291 
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 Commis-
sion 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 Fed-
eral Home Loan Banks shall be exempt from compliance 
with sections 13(d), 13(f), 13(g), 14(d), and 16 of the Secu-
rities Exchange Act of 1934 and related Securities and Ex-
change Commission regulations with respect to their owner-
ship 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— 
(A) exempted securities within the meaning 
of section 3(a)(2) of the Securities Act of 1933; 
and
292 
(B) ‘‘exempted securities’’ within the mean-
ing of section 3(a)(12)(A) of the Securities Ex-
change 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 meaning 
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 Ex-
change Act of 1934; 
(C) excluded from the definition of ‘‘govern-
ment securities broker’’ within section 3(a)(43) 
of the Securities Exchange Act of 1934; 
(D) excluded from the definition of ‘‘govern-
ment securities dealer’’ within section 3(a)(44) of 
the Securities Exchange Act of 1934; and 
(E) ‘‘government securities’’ within the 
meaning of section 2(a)(16) of the Investment 
Company Act of 1940. 
(d) EXEMPTION FROM REPORTING REQUIREMENTS.— 
The Federal Home Loan Banks shall be exempt from peri-
odic reporting requirements pertaining to—
293 
(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 Fed-
eral Home Loan Banks. 
(f) REGULATIONS.—In issuing final regulations to im-
plement provisions of this section, the Securities and Ex-
change Commission shall consider the distinctive character-
istics of the Federal Home Loan Banks when evaluating 
the accounting treatment with respect to the payment to 
Resolution Funding Corporation, the role of the combined 
financial statements of the twelve Banks, the accounting 
classification of redeemable capital stock, and the account-
ing treatment related to the joint and several nature of the 
obligations of the Banks. 
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’’.
294 
(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 develop-
ment 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.—Sec-
tion 1113(o) of the Right to Financial Privacy Act of 1978 
(12 U.S.C. 3413(o)) is amended— 
(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’’.
295 
(b) RIEGLE COMMUNITY DEVELOPMENT AND REGU-
LATORY IMPROVEMENT ACT OF 1994.—Section 117(e) of the 
Riegle Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4716(e)) is amended by strik-
ing ‘‘Federal Housing Finance Board’’ and inserting ‘‘Fed-
eral Housing Finance Agency’’. 
(c) TITLE 18, UNITED STATES CODE.—Title 18, 
United States Code, is amended by striking ‘‘Federal Hous-
ing 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 striking 
‘‘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 strik-
ing ‘‘Federal Housing Finance Board’’ and inserting ‘‘Fed-
eral Housing Finance Agency’’. 
(f) ACCESS TO LOCAL TV ACT OF 2000.—Section 
1004(d)(2)(D)(iii) of the Launching Our Communities’ Ac-
cess 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 Fi-
296 
nance 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 mod-
erate-income individuals, and the effectiveness and ade-
quacy of such assistance in meeting the needs of affected 
communities. The study shall examine the applicability 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 expiration of the 1-year period 
beginning on the date of the enactment of this Act. 
SEC. 211. EFFECTIVE DATE. 
Except as specifically provided otherwise in this title, 
the amendments made by this title shall take effect on, and 
shall apply beginning on, the expiration of the 1-year pe-
riod beginning on the date of the enactment of this Act.
297 
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 1-year 
period beginning on the date of the 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 pe-
riod beginning on the date of the enactment of this Act, 
the Director of the Office of Federal Housing Enterprise 
Oversight shall, solely for the purpose of winding up the 
affairs of the Office of Federal Housing Enterprise Over-
sight—
298 
(1) manage the employees of such Office and pro-
vide 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 sec-
tion 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 Of-
fice of Federal Housing Enterprise Oversight under sub-
section (a) of this section may not be construed to affect 
the status of any employee of such Office as employees 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.— 
(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 orderly 
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.
299 
(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 Fi-
nance 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 coordi-
nate and facilitate a prompt and reasonable 
transition. 
(e) SAVINGS PROVISIONS.— 
(1) EXISTING
RIGHTS, DUTIES, AND
OBLIGA-
TIONS 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 or pursuant to the title 
XIII of the Housing and Community Develop-
ment Act of 1992, the Federal National Mortgage
300 
Association Charter Act, the Federal Home Loan 
Mortgage Corporation Act, or any other provi-
sion of law applicable with respect to such Of-
fice; 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 Direc-
tor of the Office of Federal Housing Enterprise Over-
sight in connection with functions that are trans-
ferred 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. 302. CONTINUATION AND COORDINATION OF CERTAIN 
REGULATIONS. 
All regulations, orders, determinations, and resolutions 
that— 
(1) were issued, made, prescribed, or allowed to 
become effective by— 
(A) the Office of Federal Housing Enter-
prise Oversight; or
301 
(B) a court of competent jurisdiction and 
that relate to functions transferred by this sub-
title; and 
(2) are in effect on the date of the abolishment 
under section 301(a) of this Act, shall remain in effect 
according to the terms of such regulations, orders, de-
terminations, and resolutions, and shall be enforceable 
by or against the Director of the Federal Housing Fi-
nance Agency until modified, terminated, set aside, or 
superseded in accordance with applicable law by such 
Director, as the case may be, any court of competent 
jurisdiction, or operation of law. 
SEC. 303. TRANSFER AND RIGHTS OF EMPLOYEES OF 
OFHEO. 
(a) TRANSFER.—Each employee of the Office of Fed-
eral Housing Enterprise Oversight shall be transferred to 
the Federal Housing Finance Agency for employment no 
later than the date of the abolishment under section 301(a) 
of this Act and such transfer shall be deemed a transfer 
of function for purposes of section 3503 of title 5, United 
States Code. 
(b) GUARANTEED POSITIONS.—Each employee trans-
ferred under subsection (a) shall be guaranteed a position 
with the same status, tenure, grade, and pay as that held 
on the day immediately preceding the transfer. Each such