12 2 STA T . 2 6 61 PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 to, o rasign i f i c ant a dve rse effect on, t h e reg ul ated entit y;‘ ‘ (D) any not - for- p rofit corporation that receives its principal funding, on an ongoing b asis, fro m any regulated entity; and ‘‘( E ) the O ffice of F inance .’ ’; ( 13 ) by inserting after paragraph (1 2 ), as redesignated by this section, the follo w ing
‘‘(13) LIM I TED - L I F E R E GU L A TED E N TIT Y . —T he term ‘limited- life regulated entity’ means an entity established by the A gency under section 13 67 (i) with respect to a Federal H ome Loan B an k in default or in danger of default or with respect to an enterprise in default or in danger of default.’’; and (1 4 ) by adding at the end the following: ‘‘(2 5 ) V I O LATION.—The term ‘violation’ includes any action (alone or in combination with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation.’’. (b) R EFEREN C E S INT H IS ACT.—As used in this Act, unless otherwise specified— (1) the term ‘‘Agency’’ means the Federal Housing Finance Agency; (2) the term ‘‘Director’’ means the Director of the Agency; and (3) the terms ‘‘enterprise’’, ‘‘regulated entity’’, and ‘‘author- i z ing statutes’’ have the same meanings as in section 13 0 3 of the Federal Housing Enterprises Financial S afety and Sound- ness Act of 1 9 92, as amended by this Act. TI T LE I —R E FO R M OF RE GU L A TIO N OF ENTER P RI S ES S ubti t le A—I mprov eme n to f S a fet y an d Soundne s s Supervision SEC.1 1 0 1. ES TABLI S HM E N T OF THE FE D E R AL HO U SIN G FINANCE AGENC Y . The Federal Housing Enterprises Financial Safety and Sound- ness Act of 1992 (12 U .S. C . 4501 et se q .) is amended by striking sections 1311 and 1312 and inserting the following: ‘ ‘SEC. 1 3 11. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY. ‘‘(a) ESTA B LISHMENT.—There is established the Federal Housing Finance Agency, which shall be an independent agency of the Fed- eral G overnment. ‘‘(b) GENERAL SU P ER V ISORY AND REGULATORY AUTHORITY.— ‘‘(1) I N GENERAL.—Each regulated entity shall, to the e x tent provided in this title, be sub j ect to the supervision and regula- tion of the Agency. ‘‘(2) AUTHORITY OVER FANNIE MAE, FREDDIE MAC, THE FED- ERAL HOME LOAN BAN K S, AND THE OFFICE OF FINANCE.—The Director shall have general regulatory authority over each regu- lated entity and the Office of Finance, and shall exercise such 12USC45 11 , 4512 . 12 USC 4511 note .
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