12 2 STA T . 2 730PUBLIC LA W 110 – 2 89—J UL Y 30 , 2008 (A)INGE NE RAL.—Thedif fe r e nc ein t hec os ts b et w een the benefits which wo ul dh av e been p rovided b y the D epart -m ent of H ousin g and U rban Development and those pro- vided by this section shall be paid by the Director. ( B ) HEAL THI N SU RAN C E.—If any employee elects to give up membership in a health insurance program or the health insurance program is not continued by the Director , the employee shall be permitted to select an alternate F ederal health insurance program not later than 30 days after the date of such election or notice, without regard to any other regularly scheduled open season. Subti t leC—Promp t Corre c ti v e A ctio nSEC.1 1 4 1.C RIT IC AL CA P ITAL LE V ELS. (a) IN G ENERAL.— S ection 1 3 6 3 of the Federal Housing E nter- prises Financial Safety and Soundness Act of 1 9 9 2 (12 U.S. C . 4 613) is amended— (1) by stri k ing ‘ ‘For ’ ’ and inserting ‘‘(a) ENTER P RISES.— F O R’’
and (2) by adding at the end the following new subsection
‘‘(b) FE D ERAL HO M E L OAN BAN K S.— ‘‘(1) IN GENERAL.—For purposes of this subtitle, the critical capital level for each Federal Home Loan Bank shall be such amount of capital as the Director shall, by regulation, re q uire. ‘‘(2) CONSIDERATION O F OTHER CRITICAL CAPITAL LE V ELS.— In establishing the critical capital level under paragraph (1) for the Federal Home Loan Banks, the Director shall take due consideration of the critical capital level established under subsection (a) for the enterprises, with such modifications as the Director determines to be appropriate to reflect the dif- ference in operations between the banks and the enterprises.’’. (b) R EGULATIONS.— N ot later than the e x piration of the 1 8 0- day period beginning on the date of enactment of this Act, the Director of the Federal Housing Finance Agency shall issue regula- tions pursuant to section 1363(b) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (as added by this section) establishing the critical capital level under such section. SEC. 114 2 . CAPITAL CLASSI F ICATI ON S. (a) IN GENERAL.—Section 1364 of the Federal Housing Enter- prises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4614) is amended— (1) in the heading for subsection (a) by striking ‘‘In General’’ and inserting ‘‘Enterprises’’; (2) in subsection (c)— (A) by striking ‘‘subsection (b)’’ and inserting ‘‘sub- section (c)’’; (B) by striking ‘‘enterprises’’ and inserting ‘‘regulated entities’’; and (C) by striking the last sentence; (3) by redesignating subsections (c) (as so amended by paragraph (2) of this subsection) and (d) as subsections (d) and (f), respectively; (4) by striking subsection (b) and inserting the following: ‘‘(b) FEDERAL HOME LOAN BANKS.— Deadlin e .12USC46 1 3 n ot e. R e gu lation s . Deadline. P a ym ents.
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