PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 403 "(A) IN GENERAL.—For purposes of the laws administered by the Securities and Exchange Commission, obligations of the Funding Corporation— "(i) shall not be considered to be securities issued or guaranteed by a person controlled or supervised by, or acting as an instrumentality of, the Government of the United States; and "(ii) shall not be considered to be 'exempted securi- ties' within the meaning of section 3(a)(12)(A)(i) of the Securities Exchange Act of 1934, except that such -H ^ obligations shall be considered to be exempted securi- ties for purposes of section 15 of such Act. " (B) AUTHORITY OF COMMISSION. —Notwithstanding subparagraph (A), the Securities and Exchange Commission may, by rule or order, consistent with the public interest and the protection of investors, exempt securities issued by the Funding Corporation from the registration require- ments of the Securities Act of 1933, subject to such terms and conditions as the Commission may prescribe. " (9) MINORITY PARTICIPATION IN PUBLIC OR NEGOTIATED OFFER- INGS. —The Oversight Board and the Directorate shall ensure that minority owned or controlled commercial banks, invest- ment banking firms, underwriters, and bond counsels through- out the United States have an opportunity to participate to a significant degree in any public or negotiated offering of obliga- tions issued under this section. "(10) No FULL FAITH AND CREDIT OF THE UNITED STATES. — Obligations of the Funding Corporation shall not be obligations of, or guaranteed as to principal by, the Federal Home Loan Bank System, the Federal Home Loan Banks, the United States, or the Resolution Trust Corporation and the obligations shall so plainly state. The Secretary shall pay interest on such obliga- tions as required pursuant to this subsection. " (g) USE AND DISPOSITION OF ASSETS OF FUNDING CORPORATION NOT TRANSFERRED TO RESOLUTION TRUST CORPORATION. — "(1) IN GENERAL.—Subject to regulations, restrictions, and limitations prescribed by the Oversight Board, assets of the Funding Corporation which are not required to be invested in capital certificates issued by the Resolution Trust Corporation under section 21A and are not needed for current interest payments shall be invested in direct obligations of the United States issued by the Secretary. " (2) SEPARATE ACCOUNT FOR ZERO COUPON INSTRUMENTS HELD TO ENSURE PAYMENT OF PRINCIPAL.—Except as provided in subsection (e)(8), the Funding Corporation shall invest amounts received pursuant to subsection (e) in, and hold in a separate account to be known as the Funding Corporation Principal Fund, noninterest bearing instruments— "(A) which are direct obligations of the United States issued by the Secretary; and "(B) the total of the face amounts (the amount of prin- cipal payable at maturity) of which is approximately equal to the aggregate amount of principal on the obligations of the Funding Corporation. "(h) MISCELLANEOUS PROVISIONS. — "(1) TREATMENT FOR CERTAIN PURPOSES.—Except as provided ? in subsection (f)(7)(B), the Funding Corporation shall be treated
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