizens of the United 
States, and have a demonstrated understanding of 
financial management or oversight and of mortgage 
securities markets and housing finance. 
‘‘(2) FUNCTIONS.—The Deputy Director of the 
Division of Enterprise Regulation shall have such 
functions, powers, and duties with respect to the 
oversight of the enterprises as the Director shall pre-
scribe. 
‘‘(d) DEPUTY DIRECTOR OF THE DIVISION OF FED-
ERAL HOME LOAN BANK REGULATION.— 
‘‘(1) IN GENERAL.—The Agency shall have a 
Deputy Director of the Division of Federal Home 
Loan Bank Regulation, who shall be appointed by 
the Director from among individuals who are citi-
zens of the United States, have a demonstrated un-
derstanding of financial management or oversight 
and of the Federal Home Loan Bank System and 
housing finance. 
‘‘(2) FUNCTIONS.—The Deputy Director of the 
Division of Federal Home Loan Bank Regulation 
shall have such functions, powers, and duties with 
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respect to the oversight of the Federal home loan 
banks as the Director shall prescribe. 
‘‘(e) DEPUTY DIRECTOR FOR HOUSING.— 
‘‘(1) IN GENERAL.—The Agency shall have a 
Deputy Director for Housing, who shall be ap-
pointed by the Director from among individuals who 
are citizens of the United States, and have a dem-
onstrated understanding of the housing markets and 
housing finance and of community and economic de-
velopment. 
‘‘(2) FUNCTIONS.—The Deputy Director for 
Housing shall have such functions, powers, and du-
ties with respect to the oversight of the housing mis-
sion and goals of the enterprises, and with respect 
to oversight of the housing finance and community 
and economic development mission of the Federal 
home loan banks, as the Director shall prescribe. 
‘‘(f) LIMITATIONS.—The Director and each of the 
Deputy Directors may not— 
‘‘(1) have any direct or indirect financial inter-
est in any regulated entity or regulated entity-affili-
ated party; 
‘‘(2) hold any office, position, or employment in 
any regulated entity or regulated entity-affiliated 
party; or 
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‘‘(3) have served as an executive officer or di-
rector of any regulated entity, or regulated entity-af-
filiated party, at any time during the 3-year period 
ending on the date of appointment of such individual 
as Director or Deputy Director. 
‘‘(g) OMBUDSMAN.—The Director shall establish the 
position of the Ombudsman in the Agency. The Director 
shall provide that the Ombudsman will consider com-
plaints and appeals from any regulated entity and any per-
son that has a business relationship with a regulated enti-
ty and shall specify the duties and authority of the Om-
budsman.’’. 
(b) APPOINTMENT OF DIRECTOR.—Notwithstanding 
any other provision of law or of this Act, the President 
may, any time after the date of the enactment of this Act, 
appoint an individual to serve as the Director of the Fed-
eral Housing Finance Agency, as such office is established 
by the amendment made by subsection (a). This sub-
section shall take effect on the date of the enactment of 
this Act. 
SEC. 102. DUTIES AND AUTHORITIES OF DIRECTOR. 
(a) IN GENERAL.—The Housing and Community De-
velopment Act of 1992 (12 U.S.C. 4513) is amended by 
striking section 1313 and inserting the following new sec-
tions: 
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‘‘SEC. 1313. DUTIES AND AUTHORITIES OF DIRECTOR. 
‘‘(a) DUTIES.— 
‘‘(1) PRINCIPAL DUTIES.—The principal duties 
of the Director shall be— 
‘‘(A) to oversee the operations of each reg-
ulated entity and any joint office of the Federal 
Home Loan Banks; and 
‘‘(B) to ensure that— 
‘‘(i) each regulated entity operates in 
a safe and sound manner, including main-
tenance of adequate capital and internal 
controls; 
‘‘(ii) the operations and activities of 
each regulated entity foster liquid, effi-
cient, competitive, and resilient national 
housing finance markets that minimize the 
cost of housing finance (including activities 
relating to mortgages on housing for low- 
and moderate- income families involving a 
reasonable economic return that may be 
less than the return earned on other activi-
ties); 
‘‘(iii) each regulated entity complies 
with this title and the rules, regulations, 
guidelines, and orders issued under this 
title and the authorizing statutes; and 
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‘‘(iv) each regulated entity carries out 
its statutory mission only through activi-
ties that are consistent with this title and 
the authorizing statutes. 
‘‘(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 control-
ling interest in an enterprise; 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 or employees of the Agency, in-
cluding each of the Deputy Directors, 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-
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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, or request that the Attor-
ney General of the United States act on behalf of 
the Director. 
‘‘(2) CONSULTATION
WITH
ATTORNEY
GEN-
ERAL.—The Director shall provide notice to, and 
consult with, the Attorney General of the United 
States before taking an action under paragraph (1) 
of this subsection or under section 1344(a), 1345(d), 
1348(c), 1372(e), 1375(a), 1376(d), or 1379D(c), 
except that, if the Director determines that any 
delay caused by such prior notice and consultation 
may adversely affect the safety and soundness re-
sponsibilities of the Director under this title, the Di-
rector shall notify the Attorney General as soon as 
reasonably possible after taking such action. 
‘‘(3) 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 or director or officer thereof with 
respect to any matter under this title or any other 
applicable provision of law, rule, order, or regulation 
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