datamatters24/research-document-archive huggingface dataset:
H. R. 3221—97 
‘‘(I) shall continue to make all payments due 
under the contract after the date of the repudiation 
of the contract; and 
‘‘(II) may offset against any such payments 
any damages which accrue after such date due 
to the nonperformance (after such date) of any 
obligation of the regulated entity under the con-
tract; and 
‘‘(ii) the conservator or receiver shall— 
‘‘(I) not be liable to the purchaser for any 
damages arising after such date as a result of 
the repudiation, other than the amount of any 
offset allowed under clause (i)(II); 
‘‘(II) deliver title to the purchaser in accord-
ance with the provisions of the contract; and 
‘‘(III) have no obligation under the contract 
other than the performance required under sub-
clause (II). 
‘‘(C) ASSIGNMENT AND SALE ALLOWED.— 
‘‘(i) IN GENERAL.—No provision of this paragraph 
shall be construed as limiting the right of the conser-
vator or receiver to assign the contract described under 
subparagraph (A), and sell the property subject to the 
contract and the provisions of this paragraph. 
‘‘(ii) NO LIABILITY AFTER ASSIGNMENT AND SALE.— 
If an assignment and sale described under clause (i) 
is consummated, the conservator or receiver shall have 
no further liability under the contract described under 
subparagraph (A), or with respect to the real property 
which was the subject of such contract. 
‘‘(7) SERVICE CONTRACTS.— 
‘‘(A) SERVICES PERFORMED BEFORE APPOINTMENT.—In 
the case of any contract for services between any person 
and any regulated entity for which the Agency has been 
appointed conservator or receiver, any claim of such person 
for services performed before the appointment of the conser-
vator or receiver shall be— 
‘‘(i) a claim to be paid in accordance with sub-
sections (b) and (e); and 
‘‘(ii) deemed to have arisen as of the date on which 
the conservator or receiver was appointed. 
‘‘(B) SERVICES
PERFORMED
AFTER
APPOINTMENT
AND 
PRIOR
TO
REPUDIATION.—If, in the case of any contract 
for services described under subparagraph (A), the conser-
vator or receiver accepts performance by the other person 
before the conservator or receiver makes any determination 
to exercise the right of repudiation of such contract under 
this section— 
‘‘(i) the other party shall be paid under the terms 
of the contract for the services performed; and 
‘‘(ii) the amount of such payment shall be treated 
as an administrative expense of the conservatorship 
or receivership. 
‘‘(C) ACCEPTANCE OF PERFORMANCE NO BAR TO SUBSE-
QUENT REPUDIATION.—The acceptance by the conservator 
or receiver of services referred to under subparagraph (B)
H. R. 3221—103 
that has been, is presently, or in the future 
becomes, the subject of recurrent dealings in the 
swap markets (including terms and conditions 
incorporated by reference in such agreement) and 
that is a forward, swap, future, or option on one 
or more rates, currencies, commodities, equity 
securities or other equity instruments, debt securi-
ties or other debt instruments, quantitative meas-
ures associated with an occurrence, extent of an 
occurrence, or contingency associated with a finan-
cial, commercial, or economic consequence, or eco-
nomic or financial indices or measures of economic 
or financial risk or value; 
‘‘(III) any combination of agreements or trans-
actions referred to in this clause; 
‘‘(IV) any option to enter into any agreement 
or transaction referred to in this clause; 
‘‘(V) a master agreement that provides for an 
agreement or transaction referred to in subclause 
(I), (II), (III), or (IV), together with all supplements 
to any such master agreement, without regard to 
whether the master agreement contains an agree-
ment or transaction that is not a swap agreement 
under this clause, except that the master agree-
ment shall be considered to be a swap agreement 
under this clause only with respect to each agree-
ment or transaction under the master agreement 
that is referred to in subclause (I), (II), (III), or 
(IV); and 
‘‘(VI) any security agreement or arrangement 
or other credit enhancement related to any agree-
ments or transactions referred to in subclause (I), 
(II), (III), (IV), or (V), including any guarantee 
or reimbursement obligation in connection with 
any agreement or transaction referred to in any 
such subclause. 
‘‘(vii) TREATMENT OF MASTER AGREEMENT AS ONE 
AGREEMENT.—Any master agreement for any contract 
or agreement described in any preceding clause of this 
subparagraph (or any master agreement for such 
master agreement or agreements), together with all 
supplements to such master agreement, shall be 
treated as a single agreement and a single qualified 
financial contract. If a master agreement contains 
provisions relating to agreements or transactions that 
are not themselves qualified financial contracts, the 
master agreement shall be deemed to be a qualified 
financial contract only with respect to those trans-
actions that are themselves qualified financial con-
tracts. 
‘‘(viii) TRANSFER.—The term ‘transfer’ means every 
mode, direct or indirect, absolute or conditional, vol-
untary or involuntary, of disposing of or parting with 
property or with an interest in property, including 
retention of title as a security interest and foreclosure 
of the equity of redemption of the regulated entity.
H. R. 3221—109 
operation of law and immediately upon its organiza-
tion— 
‘‘(I) succeed to the charter of the Federal 
National Mortgage Association, as set forth in the 
Federal National Mortgage Association Charter 
Act; and 
‘‘(II) thereafter operate in accordance with, and 
subject to, such charter, this Act, and any other 
provision of law to which the Federal National 
Mortgage Association is subject, except as other-
wise provided in this subsection. 
‘‘(ii) FREDDIE MAC.—If the Agency is appointed as 
receiver for the Federal Home Loan Mortgage Corpora-
tion, the limited-life regulated entity established under 
this subsection with respect to such enterprise shall, 
by operation of law and immediately upon its organiza-
tion— 
‘‘(I) succeed to the charter of the Federal Home 
Loan Mortgage Corporation, as set forth in the 
Federal Home Loan Mortgage Corporation Charter 
Act; and 
‘‘(II) thereafter operate in accordance with, and 
subject to, such charter, this Act, and any other 
provision of law to which the Federal Home Loan 
Mortgage Corporation is subject, except as other-
wise provided in this subsection. 
‘‘(B) INTERESTS IN AND ASSETS AND OBLIGATIONS OF 
REGULATED ENTITY IN DEFAULT.—Notwithstanding subpara-
graph (A) or any other provision of law— 
‘‘(i) a limited-life regulated entity shall assume, 
acquire, or succeed to the assets or liabilities of a 
regulated entity only to the extent that such assets 
or liabilities are transferred by the Agency to the lim-
ited-life regulated entity in accordance with, and sub-
ject to the restrictions set forth in, paragraph (1)(B); 
‘‘(ii) a limited-life regulated entity shall not 
assume, acquire, or succeed to any obligation that a 
regulated entity for which a receiver has been 
appointed may have to any shareholder of the regu-
lated entity that arises as a result of the status of 
that person as a shareholder of the regulated entity; 
and 
‘‘(iii) no shareholder or creditor of a regulated 
entity shall have any right or claim against the charter 
of the regulated entity once the Agency has been 
appointed receiver for the regulated entity and a lim-
ited-life regulated entity succeeds to the charter pursu-
ant to subparagraph (A). 
‘‘(C) LIMITED-LIFE
REGULATED
ENTITY
TREATED
AS 
BEING IN DEFAULT FOR CERTAIN PURPOSES.—A limited-life 
regulated entity shall be treated as a regulated entity 
in default at such times and for such purposes as the 
Agency may, in its discretion, determine. 
‘‘(D) MANAGEMENT.—Upon its establishment, a limited- 
life regulated entity shall be under the management of 
a board of directors consisting of not fewer than 5 nor 
more than 10 members appointed by the Agency.
H. R. 3221—140 
(g) FIRREA.—Section 1216 of the Financial Institutions 
Reform, Recovery, and Enhancement Act of 1989 (12 U.S.C. 1833e) 
is amended— 
(1) in subsection (a), by striking paragraph (3) and inserting 
the following: 
‘‘(3) the Federal Housing Finance Agency;’’; 
(2) in subsection (b), by striking ‘‘Federal National Mort-
gage Association’’ and inserting ‘‘Federal Home Loan Banks, 
the Federal National Mortgage Association,’’; and 
(3) in subsection (c), by striking ‘‘Finance Board’’ and 
inserting ‘‘Finance Agency’’. 
SEC. 1217. STUDY ON FEDERAL HOME LOAN BANK ADVANCES. 
(a) IN GENERAL.—Not later than 1 year after the date of enact-
ment of this Act, the Director shall conduct a study and submit 
a report to the Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial Services of the 
House or Representatives on the extent to which loans and securi-
ties used as collateral to support Federal Home Loan Bank advances 
are consistent with the interagency guidance on nontraditional 
mortgage products. 
(b) REQUIRED CONTENT.—The study required under subsection 
(a) shall— 
(1) consider and recommend any additional regulations, 
guidance, advisory bulletins, or other administrative actions 
necessary to ensure that the Federal Home Loan Banks are 
not supporting loans with predatory characteristics; and 
(2) include an opportunity for the public to comment on 
any recommendations made under paragraph (1). 
SEC. 1218. FEDERAL HOME LOAN BANK REFINANCING AUTHORITY FOR 
CERTAIN RESIDENTIAL MORTGAGE LOANS. 
Section 10(j)(2) of the Federal Home Loan Bank Act (12 U.S.C. 
1430(j)(2)) is amended— 
(1) in subparagraph (A), by striking ‘‘or’’ at the end; 
(2) in subparagraph (B), by striking the period at the 
end and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(C) during the 2-year period beginning on the date 
of enactment of this subparagraph, use such percentage 
as the Director may by regulation establish of any sub-
sidized advances set aside to finance homeownership under 
subparagraph (A) to refinance loans that are secured by 
a first mortgage on a primary residence of any family 
having an income at or below 80 percent of the median 
income for the area.’’.
H. R. 3221—141 
TITLE III—TRANSFER OF FUNCTIONS, 
PERSONNEL, 
AND 
PROPERTY 
OF 
OFHEO AND THE FEDERAL HOUSING 
FINANCE BOARD 
Subtitle A—OFHEO 
SEC. 1301. ABOLISHMENT OF OFHEO. 
(a) IN GENERAL.—Effective at the end of the 1-year period 
beginning on the date of enactment of this Act, the Office of Federal 
Housing Enterprise Oversight of the Department of Housing and 
Urban Development and the positions of the Director and Deputy 
Director of such Office are abolished. 
(b) DISPOSITION OF AFFAIRS.—During the 1-year period begin-
ning on the date of enactment of this Act, the Director of the 
Office of Federal Housing Enterprise Oversight, solely for the pur-
pose of winding up the affairs of the Office of Federal Housing 
Enterprise Oversight— 
(1) shall 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 under section 1303; 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 amend-
ments 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 affect the status of any employee of 
such Office as an employee 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 under section 1303. 
(d) USE OF PROPERTY AND SERVICES.— 
(1) PROPERTY.—The Director may use the property of the 
Office of Federal Housing Enterprise Oversight to perform func-
tions which have been transferred to the Director for such 
time as is reasonable to facilitate the orderly transfer of func-
tions transferred under any other provision of this Act or any 
amendment made by this Act to any other provision of law. 
(2) AGENCY SERVICES.—Any agency, department, 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 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 coordinate and 
facilitate a prompt and reasonable transition. 
(e) CONTINUATION OF SERVICES.—The Director may use the 
services of employees and other personnel of the Office of Federal 
Housing Enterprise Oversight, on a reimbursable basis, to perform 
functions which have been transferred to the Director for such 
time as is reasonable to facilitate the orderly transfer of functions
H. R. 3221—142 
pursuant to any other provision of this Act or any amendment 
made by this Act to any other provision of law. 
(f) SAVINGS PROVISIONS.— 
(1) EXISTING
RIGHTS, 
DUTIES, 
AND
OBLIGATIONS
NOT 
AFFECTED.—Subsection (a) shall not affect the validity of any 
right, duty, or obligation of the United States, the Director 
of the Office of Federal Housing Enterprise Oversight, or any 
other person, which— 
(A) arises under— 
(i) the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992; 
(ii) the Federal National Mortgage Association 
Charter Act; 
(iii) the Federal Home Loan Mortgage Corporation 
Act; or 
(iv) any other provision of law applicable with 
respect to such Office; and 
(B) existed on the day before the date of abolishment 
under subsection (a). 
(2) CONTINUATION OF SUITS.—No action or other proceeding 
commenced by or against the Director 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 enactment of this Act, 
except that the Director of the Federal Housing Finance Agency 
shall be substituted for the Director of the Office of Federal 
Housing Enterprise Oversight as a party to any such action 
or proceeding. 
SEC. 1302. CONTINUATION AND COORDINATION OF CERTAIN ACTIONS. 
(a) IN GENERAL.—All regulations, orders, and determinations 
described in subsection (b) shall remain in effect according to the 
terms of such regulations, orders, and determinations, and shall 
be enforceable by or against the Director or the Secretary of Housing 
and Urban Development, as the case may be, until modified, termi-
nated, set aside, or superseded in accordance with applicable law 
by the Director or the Secretary, as the case may be, any court 
of competent jurisdiction, or operation of law. 
(b) APPLICABILITY.—A regulation, order, or determination is 
described in this subsection if it— 
(1) was issued, made, prescribed, or allowed to become 
effective by— 
(A) the Office of Federal Housing Enterprise Oversight; 
(B) the Secretary of Housing and Urban Development, 
and relates to the authority of the Secretary under— 
(i) the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992; 
(ii) the Federal National Mortgage Association 
Charter Act, with respect to the Federal National Mort-
gage Association; or 
(iii) the Federal Home Loan Mortgage Corporation 
Act, with respect to the Federal Home Loan Mortgage 
Corporation; or 
(C) a court of competent jurisdiction, and relates to 
functions transferred by this Act; and 
(2) is in effect on the effective date of the abolishment 
under section 1301(a).
544 
(1) INCENTIVE
PLAN.—Not later than 6 
months after the date of enactment of this Act, the 
Secretary of Energy shall transmit to the Congress 
a plan for encouraging and providing incentives for 
the domestic production of light bulbs by United 
States manufacturers that meet the efficacy levels 
shown in the table in subsection (a)(1)(B). 
(2) LABELING
RULEMAKING.—The Federal 
Trade Commission shall conduct a rulemaking to 
consider the effectiveness of current lamp labeling 
requirements and to consider alternative labeling ap-
proaches that will help consumers to understand new 
high-efficiency lamp products. Such labeling shall in-
clude, at a minimum, information on lighting output 
(lumens), input power (watts), efficiency (lumens per 
watt), lamp rated lifetime (hours), annual or lifetime 
energy operating cost, and any hazardous materials 
(such as mercury) that may be contained in lamp 
products. The Federal Trade Commission shall com-
plete this rulemaking within one year after the date 
of enactment of this Act. 
(3) NATIONAL
SALES
DATA
TRACKING
SYS-
TEM.—The Secretary of Energy shall develop and 
implement within one year after the date of enact-
ment of this Act a national sales data tracking sys-
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545 
tem in conjunction with the National Electrical 
Manufacturers Association and other stakeholders 
for lamp technologies, including Light Emitting Di-
odes, halogens, incandescents, and compact fluores-
cent lamps. 
(c) REPORT ON MERCURY USE AND RELEASE.—Not 
later than 1 year after the date of enactment of this Act, 
the Secretary of Energy, in cooperation with the Adminis-
trator of the Environmental Protection Agency, shall sub-
mit to Congress a report describing recommendations re-
lating to the means by which the Federal Government may 
reduce or prevent the release of mercury during the manu-
facture, transportation, storage, or disposal of general 
service lamps. 
SEC. 9022. INCANDESCENT REFLECTOR LAMPS. 
(a) DEFINITIONS.—Section 321 of the Energy Policy 
and Conservation Act (42 U.S.C. 6291) is amended— 
(1) in paragraph (30)(C)(ii)— 
(A) in the matter preceding subclause 
(I)— 
(i) by striking ‘‘or similar bulb shapes 
(excluding ER or BR)’’ and inserting ‘‘ER, 
BR, BPAR, or similar bulb shapes’’; and 
(ii) by striking ‘‘2.75’’ and inserting 
‘‘2.25’’; and 
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546 
(B) by striking ‘‘is either—’’ and all that 
follows through subclause (II) and inserting 
‘‘has a rated wattage that is greater than 40 
watts.’’; and 
(2) by adding at the end the following: 
‘‘(53) The term ‘BPAR incandescent reflector 
lamp’ means a reflector lamp as shown in figure 
C78.21–278 on page 32 of ANSI C78.21–2003. 
‘‘(54)(A) The term ‘BR incandescent reflector 
lamp’ means a reflector lamp that has— 
‘‘(i) a bulged section below the major di-
ameter of the bulb and above the approximate 
baseline of the bulb, as shown in figure 1 (RB) 
on page 7 of ANSI C79.1–1994, incorporated 
by reference in section 430.22 of title 10, Code 
of Federal Regulations (as in effect on the date 
of enactment of this paragraph); and 
‘‘(ii) a finished size and shape shown in 
ANSI C78.21–1989, including the referenced 
reflective characteristics in part 7 of ANSI 
C78.21. 
‘‘(B) The term ‘BR30’ refers to a BR incandes-
cent reflector lamp with a diameter of 30/8ths of an 
inch and the term ‘BR40’ refers to a BR incandes-
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547 
cent reflector lamp with a diameter of 40/8ths of an 
inch. 
‘‘(55)(A) The term ‘ER incandescent reflector 
lamp’ means a reflector lamp that has— 
‘‘(i) an elliptical section below the major 
diameter of the bulb and above the approximate 
baseline of the bulb, as shown in figure 1 (RE) 
on page 7 of ANSI C79.1–1994, incorporated 
by reference in section 430.22 of title 10, Code 
of Federal Regulations (as in effect on the date 
of enactment of this paragraph); and 
‘‘(ii) a finished size and shape shown in 
ANSI C78.21–1989, incorporated by reference 
in section 430.22 of title 10, Code of Federal 
Regulations (as in effect on the date of enact-
ment of this paragraph). 
‘‘(B) The term ‘ER30’ refers to an ER incan-
descent reflector lamp with a diameter of 30/8ths of 
an inch and the term ‘ER40’ refers to an ER incan-
descent reflector lamp with a diameter of 40/8ths of 
an inch. 
‘‘(56) The term ‘R20 incandescent reflector 
lamp’ means a reflector lamp that has a face diame-
ter of approximately 2.5 inches, as shown in figure 
1(R) on page 7 of ANSI C79.1–1994.’’. 
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548 
(b) STANDARDS FOR FLUORESCENT LAMPS AND IN-
CANDESCENT REFLECTOR LAMPS.—Section 325(i) of the 
Energy Policy and Conservation Act (42 U.S.C. 6925(i)) 
is amended by striking paragraph (1) and inserting the 
following: 
‘‘(1) STANDARDS.— 
‘‘(A) DEFINITION OF EFFECTIVE DATE.— 
In this paragraph, except as specified in sub-
paragraphs (C) and (D), the term ‘effective 
date’ means, with respect to each type of lamp 
specified in a table contained in subparagraph 
(B), the last day of the period of months cor-
responding to that type of lamp, as specified in 
the table, that follows the date of enactment of 
the Energy Efficiency Improvement Act of 
2007. 
‘‘(B) MINIMUM STANDARDS.—Each of the 
following general service fluorescent lamps and 
incandescent 
reflector 
lamps 
manufactured 
after the effective date specified in the tables 
contained in this paragraph shall meet or ex-
ceed the following lamp efficacy and CRI stand-
ards: 
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549 
‘‘FLUORESCENT LAMPS 
Lamp Type 
Nominal 
Lamp 
Wattage 
Minimum 
CRI 
Minimum Average 
Lamp Efficacy 
(LPW) 
Effective 
Date (Pe-
riod of 
Months) 
4-foot medium bi-pin .................
>35 W 
75.0 
≤35 W 
75.0 
2-foot U-shaped .........................
>35 W 
68.0 
≤35 W 
64.0 
8-foot slimline ............................
65 W 
80.0 
≤65 W 
80.0 
8-foot high output ......................
>100 W 
80.0 
≤100 W 
80.0 
‘‘INCANDESCENT REFLECTOR LAMPS 
Nominal Lamp Wattage 
Minimum Average 
Lamp Efficacy 
(LPW) 
Effective 
Date (Pe-
riod of 
Months) 
40–50 ......................................................................................
10.5 
51–66 ......................................................................................
11.0 
67–85 ......................................................................................
12.5 
86–115 ....................................................................................
14.0 
116–155 ....................................................................................
14.5 
156–205 ....................................................................................
15.0 
‘‘(C) EXEMPTIONS.—The standards speci-
fied in subparagraph (B) shall not apply to the 
following types of incandescent reflector lamps: 
‘‘(i) Lamps rated at 50 watts or less 
of the following types: ER30, BR30, 
BR40, and ER40 lamps. 
‘‘(ii) Lamps rated at 65 watts of the 
following types: BR30, BR40, and ER40 
lamps. 
‘‘(iii) 
R20 
incandescent 
reflector 
lamps of 45 watts or less. 
‘‘(D) EFFECTIVE DATES.— 
‘‘(i) ER, BR, AND BPAR LAMPS.—Ex-
cept as provided in subparagraph (A), the 
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