12 2 STA T . 2 6 6 3PUBLIC LA W 11 0– 2 89—J UL Y 30 , 2008 ‘ ‘ (1)INGE NE RAL.—TheAg e ncys h al lha v ea D e put yD ir ect o r o f the Division of F e d eral H o m e L oan B an kR egulation ,w ho shall b e designated by the Director from among individuals who are citi z ens of the U nited S tates, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of the Federal Home Loan Bank System and housing finance. ‘‘( 2 )F U N CTIO N S .—The Deputy Director of the Division of Federal Home Loan Bank Regulation shall have such functions, powers, and duties with respect to the oversight of the Federal Home Loan Banks as the Director shall prescribe. ‘‘(e) DE P UT Y DIRECTOR F OR HOUSING M ISSION AN DG OALS.— ‘‘(1) IN GENERAL.—The Agency shall have a Deputy Director for Housing Mission and Goals, who shall be designated by the Director from among individuals who are citizens of the United States, and have a demonstrated understanding of the housing markets and housing finance. ‘‘(2) FUNCTIONS.—The Deputy Director for Housing Mission and Goals shall have such functions, powers, and duties with respect to the oversight of the housing mission and goals of the enterprises, and with respect to oversight of the housing finance and community and economic development mission of the Federal Home Loan Banks, as the Director shall prescribe. ‘‘( 3 ) C ONSIDERATIONS.—In e x ercising such functions, powers, and duties, the Deputy Director for Housing Mission and Goals shall consider the differences between the enterprises and the Federal Home Loan Banks, including those described in section 1313(d). ‘‘(f) ACTING DIRECTOR.—In the event of the death, resignation, sickness, or absence of the Director, the P resident shall designate either the Deputy Director of the Division of E nterprise Regulation, the Deputy Director of the Division of Federal Home Loan Bank Regulation, or the Deputy Director for Housing Mission and Goals, to serve as acting Director until the return of the Director, or the appointment of a successor pursuant to subsection (b). ‘‘(g) LI M ITATIONS.—The Director and each of the Deputy Direc - tors may not— ‘‘(1) have any direct or indirect financial interest in any regulated entity or entity-affiliated party
‘‘(2) hold any office, position, or employment in any regu- lated entity or entity-affiliated party; or ‘‘(3) have served as an executive officer or director of any regulated entity or entity-affiliated party at any time during the 3-year period preceding the date of appointment or designa- tion of such individual as Director or Deputy Director, as applicable. ’ ’. SEC.1 1 02 . DUTI ES AN D AUT HOR ITIES O F THE DIRECTOR. (a) IN GENERAL.—Section 1313 of the Federal Housing Enter- prises Financial Safety and Soundness Act of 1 9 92 (12 U.S.C. 45 13) is amended to read as follows
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‘SEC. 1 3 13. DUTIES AND AUTHORITIES OF DIRECTOR. ‘‘(a) DUTIES.— ‘‘(1) PRINCIPAL DUTIES.—The principal duties of the Director shall be— ‘‘(A) to oversee the prudential operations of each regu- lated entity; and Presid e nt.
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