Source: https://www.law.cornell.edu/uscode/text/12/4512
Timestamp: 2017-05-29 13:38:10
Document Index: 529737836

Matched Legal Cases: ['§ 4512', '§ 4512', '§ 4512', '§\u202f1312', '§\u202f1101', '§\u202f1312', '§\u202f1101', 'art 1200', 'art 1270']

12 U.S. Code § 4512 - Director | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 46 › Subchapter I › Part A › § 4512 12 U.S. Code § 4512 - Director
(a) Establishment of position
There is established the position of the Director of the Agency, who shall be the head of the Agency.
(b) Appointment; term
The Director shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of capital markets, including the mortgage securities markets and housing finance.
The Director shall be appointed for a term of 5 years, unless removed before the end of such term for cause by the President.
A vacancy in the position of Director that occurs before the expiration of the term for which a Director was appointed shall be filled in the manner established under paragraph (1), and the Director appointed to fill such vacancy shall be appointed only for the remainder of such term.
(4) Service after end of term
An individual may serve as the Director after the expiration of the term for which appointed until a successor has been appointed.
(5) Transitional provision
Notwithstanding paragraphs (1) and (2), during the period beginning on the effective date of the Federal Housing Finance Regulatory Reform Act of 2008, and ending on the date on which the Director is appointed and confirmed, the person serving as the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development on that effective date shall act for all purposes as, and with the full powers of, the Director.
(c) Deputy Director of the Division of Enterprise Regulation
The Agency shall have a Deputy Director of the Division of Enterprise Regulation, who shall be designated by the Director from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of mortgage securities markets and housing finance.
The Deputy Director of the Division of Enterprise Regulation shall have such functions, powers, and duties with respect to the oversight of the enterprises as the Director shall prescribe.
(d) Deputy Director of the Division of Federal Home Loan Bank Regulation
The Agency shall have a Deputy Director of the Division of Federal Home Loan Bank Regulation, who shall be designated by the Director from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of the Federal Home Loan Bank System and housing finance.
The Deputy Director of the Division of Federal Home Loan Bank Regulation shall have such functions, powers, and duties with respect to the oversight of the Federal Home Loan Banks as the Director shall prescribe.
(e) Deputy Director for Housing Mission and Goals
The Agency shall have a Deputy Director for Housing Mission and Goals, who shall be designated by the Director from among individuals who are citizens of the United States, and have a demonstrated understanding of the housing markets and housing finance.
The Deputy Director for Housing Mission and Goals shall have such functions, powers, and duties with respect to the oversight of the housing mission and goals of the enterprises, and with respect to oversight of the housing finance and community and economic development mission of the Federal Home Loan Banks, as the Director shall prescribe.
In exercising such functions, powers, and duties, the Deputy Director for Housing Mission and Goals shall consider the differences between the enterprises and the Federal Home Loan Banks, including those described in section 4513(d) of this title.
(f) Acting Director
In the event of the death, resignation, sickness, or absence of the Director, the President shall designate either the Deputy Director of the Division of Enterprise Regulation, the Deputy Director of the Division of Federal Home Loan Bank Regulation, or the Deputy Director for Housing Mission and Goals, to serve as acting Director until the return of the Director, or the appointment of a successor pursuant to subsection (b).
(g) LimitationsThe Director and each of the Deputy Directors may not—
(Pub. L. 102–550, title XIII, § 1312, as added Pub. L. 110–289, div. A, title I, § 1101, July 30, 2008, 122 Stat. 2662.)
A prior section 4512, Pub. L. 102–550, title XIII, § 1312, Oct. 28, 1992, 106 Stat. 3945, related to the Director and Deputy Director of the Office of Federal Housing Enterprise Oversight, prior to repeal by Pub. L. 110–289, div. A, title I, § 1101, July 30, 2008, 122 Stat. 2661.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 1200 - ORGANIZATION AND FUNCTIONS12 CFR Part 1270 - LIABILITIES