§4512 Director

Summary

Creates a Director who must lead the Agency. The President appoints the Director with the Senate’s OK. The Director must be a U.S. citizen who knows financial management and capital markets, including mortgage securities and housing finance. The Director serves a 5-year term and can be removed for cause by the President. If the job becomes vacant, the new Director is appointed the same way and serves only the rest of that term. A Director may keep working after their term ends until a successor is named. From the effective date of the Federal Housing Finance Regulatory Reform Act of 2008 until a new Director is appointed and confirmed, the person who was then Director of the Office of Federal Housing Enterprise Oversight will act as the Agency’s Director with full authority. The Agency must have three Deputy Directors, chosen by the Director, each a U.S. citizen with relevant knowledge: one for Enterprise Regulation, one for Federal Home Loan Bank Regulation, and one for Housing Mission and Goals. Each deputy gets the duties the Director gives them. The Housing Mission deputy must consider differences between the enterprises and the Federal Home Loan Banks, including those in section 4513(d). If the Director dies, resigns, is sick, or is absent, the President will pick one of these deputies to be acting Director until the Director returns or a successor is appointed. The Director and all deputies may not have money ties to, work for, or have been an executive or board member of any organization the Agency regulates or its affiliates during the 3 years before their appointment.