banks, the Director shall take due consideration of the 
critical capital level established under subsection (a) 
for the enterprises, with such modifications as the Di-
rector determines to be appropriate to reflect the dif-
ference in operations between the banks and the enter-
prises.’’. 
(2) REGULATIONS.—Not later than the expira-
tion of the 180-day period beginning on the effective 
date under section 185, the Director of the Federal 
Housing Finance Agency shall issue regulations pur-
suant to section 1363(b) of the Housing and Commu-
nity Development Act of 1992 (as added by para-
graph (1) of this subsection) establishing the critical 
capital level under such section. 
SEC. 115. REVIEW OF AND AUTHORITY OVER ENTERPRISE 
ASSETS AND LIABILITIES. 
(a) IN GENERAL.—Subtitle B of title XIII of the Hous-
ing and Community Development Act of 1992 (12 U.S.C. 
4611 et seq.) is amended— 
(1) by striking the subtitle designation and head-
ing and inserting the following: 
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‘‘Subtitle B—Required Capital Lev-
els for Regulated Entities, Spe-
cial Enforcement Powers, and 
Reviews of Assets and Liabil-
ities’’; 
and 
(2) by adding at the end the following new sec-
tion: 
‘‘SEC. 1369E. REVIEWS OF ENTERPRISE ASSETS AND LIABIL-
ITIES. 
‘‘(a) IN GENERAL.—The Director shall, by regulation, 
establish standards by which the portfolio holdings, or rate 
of growth of the portfolio holdings, of the enterprises will 
be deemed to be consistent with the mission and the safe 
and sound operations of the enterprises. In developing such 
standards, the Director shall consider— 
‘‘(1) the size or growth of the mortgage market; 
‘‘(2) the need for the portfolio in maintaining li-
quidity or stability of the secondary mortgage market 
(including the market for the mortgage-backed securi-
ties the enterprises issue); 
‘‘(3) the need for an inventory of mortgages in 
connection with securitizations; 
‘‘(4) the need for the portfolio to directly support 
the affordable housing mission of the enterprises; 
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‘‘(5) the liquidity needs of the enterprises; 
‘‘(6) any potential risks posed by the nature of 
the portfolio holdings; and 
‘‘(7) any additional factors that the Director de-
termines to be necessary to carry out the purpose 
under the first sentence of this subsection to establish 
standards for assessing whether the portfolio holdings 
are consistent with the mission and safe and sound 
operations of the enterprises. 
‘‘(b) TEMPORARY ADJUSTMENTS.—The Director may, 
by order, make temporary adjustments to the established 
standards for an enterprise or both enterprises, such as dur-
ing times of economic distress or market disruption. 
‘‘(c) AUTHORITY TO REQUIRE DISPOSITION OR ACQUI-
SITION.—The Director shall monitor the portfolio of each 
enterprise. Pursuant to subsection (a) and notwithstanding 
the capital classifications of the enterprises, the Director 
may, by order, require an enterprise, under such terms and 
conditions as the Director determines to be appropriate, to 
dispose of or acquire any asset, if the Director determines 
that such action is consistent with the purposes of this Act 
or any of the authorizing statutes.’’. 
(b) REGULATIONS.—Not later than the expiration of 
the 180-day period beginning on the effective date under 
section 185, the Director of the Federal Housing Finance 
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