Page:United States Statutes at Large Volume 106 Part 5.djvu/359

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PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3997 other publicly held financial institutions or mcgor financial services companies) involving similar duties and responsibilities, except that a signiificant portion of potential compensation of all executive officers (as such term is defined in paragraph (3)(C)) of the corporation shall be based on the performance of the corporation; and (2) by adding at the end the following new paragraph: "(3)(A) Not later than June 30, 1993, and annually thereafter. Reports. the corporation shall submit a report to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on (i) the comparability of the compensation policies of the corporation with the compensation policies of other similar businesses, (ii) in the aggregate, the percentage of total cash compensation and payments under employee benefit plans (which shall be defined in a manner consistent with the corporation's proxy statement for the annual meeting of shareholders for the preceding year) earned by executive officers of the corporation during the preceding year that was based on the corporation's performance, and (iii) the comparability of the corporations financial performance with the performance of other similar businesses. The report shall include a copy of the corporation's proxy statement for the annual meeting of shareholders for the preceding year. (B) Notwithstanding the first sentence of paragraph (2), after the date of the enactment of the Federal Housing Enterprises Financial Safety and Soimdness Act of 1992, the corporation may not enter into any agreement or contract to provide any payment of money or other thing of current or potential value in connection with the termination of employment of any executive officer of the corporation, unless such agreement or contract is approved in advance by the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development. The Director may not approve any such agreement or contract unless the Director determines that the benefits provided under the agreement or contract are comparable to benefits under such agreements for officers of other public and private entities involved in financial services and housing interests who have comparable duties and responsibilities,. For purposes of this subparagraph, any renegotiation, amendment, or change after such date of enactment to any such agreement or contract entered into on or before such date of enactment shall be considered entering into an agreement or contract. "(C) For purposes of this paragraph, the term 'executive officer' has the meaning given the term in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.". (k) GENERAL REGULATORY AUTHORITY. — Section 309 of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723a) is amended by striking subsections (h) and (i). (1) GAO AUDITS. — Section 309<j) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723a(j)) is amended— (1) by inserting "(1)" after "(j)"; (2) by striking the first sentence and inserting the following new sentence: The programs, activities, receipts, expenditures, and financial transactions of the corporation shall be subject to audit by the Comptroller General or the United States under such rules and regulations as may be prescribed by the Comptroller General."; and