12 2 STA T . 2 785PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 (i)bystr i k i ng‘ ‘ Fed er alHom e L oan B ank S ystem M oderni z ation Ac to f19 99 ’ ’ and inserting ‘‘Federal Ho u sing Finance R egulatory Reform Act of 20 0 8 ’’
(ii) by striking ‘‘ 1⁄3 ’’ and inserting ‘‘1⁄ 4 ’’; and (iii) by striking ‘‘or a p pointed’’; and ( C )int h e third sentence — (i) by striking ‘‘an electi v e’’ each place that term appears and inserting ‘‘a’’; and (ii) by striking ‘‘in any elective directorship or elec - tive directorships’’; ( 6 ) in subsection (f)— (A) by striking paragraph (2); (B) by striking ‘‘appointed or’’ each place that term appears; and (C) in paragraph ( 3 )— (i) by striking ‘‘(3) ELECT E DBANK D IR ECT O R S. — ’’ and inserting ‘‘(2) ELECTION P ROCESS.—’’; and (ii) by striking ‘‘elective’’ each place that term appears; ( 7 ) in subsection (i)— (A) in paragraph (1) , by striking ‘‘Sub j ect to paragraph (2), each’’ and inserting ‘‘Each’’; and (B) by striking paragraph (2) and inserting the fol- lo w ing
‘‘(2) ANN U AL REPORT.— T he D irector shall include, in the annual report submitted to the Congress pursuant to section 1319B of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, information regarding the com- pensation and e x penses paid by the Federal Home Loan Banks to the directors on the boards of directors of the Banks.’’; and (8) by adding at the end the following: ‘‘(l) TRANSITION RULE.—Any member of the board of directors of a Bank elected or appointed in accordance with this section prior to the date of enactment of this subsection may continue to serve as a member of that board of directors for the remainder of the existing term of service.’’. SEC.1203 . D E FIN I T I O NS. Section 2 of the Federal Home Loan Bank Act (12 U .S.C. 1 4 22) is amended— (1) by striking paragraphs (1), (10), and (11); (2) by redesignating paragraphs (2) through (9) as para- graphs (1) through (8), respectively; (3) by redesignating paragraphs (12) and (13) as paragraphs (9) and (10), respectively; and (4) by adding at the end the following: ‘‘(11) DIRECTOR.—The term ‘Director’ means the Director of the Federal Housing Finance Agency. ‘‘(12) A G ENC Y .—The term ‘Agency’ means the Federal Housing Finance Agency, established under section 1311 of the Federal Housing Enterprises Financial Safety and Sound- ness Act of 1992.’’. SEC. 120 4 . AG ENC Y O V E R SIG H T OF FEDERA L HO M E LOAN B AN K S. The Federal Home Loan Bank Act (12 U.S.C. 1421 et se q .), other than in provisions of that Act added or amended otherwise by this Act, is amended—
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