306
(i) in the first sentence, by striking 
‘‘18 persons, 5 of whom shall be appointed 
annually by the President of the United 
States and the remainder of whom’’ and 
inserting ‘‘13 persons, or such other num-
ber as the Director determines appropriate, 
who’’; and 
(ii) in the second sentence, by striking 
‘‘appointed by the President of the United 
States’’; 
(B) in subparagraph (B)—
(i) by striking ‘‘such or’’; and 
(ii) by striking ‘‘, except that any ap-
pointed member may be removed from of-
fice by the President for good cause’’; and 
(C) in subparagraph (C)—
(i) by striking the first sentence; and 
(ii) by striking ‘‘elective’’. 
(2) TRANSITIONAL
PROVISION.—The amend-
ments made by paragraph (1) shall not apply to any 
appointed position of the board of directors of the 
Federal Home Loan Mortgage Corporation until the 
expiration of the annual term for such position dur-
ing which the effective date under Section 185 oc-
curs.
307
SEC. 182. REPORT ON PORTFOLIO OPERATIONS, SAFETY 
AND SOUNDNESS, AND MISSION OF ENTER-
PRISES. 
Not later than the expiration of the 12-month period 
beginning on the effective date under section 185, the Di-
rector of the Federal Housing Finance Agency shall sub-
mit a report to the Congress which shall include—
(1) a description of the portfolio holdings of the 
enterprises (as such term is defined in section 1303 
of the Housing and Community Development Act of 
1992 (12 U.S.C. 4502) in mortgages (including 
whole loans and mortgage-backed securities), non-
mortgages, and other assets; 
(2) a description of the risk implications for the 
enterprises of such holdings and the consequent risk 
management undertaken by the enterprises (includ-
ing the use of derivatives for hedging purposes), 
compared with off-balance sheet liabilities of the en-
terprises (including mortgage-backed securities guar-
anteed by the enterprises); 
(3) an analysis of portfolio holdings for safety 
and soundness purposes; 
(4) an assessment of whether portfolio holdings 
fulfill the mission purposes of the enterprises under 
the Federal National Mortgage Association Charter
308
Act and the Federal Home Loan Mortgage Corpora-
tion Act; and 
(5) an analysis of the potential systemic risk 
implications for the enterprises, the housing and 
capital markets, and the financial system of portfolio 
holdings, and whether such holdings should be lim-
ited or reduced over time. 
SEC. 183. CONFORMING AND TECHNICAL AMENDMENTS. 
(a) 1992 ACT.—Title XIII of the Housing and Com-
munity Development Act of 1992 is amended by striking 
section 1383 (12 U.S.C. 1451 note). 
(b) TITLE 18, UNITED STATES CODE.—Section 1905 
of title 18, United States Code, is amended by striking 
‘‘Office of Federal Housing Enterprise Oversight’’ and in-
serting ‘‘Federal Housing Finance Agency’’. 
(c) FLOOD DISASTER PROTECTION ACT OF 1973.—
Section 102(f)(3)(A) of the Flood Disaster Protection Act 
of 1973 (42 U.S.C. 4012a(f)(3)(A)) is amended by strik-
ing ‘‘Director of the Office of Federal Housing Enterprise 
Oversight of the Department of Housing and Urban De-
velopment’’ and inserting ‘‘Director of the Federal Hous-
ing Finance Agency’’. 
(d) DEPARTMENT OF HOUSING AND URBAN DEVEL-
OPMENT ACT.—Section 5 of the Department of Housing
309
and Urban Development Act (42 U.S.C. 3534) is amended 
by striking subsection (d). 
(e) TITLE 5, UNITED STATES CODE.—
(1) DIRECTOR’S PAY RATE.—Section 5313 of 
title 5, United States Code, is amended by striking 
the item relating to the Director of the Office of 
Federal Housing Enterprise Oversight, Department 
of Housing and Urban Development and inserting 
the following new item:
‘‘Director of the Federal Housing Finance 
Agency.’’. 
(2) EXCLUSION
FROM
SENIOR
EXECUTIVE 
SERVICE.—Section 3132(a)(1)(D) of title 5, United 
States Code, is amended—
(A) by striking ‘‘the Federal Housing Fi-
nance Board,’’; and 
(B) by striking ‘‘the Office of Federal 
Housing Enterprise Oversight of the Depart-
ment of Housing and Urban Development’’ and 
inserting ‘‘the Federal Housing Finance Agen-
cy’’. 
(f) INSPECTOR GENERAL ACT
OF 1978.—Section 
8G(a)(2) of the Inspector General Act of 1978 (5 U.S.C. 
App.) is amended by striking ‘‘Federal Housing Finance 
Board’’ and inserting ‘‘Federal Housing Finance Agency’’.
310
(g) FEDERAL DEPOSIT INSURANCE ACT.—Section 
11(t)(2)(A) of the Federal Deposit Insurance Act (12 
U.S.C.1821(t)(2)(A)) is amended by adding at the end the 
following new clause: 
‘‘(vii) The Federal Housing Finance 
Agency.’’. 
(h) 1997 EMERGENCY SUPPLEMENTAL APPROPRIA-
TIONS ACT.—Section 10001 of the 1997 Emergency Sup-
plemental Appropriations Act for Recovery From Natural 
Disasters, and for Overseas Peacekeeping Efforts, Includ-
ing Those In Bosnia (42 U.S.C. 3548) is amended—
(1) by striking ‘‘the Government National Mort-
gage Association, and the Office of Federal Housing 
Enterprise Oversight’’ and inserting ‘‘and the Gov-
ernment National Mortgage Association’’; and 
(2) by striking ‘‘, the Government National 
Mortgage Association, or the Office of Federal 
Housing Enterprise Oversight’’ and inserting ‘‘or 
the Government National Mortgage Association’’. 
(i) NATIONAL HOMEOWNERSHIP TRUST ACT.—Sec-
tion 302(b)(4) of the Cranston-Gonzalez National Afford-
able Housing Act (42 U.S.C. 12851(b)(4)) is amended by 
striking ‘‘the chairperson of the Federal Housing Finance 
Board’’ and inserting ‘‘the Director of the Federal Hous-
ing Finance Agency’’.