12 2 STA T . 2 6 6 5PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 SEC.1 1 03 . F E D E RALHOU S ING FINANCE O V ERSIGH TB OARD. (a)INGE NE RAL.—TheF e d e r a lHousingE n t er p rises Finan c ial S a f et y and Soundness A ct of 19 9 2 (12 U .S. C . 450 1etse q .) is a m ended b y inserting after section 1 3 13 the follo w ing
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‘SEC. 1313A. FEDERAL HOUSING FINANCE OVERSIGHT BOARD. ‘ ‘(a) IN GENERAL.—There is established the Federal Housing Finance Ov ersight B oard , which shall advise the D irector with respect to overall strategies and policies in carrying out the duties of the Director under this title. ‘‘(b) LIM I T ATI O N S .—The Board may not e x ercise any executive authority, and the Director may not delegate to the Board any of the functions, powers, or duties of the Director. ‘‘(c) COM P OSITION.—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) M EETIN G S.— ‘‘(1) IN GENERAL.—The Board shall meet upon notice by the Director, but in no event shall the Board meet less fre - quently than once every 3 months. ‘‘(2) SPE C IAL MEETINGS.—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) TESTIMON Y .—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 oper- ations 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 appro- priate. ’ ’. (b) ANN U AL R EPORT O F T H E DIRECTOR.—Section 1319B(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4521(a)) is amended— (1) by stri k ing ‘‘enterprise’’ each place that term appears and inserting ‘‘regulated entity’’; (2) by striking ‘‘enterprises’’ each place that term appears and inserting ‘‘regulated entities’’; (3) in paragraph (3), by striking ‘‘; and’’ and inserting a semicolon; (4) in paragraph (4), by striking ‘‘1994.’’ and inserting ‘‘1994; and’’; and (5) by adding at the end the following: Deadlin e . Deadline s . Not i c es. E sta b lis hm ent. 12USC45 1 3 a.
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