Sec. 102. Director
423 words·~2 min read·
/bill/113/s/1217/rs/section-102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established the position of the Director of the Corporation, who shall be the head of the Corporation. The Director shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who— are citizens of the United States; and have a demonstrated technical, academic, or professional understanding of, and practical, disciplinary, vocational, or regulatory experience working in, the mortgage securities markets and housing finance.
The Director shall be appointed for a term of 5 years, unless removed before the end of such term for cause by the President. A vacancy in the position of Director that occurs before the expiration of the term for which a Director was appointed shall be filled in the manner established under paragraph (1), and the Director appointed to fill such vacancy shall be appointed only for the remainder of such term. If the Senate has not confirmed a Director, the President may designate either the individual nominated, but not yet confirmed, for the position of Director or a member of the Board of Directors to serve as the Acting Director, and such Acting Director shall have all the rights, duties, powers, and responsibilities of the Director, until such time as a Director is confirmed by the Senate.
No individual may serve concurrently as the Acting Director of the Corporation and the Director of the Federal Housing Finance Agency. An individual may serve as the Director after the expiration of the term for which appointed until a successor has been appointed. The Director shall be compensated at the rate prescribed for level II of the Executive Schedule under section 5313 of title 5, United States Code. No individual— may serve concurrently as the Director of the Corporation and the Director of the Federal Housing Finance Agency; and that has, at any time prior to, on, or after the date of enactment of this Act, served as the Director of the Federal Housing Finance Agency may serve as the Director of the Corporation.
The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended— in section 2, by amending paragraph (12)(E) to read as follows: the Federal Mortgage Insurance Corporation, with respect to— the Mortgage Insurance Fund established under title II of the Housing Finance Reform and Taxpayer Protection Act of 2013 ; and the Federal Home Loan Banks or the Federal Home Loan Bank System. ; and in section 111(b)(1)(H), by striking Director of the Federal Housing Finance Agency and inserting Chairperson of the Federal Mortgage Insurance Corporation .