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Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iran Human Rights Sanctions Act''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Iran voted in the United Nations General Assembly on 
        December 10, 1948, to adopt the Universal Declaration of Human 
        Rights, thereby committing to guarantee the ``life, liberty, 
        and security of person'' of all people and rejecting ``cruel, 
        inhuman, or degrading treatment or punishment''.
            (2) The Constitution of the Islamic Republic of Iran 
        guarantees certain human rights and fundamental freedoms, 
        including political and civil rights, along with economic, 
        social, and cultural rights, including a prohibition on torture 
        and a guarantee of sentencing according to the law.
            (3) The Islamic Republic of Iran is a party to 4 major 
        United Nations human rights treaties: the Convention on the 
        Rights of the Child (which it ratified on July 13, 1994), the 
        International Convention on the Elimination of All Forms of 
        Racial Discrimination (which it ratified on August 29, 1968), 
        and the International Covenant on Civil and Political Rights 
        and the International Covenant on Economic, Social and Cultural 
        Rights (both of which it ratified on June 24, 1975).
            (4) The Government of the Islamic Republic of Iran is 
        violating its international and constitutional obligations to 
        respect the human rights and fundamental freedoms of its 
        citizens, including by--
                    (A) using torture and cruel, inhuman, or degrading 
                treatment or punishment, including flogging, and 
                amputations;
                    (B) carrying out an increasingly high rate of 
                executions in the absence of internationally recognized 
                safeguards, including public executions and executions 
                of juvenile offenders;
                    (C) using stoning as a method of execution and 
                maintaining a high number of persons in prison who 
                continue to face sentences of execution by stoning;
                    (D) carrying out arrests, violent repression, and 
                sentencing of women exercising their right to peaceful 
                assembly, a campaign of intimidation against women's 
                rights defenders, and continuing discrimination against 
                women and girls;
                    (E) permitting or carrying out increasing 
                discrimination and other human rights violations 
                against persons belonging to religious, ethnic, 
                linguistic, or other minorities;
                    (F) imposing ongoing, systematic, and serious 
                restrictions of freedom of peaceful assembly and 
                association and freedom of opinion and expression, 
                including the continuing closures of media outlets, 
                arrests of journalists, and the censorship of 
                expression in online forums such as blogs and websites; 
                and
                    (G) imposing severe limitations and restrictions on 
                freedom of religion and belief, including by carrying 
                out arbitrary arrests, indefinite detentions, and 
                lengthy jail sentences for those exercising their 
                rights to freedom of religion or belief and proposing a 
                provision in a draft penal code that sets out a 
                mandatory death sentence for apostasy, the abandoning 
                of one's faith.
            (5) On June 19, 2009, the United Nations High Commissioner 
        for Human Rights expressed concerns about the increasing number 
        of arrests not in conformity with the law and the illegal use 
        of excessive force in responding to protests following the June 
        12, 2009, elections in Iran, resulting in at least dozens of 
        deaths and hundreds of injuries.
            (6) On August 1, 2009, authorities in the Islamic Republic 
        of Iran began a mass trial of more than 100 individuals in 
        connection with election protests, most of whom were held for 
        weeks, in solitary confinement, with little or no access to 
        their lawyers or families, and many of whom showed signs of 
        torture or abuse.
            (7) The Supreme Leader of Iran issued a statement on 
        October 28, 2009, effectively criminalizing dissent in the 
        aftermath of the national election of June 12, 2009.
            (8) On November 4, 2009, security forces in the Islamic 
        Republic of Iran used brutal force to disperse thousands of 
        protesters, resulting in a number of injuries and arrests, in 
        violation of international standards regarding the 
        proportionate use of force against peaceful demonstrations.
            (9) At least 8 citizens of Iran were killed and an 
        undetermined number were injured on December 27, 2009, when 
        security forces of the Islamic Republic of Iran violently broke 
        up peaceful gatherings during the Ashura holiday.
            (10) The Government of the Islamic Republic of Iran has 
        recently sentenced numerous Iranian citizens to death without 
        due process for politicized crimes relating to the peaceful 
        demonstrations that followed the June 12, 2009, elections, 
        including ``waging war against God'', and has begun carrying 
        out those execution sentences, including the death by hanging 
        of 2 individuals on January 28, 2010.

SEC. 3. IMPOSITION OF SANCTIONS ON CERTAIN PERSONS WHO ARE COMPLICIT IN 
              HUMAN RIGHTS ABUSES COMMITTED AGAINST CITIZENS OF IRAN OR 
              THEIR FAMILY MEMBERS AFTER THE JUNE 12, 2009, ELECTIONS 
              IN IRAN.

    (a) In General.--Except as provided in subsections (d) and (e), the 
President shall impose sanctions described in subsection (c) with 
respect to each person on the list required by subsection (b).
    (b) List of Persons Who Are Complicit in Certain Human Rights 
Abuses.--
            (1) In general.--Not later than 90 days after the date of 
        the enactment of this Act, the President shall submit to the 
        appropriate congressional committees a list of persons who are 
        citizens of Iran that the President determines are complicit in 
        human rights abuses committed against citizens of Iran or their 
        family members on or after June 12, 2009, regardless of whether 
        such abuses occurred in Iran.
            (2) Updates of list.--The President shall submit to the 
        appropriate congressional committees an updated list under 
        paragraph (1) periodically and as new information becomes 
        available.
            (3) Public availability.--The list required by paragraph 
        (1) shall be made available to the public and posted on the 
        websites of the Department of the Treasury and the Department 
        of State.
            (4) Consideration of data from other countries and 
        nongovernmental organizations.--In preparing the list required 
        by paragraph (1), the President shall consider data already 
        obtained by other countries and nongovernmental organizations, 
        including organizations in Iran, that monitor the human rights 
        abuses of the Government of Iran.
    (c) Sanctions Described.--The sanctions described in this 
subsection are the following:
            (1) Visa ban.--Ineligibility for a visa to enter the United 
        States.
            (2) Financial sanctions.--Sanctions authorized under the 
        International Emergency Economic Powers Act (50 U.S.C. 1701 et 
        seq.), including blocking of property and restrictions or 
        prohibitions on financial transactions and the exportation and 
        importation of property.
    (d) Exceptions To Comply With International Agreements.--The 
President may, by regulation, authorize exceptions to the imposition of 
sanctions under this section to permit the United States to comply with 
the Agreement between the United Nations and the United States of 
America regarding the Headquarters of the United Nations, signed June 
26, 1947, and entered into force November 21, 1947, and other 
applicable international agreements.
    (e) Waiver.--The President may waive the requirement to impose or 
maintain sanctions with respect to a person under subsection (a) or the 
requirement to include a person on the list required by subsection (b) 
if the President--
            (1) determines that such a waiver is in the national 
        interest of the United States; and
            (2) submits to the appropriate congressional committees a 
        report describing the reasons for the determination.
    (f) Termination of Sanctions.--The provisions of this section shall 
cease to have force and effect on the date on which the President 
determines and certifies to the appropriate congressional committees 
that the Government of Iran has--
            (1) unconditionally released all political prisoners, 
        including the citizens of Iran detained in the aftermath of the 
        June 12, 2009, presidential election in Iran;
            (2) ceased its practices of violence, unlawful detention, 
        torture, and abuse of citizens of Iran while engaging in 
        peaceful political activity; and
            (3) conducted a transparent investigation into the 
        killings, arrest, and abuse of peaceful political activists in 
        Iran and prosecuted those responsible.
    (g) Appropriate Congressional Committees Defined.--In this section, 
the term ``appropriate congressional committees'' has the meaning given 
that term in section 14(2) of the Iran Sanctions Act of 1996 (Public 
Law 104-172; 50 U.S.C. 1701 note).

Answer: Iran Human Rights Sanctions Act - Directs the President to impose visa entry and financial sanctions on a person determined to be complicit in human rights abuses committed against Iranian citizens or their family members on or after June 12, 2009, regardless of whether such abuses occurred in Iran.

Requires that: (1) the list of such persons required by this Act be made available to the public and posted on the Department of the Treasury and the Department of State websites; and (2) the President consider data obtained by other countries and nongovernmental organizations that monitor Iran's human rights abuses in preparing such list.

Authorizes the President to: (1) not apply such sanctions in order to permit U.S. compliance with the Agreement between the United Nations and the United States of America regarding the Headquarters of the United Nations and other international agreements; and (2) waive such sanctions if in the U.S. national interest.

Terminates sanctions upon presidential certification to Congress that the government of Iran has: (1) released all political prisoners; (2) ceased its practices of violence and abuse of Iranian citizens engaging in peaceful political activity; and (3) conducted a transparent investigation into the killings and abuse of peaceful political activists in Iran and prosecuted those responsible.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Depository Institutions Disaster 
Relief Act of 1993''.

SEC. 2. TRUTH IN LENDING ACT; EXPEDITED FUNDS AVAILABILITY ACT.

    (a) Truth in Lending Act.--During the 180-day period beginning on 
the date of enactment of this Act, the Board of Governors of the 
Federal Reserve System may make exceptions to the Truth in Lending Act 
for transactions within an area in which the President, pursuant to 
section 401 of the Robert T. Stafford Disaster Relief and Emergency 
Assistance Act, has determined that a major disaster exists, or within 
an area determined to be eligible for disaster relief under other 
Federal law by reason of damage related to the 1993 flooding of the 
Mississippi River and its tributaries, if the Board determines that the 
exception can reasonably be expected to alleviate hardships to the 
public resulting from such disaster that outweigh possible adverse 
effects.
    (b) Expedited Funds Availability Act.--During the 180-day period 
beginning on the date of enactment of this Act, the Board of Governors 
of the Federal Reserve System may make exceptions to the Expedited 
Funds Availability Act for depository institution offices located 
within any area referred to in subsection (a) of this section if the 
Board determines that the exception can reasonably be expected to 
alleviate hardships to the public resulting from such disaster that 
outweigh possible adverse effects.
    (c) Time Limit on Exceptions.--Any exception made under this 
section shall expire not later than the earlier of--
            (1) 1 year after the date of enactment of this Act; or
            (2) 1 year after the date of any determination referred to 
        in subsection (a).
    (d) Publication Required.--The Board of Governors of the Federal 
Reserve System shall publish in the Federal Register a statement that--
            (1) describes any exception made under this section; and
            (2) explains how the exception can reasonably be expected 
        to produce benefits to the public that outweigh possible 
        adverse effects.

SEC. 3. DEPOSIT OF INSURANCE PROCEEDS.

    (a) In General.--The appropriate Federal banking agency may, by 
order, permit an insured depository institution, during the 18-month 
period beginning on the date of enactment of this Act, to subtract from 
the institution's total assets, in calculating compliance with the 
leverage limit prescribed under section 38 of the Federal Deposit 
Insurance Act, an amount not exceeding the qualifying amount 
attributable to insurance proceeds, if the agency determines that--
            (1) the institution--
                    (A) had its principal place of business within an 
                area in which the President, pursuant to section 401 of 
                the Robert T. Stafford Disaster Relief and Emergency 
                Assistance Act, has determined that a major disaster 
                exists, or within an area determined to be eligible for 
                disaster relief under other Federal law by reason of 
                damage related to the 1993 flooding of the Mississippi 
                River and its tributaries, on the day before the date 
                of any such determination;
                    (B) derives more than 60 percent of its total 
                deposits from persons who normally reside within, or 
                whose principal place of business is normally within, 
                areas of intense devastation caused by the major 
                disaster;
                    (C) was adequately capitalized (as defined in 
                section 38 of the Federal Deposit Insurance Act) before 
                the major disaster; and
                    (D) has an acceptable plan for managing the 
                increase in its total assets and total deposits; and
            (2) the subtraction is consistent with the purpose of 
        section 38 of the Federal Deposit Insurance Act.
    (b) Definitions.--For purposes of this section:
            (1) Appropriate federal banking agency.--The term 
        ``appropriate Federal banking agency'' has the same meaning as 
        in section 3 of the Federal Deposit Insurance Act.
            (2) Insured depository institution.--The term ``insured 
        depository institution'' has the same meaning as in section 3 
        of the Federal Deposit Insurance Act.
            (3) Leverage limit.--The term ``leverage limit'' has the 
        same meaning as in section 38 of the Federal Deposit Insurance 
        Act.
            (4) Qualifying amount attributable to insurance proceeds.--
        The term ``qualifying amount attributable to insurance 
        proceeds'' means the amount (if any) by which the institution's 
        total assets exceed the institution's average total assets 
        during the calendar quarter ending before the date of any 
        determination referred to in subsection (a)(1)(A), because of 
        the deposit of insurance payments or governmental assistance 
        made with respect to damage caused by, or other costs resulting 
        from, the major disaster.

SEC. 4. BANKING AGENCY PUBLICATION REQUIREMENTS.

    (a) In General.--During the 180-day period beginning on the date of 
enactment of this Act, a qualifying regulatory agency may take any of 
the following actions with respect to depository institutions or other 
regulated entities whose principal place of business is within, or with 
respect to transactions or activities within, an area in which the 
President, pursuant to section 401 of the Robert T. Stafford Disaster 
Relief and Emergency Assistance Act, has determined that a major 
disaster exists, or within an area determined to be eligible for 
disaster relief under other Federal law by reason of damage related to 
the 1993 flooding of the Mississippi River and its tributaries, if the 
agency determines that the action would facilitate recovery from the 
major disaster:
            (1) Procedure.--Exercising the agency's authority under 
        provisions of law other than this section without complying 
        with--
                    (A) any requirement of section 553 of title 5, 
                United States Code; or
                    (B) any provision of law that requires notice or 
                opportunity for hearing or sets maximum or minimum time 
                limits with respect to agency action.
            (2) Publication requirements.--Making exceptions, with 
        respect to institutions or other entities for which the agency 
        is the primary Federal regulator, to--
                    (A) any publication requirement with respect to 
                establishing branches or other deposit-taking 
                facilities; or
                    (B) any similar publication requirement.
    (b) Publication Required.--A qualifying regulatory agency shall 
publish in the Federal Register a statement that--
            (1) describes any action taken under this section; and
            (2) explains the need for the action.
    (c) Qualifying Regulatory Agency Defined.--For purposes of this 
section, the term ``qualifying regulatory agency'' means--
            (1) the Board of Governors of the Federal Reserve System;
            (2) the Comptroller of the Currency;
            (3) the Director of the Office of Thrift Supervision;
            (4) the Federal Deposit Insurance Corporation;
            (5) the Financial Institutions Examination Council;
            (6) the National Credit Union Administration; and
            (7) with respect to chapter 53 of title 31, United States 
        Code, the Secretary of the Treasury.

SEC. 5. STUDY; REPORT TO THE CONGRESS.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study that--
            (1) examines how the agencies and entities granted 
        authority by the Depository Institutions Disaster Relief Act of 
        1992 and by this Act have exercised such authority;
            (2) evaluates the utility of such Acts in facilitating 
        recovery from disasters consistent with the safety and 
        soundness of depository institutions; and
            (3) contains recommendations with respect to whether the 
        authority granted by this Act should be made permanent.
    (b) Report to the Congress.--Not later than 18 months after the 
date of the enactment of this Act, the Comptroller General of the 
United States shall submit to the Congress a report on the results of 
the study required by subsection (a).

SEC. 6. SENSE OF THE CONGRESS.

    It is the sense of the Congress that the Board of Governors of the 
Federal Reserve System, the Comptroller of the Currency, the Director 
of the Office of Thrift Supervision, the Federal Deposit Insurance 
Corporation, and the National Credit Union Administration should 
encourage depository institutions meet the financial services needs of 
their communities and customers located in areas affected by the 1993 
flooding of the Mississippi River and its tributaries.

SEC. 7. OTHER AUTHORITY NOT AFFECTED.

    Nothing in this Act limits the authority of any department or 
agency under any other provision of law.

            Passed the House of Representatives August 2, 1993.

            Attest:






                                                                 Clerk.

Answer: Depository Institutions Disaster Relief Act of 1993 - Authorizes the Board of Governors of the Federal Reserve System to make exceptions for a specified period of time to the Truth in Lending Act and to the Expedited Funds Availability Act with respect to transactions and depository institutions located within either a federally declared major disaster area or certain areas damaged by the 1993 flooding of the Mississippi River and its tributaries (disaster areas). 
Cites conditions under which:  (1) an insured depository institution may subtract from its total assets a specified amount attributable to insurance proceeds when it is calculating compliance with prescribed leverage limits; and (2) a qualifying regulatory agency may deviate from certain statutory requirements with respect to regulated entities located in disaster areas. 
Directs the Comptroller General to study and report to the Congress on the efficacy of certain disaster relief Acts with respect to facilitating recovery from major disasters. 
Expresses the sense of the Congress that specified Federal banking regulatory agencies should encourage depository institutions to meet the financial services needs of their communities and customers located in areas affected by the 1993 flooding of the Mississippi River and its tributaries.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA Reform Act of 1994''.

SEC. 2. MAXIMUM DOLLAR AMOUNT.

    Subparagraph (A) of the first sentence of section 203(b)(2) of the 
National Housing Act (12 U.S.C. 1709(b)(2)(A)) is amended by striking 
clause (ii) and all that follows through ``1992;'' and inserting the 
following:
                            ``(ii) 85 percent of the dollar amount 
                        limitation determined under section 305(a)(2) 
                        of the Federal Home Loan Mortgage Corporation 
                        Act for a residence of the applicable size;
                except that the applicable dollar amount limitation in 
                effect under this subparagraph (A) for any area may not 
                be less than the greater of--
                            ``(I) the dollar amount limitation in 
                        effect under this section for the area on the 
                        date of enactment of the FHA Reform Act of 
                        1994; or
                            ``(II) the applicable average area purchase 
                        price determined under section 143(e)(2) of the 
                        Internal Revenue Code of 1986, as adjusted by 
                        the Secretary to reflect a single amount using 
                        purchase prices for residences that have been 
                        previously occupied, and for residences that 
                        have not been so occupied, which amount shall 
                        be adjusted by the Secretary annually on the 
                        basis of the Constant Quality Housing Price 
                        Index;''.

SEC. 3. MAXIMUM LOAN-TO-VALUE RATIO.

    Section 203(b)(2) of the National Housing Act (12 U.S.C. 
1709(b)(2)) is amended--
            (1) by striking ``(including such initial service charges, 
        appraisal, inspection, and other fees as the Secretary shall 
        approve)'' the first place it appears;
            (2) by striking subparagraph (B) of the first sentence and 
        inserting the following new subparagraph:
                    ``(B) except as otherwise provided in this 
                paragraph (2), not to exceed an amount equal to the sum 
                of--
                            ``(i) 99 percent of $50,000 of the 
                        appraised value of the property, as of the date 
                        the mortgage is accepted for insurance;
                            ``(ii) 96 percent of such value in excess 
                        of $50,000 but not in excess of $125,000; and
                            ``(iii) 94 percent of such value in excess 
                        of $125,000.'';
            (3) by striking the second sentence of the matter that 
        follows subparagraph (B) of the first sentence; and
            (4) by striking penultimate undesignated paragraph.

SEC. 4. SINGLE FAMILY RISK-SHARING MORTGAGE INSURANCE PROGRAM.

    (a) In General.--Title II of the National Housing Act (12 U.S.C. 
1707 et seq.) is amended by adding at the end the following new 
section:

       ``single family risk-sharing with state and local agencies

    ``Sec. 256. (a) Authority.--Notwithstanding any other provision of 
this Act inconsistent with this section, the Secretary may insure and 
make commitments to insure under this section mortgages on single 
family properties under risk-sharing mortgage insurance programs 
established with 1 or more States or agencies. Only mortgages executed 
in connection with the acquisition of a single family property or for 
the refinancing of a mortgage insured under this section shall be 
eligible. Under such programs, the Secretary shall insure a portion of 
the mortgage and the State or local agency shall insure the remainder.
    ``(b) Purposes.--The purposes of the program under this section are 
(1) to increase the availability of single family mortgage financing in 
areas where there is need for mortgage insurance under this Act that 
cannot be met due to particularly high average median house prices in 
the area, and (2) to foster arrangements with State and local agencies 
to share the risk of mortgage insurance.
    ``(c) Applications.--
            ``(1) Approval.--The Secretary may approve an application 
        submitted by a State or local agency to establish a risk-
        sharing program under this section, based on a determination 
        that the State or local agency demonstrates that (A) it has the 
        legal authority under State law and, where applicable, local 
        law, to participate in the risk-sharing mortgage insurance 
        program, (B) it has carried out, or has the potential to carry 
        out, a financially sound, efficient, and effective mortgage 
        insurance program, and (C) it has the ongoing administrative 
        and financial capacity necessary to carry out a program under 
        this section.
            ``(2) Cancellation of approval.--For a violation of 
        requirements and procedures under the risk-sharing agreement 
        between the State or local agency and the Secretary or for 
        other good cause, the Secretary may cancel approval of a State 
        or local agency under this section by giving notice to the 
        State or local agency. The cancellation shall be effective upon 
        receipt of the notice by the agency or at a later date 
        specified by the Secretary. A decision by the Secretary to 
        cancel approval shall be final and conclusive and shall not be 
        subject to judicial review.
    ``(d) Delegation of Authority To Insure to State and Local 
Agencies.--Pursuant to a risk-sharing agreement with a State or local 
agency, the Secretary shall delegate the authority to insure and make 
commitments to insure the portion of mortgages to be insured by the 
Secretary under this section to the State or local agency. The risk-
sharing agreement shall contain such other matters as the Secretary and 
the State or local agency agree.
    ``(e) Underwriting Standards and Loan Terms and Conditions.--The 
State or local agency shall adopt underwriting standards and loan terms 
and conditions for purposes of underwriting loans to be insured under 
this section without regard to requirements of this Act other than this 
section, section 203(g), and section 203(r)(2), subject to review and 
approval by the Secretary.
    ``(f) Mortgage Insurance Premiums.--
            ``(1) Requirement.--The State or local agency shall require 
        the payment of mortgage insurance premiums by mortgagors.
            ``(2) Shares.--The Secretary shall establish policies and 
        procedures for the sharing of premiums between the Secretary 
        and the State or local agency, based on the relative risk to, 
        and administrative costs of, the Secretary and the State or 
        local agency. The share paid to the Secretary shall not be less 
        than an amount necessary to cover the risk to, and 
        administrative costs of, the Secretary.
    ``(g) Limitations on Principal Mortgage Amount.--
            ``(1) Insured portion.--The portion of the mortgage insured 
        under this section by the Secretary may not exceed an amount 
        equal to the lesser of (A) 80 percent of the appraised value of 
        the property, or (B) the maximum amount the Secretary may 
        insure under section 203(b) of this Act for the area (but not 
        including any amount for a mortgage insurance premium).
            ``(2) Total principal amount.--The total principal amount 
        of a mortgage insured under this section by the Secretary and 
        the State or local agency (A) shall exceed the maximum amount 
        the Secretary may insure under subparagraph (A) of the first 
        sentence of section 203(b)(2) of this Act for the area, and (B) 
        may not exceed the conforming loan limitation determined under 
        section 305(a)(2) of the Federal Home Loan Mortgage Corporation 
        Act for a residence of the applicable size, as adjusted 
        annually.
            ``(3) Loan-to-value ratio.--The principal obligation of a 
        mortgage may not exceed an amount determined in accordance with 
        subparagraph (B) of the first sentence of section 203(b)(2) of 
        this Act plus the mortgage insurance premium.
            ``(4) Refinancing mortgages.--Notwithstanding paragraph 
        (2)(A) or (3), in the case of refinancing of an existing 
        mortgage insured under this section, the principal obligation 
        of a refinancing mortgage may not exceed the outstanding 
        principal balance of the existing mortgage plus any mortgage 
        insurance premium.
    ``(h) Insurance Claims.--
            ``(1) Procedure.--In the case of a default and foreclosure 
        of a mortgage insured under this section, the mortgagee may 
        file a claim with the State or local agency for insurance 
        benefits in accordance with requirements established by the 
        State or local agency and approved by the Secretary. The agency 
        shall pay the full amount of the claim owed to the mortgagee. 
        If the loss on the insured mortgage exceeds the amount of 
        insurance by the agency, the Secretary shall reimburse the 
        agency for the difference.
            ``(2) General insurance fund.--The insurance of a mortgage 
        under this section by the Secretary shall be an obligation of 
        the General Insurance Fund created pursuant to section 519 of 
        this Act.
    ``(i) Inapplicability of the Assignment Program.--Section 230 shall 
not apply to mortgages insured under the program authorized by this 
section.
    ``(j) Restriction on GNMA Securitization.--The Government National 
Mortgage Association shall not securitize any loans insured under this 
section.
    ``(k) Definitions.--As used in this section:
            ``(1) The term `local agency' means an agency of a unit of 
        general local government, as defined by the Secretary, that has 
        the authority to insure mortgages and to participate with the 
        Secretary in the single family risk-sharing program under this 
        section, or an agency or instrumentality of a local agency if 
        the agency or instrumentality has such authority.
            ``(2) The term `State agency' means an agency of a State 
        that has the authority to insure mortgages and to participate 
        with the Secretary in the single family risk-sharing program 
        under this section, or an agency or instrumentality of a State 
        agency if the agency or instrumentality has such authority.
            ``(3) The term `single family property' means a property 
        upon which there is located a dwelling designed principally for 
        occupancy by 1 family, and includes a condominium and a 
        cooperative.
            ``(4) The term `State' means the several States, the 
        Commonwealth of Puerto Rico, the District of Columbia, Guam, 
        the Trust Territory of the Pacific Islands, American Samoa, and 
        the Virgin Islands.''.
    (b) Implementation.--The Secretary of Housing and Urban Development 
may implement the program authorized by the amendment made under 
subsection (a) by entering into risk-sharing agreements negotiated with 
State agencies, notwithstanding any otherwise applicable requirement 
for regulations or notice published in the Federal Register and 
notwithstanding any otherwise applicable regulations of the Secretary.

Answer:
FHA Reform Act of 1994 - Amends the National Housing Act to:  (1) revise single family housing insurance mortgage limitations; and (2) authorize a single family risk-sharing mortgage insurance program with State and local agencies.