§4513a Federal Housing Finance Oversight Board

Summary

Creates a Federal Housing Finance Oversight Board of four people to advise the Director on overall strategy and policy. The four members are the Secretary of the Treasury, the Secretary of Housing and Urban Development, the Chairman of the Securities and Exchange Commission, and the Director, who must serve as the Board’s chair. The Board cannot make or carry out executive decisions, and the Director cannot give the Board any of the Director’s own jobs or powers. The Director must call meetings at least once every 3 months. The Treasury Secretary, HUD Secretary, or the SEC Chair can force a special meeting by written notice to the Director. Every year the Board must report to Congress about six things: the safety and soundness of the regulated entities; any major problems in how they operate; their overall status; how well they are doing their missions; the Agency’s operations, resources, and performance; and any other related matters the Board thinks are important.