Housing and Economic Recovery Act of 2008/Division A/Title I/Subtitle E

SUBTITLE E—General Provisions

Sec. 1161. Conforming and Technical Amendments.

(a) Amendments to 1992 Act.—

The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.), as amended by this Act, is amended—

(1) in section 1315 (12 U.S.C. 4515)—

(A) in subsection (a)—

(i) by striking ``(a) Office Personnel.— The´´ and inserting ``(a) In General.— Subject to title III of the Federal Housing Finance Regulatory Reform Act of 2008, the´´; and

(ii) by striking ``the Office´´ each place that term appears and inserting ``the Agency´´;

(B) in subsection (c), by striking ``the Office´´ and inserting ``the Agency´´;

(C) in subsection (e), by striking ``the Office´´ and inserting ``the Agency´´;

(D) by striking subsection (d) and redesignating subsection (e) as subsection (d); and

(E) by striking subsection (f);

(2) in section 1319A (12 U.S.C. 4520)—

(A) by striking ``(a) In General.— ´´; and

(B) by striking subsection (b);

(3) in section 1364(c) (12 U.S.C. 4614(c)), by striking the last sentence;

(4) by striking section 1383 (12 U.S.C. 1451 note);

(5) in each of sections 1319D, 1319E, and 1319F (12 U.S.C. 4523, 4524, 4525) by striking ``the Office´´ each place that term appears and inserting ``the Agency´´; and

(6) in each of sections 1319B and 1369(a)(3) (12 U.S.C. 4521, 4619(a)(3)), by striking ``Committee on Banking, Finance and Urban Affairs´´ each place such term appears and inserting ``Committee on Financial Services´´.

(b) Amendments to Fannie Mae Charter Act.—

The Federal National Mortgage Association Charter Act (12 U.S.C. 1716 et seq.) is amended—

(1) in each of sections 303(c)(2) (12 U.S.C. 1718(c)(2)), 309(d)(3)(B) (12 U.S.C. 1723a(d)(3)(B)), and 309(k)(1) (12 U.S.C. 1723a(k)(1)), by striking ``Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development´´ each place that term appears, and inserting ``Director of the Federal Housing Finance Agency´´; and

(2) in section 309—

(A) in subsection (m) (12 U.S.C. 1723a(m))—

(i) in paragraph (1), by striking ``to the Secretary, in a form determined by the Secretary´´ and inserting ``to the Director of the Federal Housing Finance Agency, in a form determined by the Director´´; and

(ii) in paragraph (2), by striking ``to the Secretary, in a form determined by the Secretary´´ and inserting ``to the Director of the Federal Housing Finance Agency, in a form determined by the Director´´;

(B) in subsection (n) (12 U.S.C. 1723a(n))—

(i) in paragraph (1), by striking ``and the Secretary´´ and inserting ``and the Director of the Federal Housing Finance Agency´´; and

(ii) in paragraph (2), by striking ``Secretary´´ each place that term appears and inserting ``Director of the Federal Housing Finance Agency´´; and

(C) in paragraph (3)(B), by striking ``Secretary´´ and inserting ``Director of the Federal Housing Finance Agency´´.

(c) Amendments to Freddie Mac Charter Act.—

The Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1451 et seq.) is amended—

(1) in each of sections 303(b)(2) (12 U.S.C. 1452(b)(2)), 303(h)(2) (12 U.S.C. 1452(h)(2)), and section 307(c)(1) (12 U.S.C. 1456(c)(1)), by striking ``Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development´´ each place that term appears, and inserting ``Director of the Federal Housing Finance Agency´´;

(2) in section 306 (12 U.S.C. 1455)—

(A) in subsection (c)(2), by inserting ``the´´ after ``Secretary of´´;

(B) in subsection (i)—

(i) by striking ``section 1316(c)´´ and inserting ``section 306(c)´´; and

(ii) by striking ``section 106´´ and inserting ``section 1316´´; and

(C) in subsection (j)(2), by striking ``of substantially´´ and inserting ``or substantially´´; and

(3) in section 307 (12 U.S.C. 1456)—

(A) in subsection (e)—

(i) in paragraph (1), by striking ``to the Secretary, in a form determined by the Secretary´´ and inserting ``to the Director of the Federal Housing Finance Agency, in a form determined by the Director´´; and

(ii) in paragraph (2), by striking ``to the Secretary, in a form determined by the Secretary´´ and inserting ``to the Director of the Federal Housing Finance Agency, in a form determined by the Director´´; and

(B) in subsection (f)—

(i) in paragraph (1), by striking ``and the Secretary´´ and inserting ``and the Director of the Federal Housing Finance Agency´´;

(ii) in paragraph (2), by striking ``the Secretary´´ each place that term appears and inserting ``the Director of the Federal Housing Finance Agency´´; and

(iii) in paragraph (3)(B), by striking ``Secretary´´ and inserting ``Director of the Federal Housing Finance Agency´´.

(d) Amendment to Title 18, United States Code.—

Section 1905 of title 18, United States Code, is amended by striking ``Office of Federal Housing Enterprise Oversight´´ and inserting ``Federal Housing Finance Agency´´.

(e) Amendments to 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 striking ``Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development´´ and inserting ``Director of the Federal Housing Finance Agency´´.

(f) Amendment to Department of Housing and Urban Development Act.—

Section 5 of the Department of Housing and Urban Development Act (42 U.S.C. 3534) is amended by striking subsection (d).

(g) Amendments to Title 5, United States Code.—

Title 5, United States Code, is amended—

(1) in section 5313, 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.´´; and

(2) in section 3132(a)(1)—

(A) in subparagraph (B), by striking ``,, and´´ and inserting ``, and´´;

(B) in subparagraph (D)—

(i) by striking ``the Federal Housing Finance Board´´;

(ii) by striking ``the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development´´ and inserting ``the Federal Housing Finance Agency´´; and

(iii) by striking ``or or´´ at the end;

(C) in subparagraph (E), as added by section 8(d)(1)(B)(iii) of Public Law 107-123, by adding ``or´´ at the end; and

(D) by redesignating subparagraph (E), as added by section 10702(c)(1)(C) of Public Law 107-171, as subparagraph (F).

(h) Amendment to Sarbanes-Oxley Act.—

Section 105(b)(5)(B)(ii)(II) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215(b)(5)(B)(ii)(II)) is amended by inserting ``and the Director of the Federal Housing Finance Agency,´´ after ``Commission,´´.

(i) Amendment to 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:

``(vii) Federal Housing Finance Agency.´´.

Sec. 1162. Presidentially-Appointed Directors of Enterprises.

(a) Fannie Mae.—

(1) IN GENERAL.—

Section 308(b) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723(b)) is amended—

(A) in the first sentence, by striking ``eighteen persons, five 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 number that the Director determines appropriate, who´´;

(B) in the second sentence, by striking ``appointed by the President´´;

(C) in the third sentence—

(i) by striking ``appointed or´´; and

(ii) by striking ``, except that any such appointed member may be removed from office by the President for good cause´´;

(D) in the fourth sentence, by striking ``elective´´; and

(E) by striking the fifth sentence.

(2) TRANSITIONAL PROVISION.—

The amendments made by paragraph (1) shall not apply to any appointed position of the board of directors of the Federal National Mortgage Association until the expiration of the annual term for such position during which the effective date under section 1163 occurs.

(b) Freddie Mac.—

(1) IN GENERAL.—

Section 303(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(a)(2)) is amended—

(A) in subparagraph (A)—

(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 number 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 appointed member may be removed from office 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 amendments 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 during which the effective date under section 1163 occurs.

Sec. 1163. Effective Date.

Except as otherwise specifically provided in this title, this title and the amendments made by this title shall take effect on, and shall apply beginning on, the date of enactment of this Act.