§4513a — Title 12 Banks and Banking | U.S. Code

Summary

Creates a Federal Housing Finance Oversight Board to advise the Director on overall strategy and policy. The Board has 4 members: the Secretary of the Treasury, the Secretary of Housing and Urban Development, the Chairman of the Securities and Exchange Commission, and the Director, who is the Board’s chair. The Board cannot exercise executive power, and the Director cannot give its own powers to the Board. The Director calls meetings, but the Board must meet at least once every 3 months. The Treasury Secretary, HUD Secretary, or SEC Chair can force a special meeting by written notice to the Director. Each year the Board must testify to Congress on six topics, including the safety and soundness, major problems, and overall operations of the regulated entities; how well those entities are carrying out their missions; the Agency’s operations and resources; and other related matters the Board decides to report.

Title 12, §4513a

Banks and Banking — Source: USLM XML via OLRC

(a)There is established the Federal Housing Finance Oversight Board, which shall advise the Director with respect to overall strategies and policies in carrying out the duties of the Director under this chapter.

(b)The Board may not exercise any executive authority, and the Director may not delegate to the Board any of the functions, powers, or duties of the Director.

(c)The Board shall be comprised of 4 members, of whom—

(1)1 member shall be the Secretary of the Treasury;

(2)1 member shall be the Secretary of Housing and Urban Development;

(3)1 member shall be the Chairman of the Securities and Exchange Commission; and

(4)1 member shall be the Director, who shall serve as the Chairperson of the Board.

(d)(1)The Board shall meet upon notice by the Director, but in no event shall the Board meet less frequently than once every 3 months.

(2)Either the Secretary of the Treasury, the Secretary of Housing and Urban Development, or the Chairman of the Securities and Exchange Commission may, upon giving written notice to the Director, require a special meeting of the Board.

(e)On an annual basis, the Board shall testify before Congress regarding—

(1)the safety and soundness of the regulated entities;

(2)any material deficiencies in the conduct of the operations of the regulated entities;

(3)the overall operational status of the regulated entities;

(4)an evaluation of the performance of the regulated entities in carrying out their respective missions;

(5)operations, resources, and performance of the Agency; and

(6)such other matters relating to the Agency and its fulfillment of its mission, as the Board determines appropriate.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (a), was in the original “this title”, meaning title XIII of Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to this chapter. For complete classification of title XIII to the Code, see

Short Title

note set out under section 4501 of this title and Tables.

§4513a Federal Housing Finance Oversight Board