12 2 STA T . 2 78 1 PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 Departm e n t ofH o usi n g an dU r b an De v e l opment and inserting t h e follo w ing new item
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‘Dire c tor of the F ederal Housing Finance A genc y.’ ’
and (2) in section 31 32(a)(1) — (A) in subparagraph ( B ) , by stri k ing ‘‘,, and’’ and inserting ‘‘, and’’; (B) in subparagraph (D)— (i) by striking ‘‘the Federal Housing Finance Board’’; (ii) by striking ‘‘the O ffice of Federal Housing E nterprise Oversight of the Department of Housing and Urban Development’’ and inserting ‘‘the Federal Housing Finance Agency’’; and (iii) by striking ‘‘or or’’ at the end; ( C ) in subparagraph (E), as added by section 8 (d)(1)(B)(iii) of P ublic L aw1 07– 123, by adding ‘‘or’’ at the end; and (D) by redesignating subparagraph (E), as added by section 10702(c)(1)(C) of Public Law 107–171, as subpara - graph (F). (h) A MEND MEN T T OSARB ANE S -O XL E Y A C T.—Section 10 5 (b)(5)(B)(ii)( I I) of the Sarbanes-O x ley Act of 2002 (15 U.S.C. 7215(b)(5)(B)(ii)(II)) is amended by inserting ‘‘and the Director of the Federal Housing Finance Agency,’’ after ‘‘Commission,’’. (i) AMENDMENT TO FEDERAL DE P OS I T INS U RANCE ACT.—Section 11(t)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1821(t)(2)(A)) is amended by adding at the end the following: ‘‘(vii) Federal Housing Finance Agency.’’. SEC.1 1 62 . PR ES ID E NT I AL L Y- APP O INTED DIRECTORS O F ENTER- PRISES. (a) FANNIE M AE.— (1) IN G ENERAL.—Section 308(b) of the Federal N ational Mortgage Association Charter Act (12 U.S.C. 1723(b)) is amended— (A) in the first sentence, by striking ‘‘eighteen persons, five of whom shall be appointed annually by the President of the United States, and the remainder of whom’’ and inserting ‘‘13 persons, or such other number that the Director determines appropriate, who’’; (B) in the second sentence, by striking ‘‘appointed by the President’’; (C) in the third sentence— (i) by striking ‘‘appointed or’’; and (ii) by striking ‘‘, except that any such appointed member may be removed from office by the President for good cause’’; (D) in the fourth sentence, by striking ‘‘elective’’; and (E) by striking the fifth sentence. (2) T RANSITIONAL PRO V ISION.—The amendments made by paragraph (1) shall not apply to any appointed position of the board of directors of the Federal National Mortgage Associa- tion until the expiration of the annual term for such position during which the effective date under section 11 6 3 occurs. (b) FREDDIE MAC.— 12USC 1 7 2 3note.
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