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Code · BILL · 114th Congress · H.R. 5983 (Introduced in House) — To create hope and opportunity for consumers, investors, and entrepreneurs by ending bailouts and Too Big to Fail, ho... · Sec. 652

Sec. 652. Federal Housing Finance Agency

743 words·~3 min read·/bill/114/hr/5983/ih/section-652

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Section 1312 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4512 ) is amended— in the heading of such section, by striking and inserting Director ; and Board of Directors by striking subsections
(a)and
(b)and inserting the following: There is established the Board of Directors of the Agency, which shall serve as the head of the Agency. The Board shall be composed of 5 members who 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 understanding of financial management or oversight, and have a demonstrated understanding of capital markets, including the mortgage securities markets and housing finance. The members of the Board shall serve staggered terms, which initially shall be established by the President for terms of 1, 2, 3, 4, and 5 years, respectively. Each member of the Board, including the Chair, shall serve for a term of 5 years. The President may remove any member of the Board for inefficiency, neglect of duty, or malfeasance in office. Any member of the Board appointed to fill a vacancy occurring before the expiration of the term to which that member’s predecessor was appointed (including the Chair) shall be appointed only for the remainder of the term. Each member of the Board may continue to serve after the expiration of the term of office to which that member was appointed until a successor has been appointed by the President and confirmed by the Senate, except that a member may not continue to serve more than 1 year after the date on which that member’s term would otherwise expire. No member of the Board shall engage in any other business, vocation, or employment. Not more than 3 members of the Board shall be members of any one political party. The Chair of the Board shall be appointed by the President. The Chair shall be the principal executive officer of the Agency, and shall exercise all of the executive and administrative functions of the Agency, including with respect to— the appointment and supervision of personnel employed under the Agency (other than personnel employed regularly and full time in the immediate offices of members of the Board other than the Chair); the distribution of business among personnel appointed and supervised by the Chair and among administrative units of the Agency; and the use and expenditure of funds. In carrying out any of the Chair’s functions under the provisions of this paragraph the Chair shall be governed by general policies of the Agency and by such regulatory decisions, findings, and determinations as the Agency may by law be authorized to make. No vacancy in the members of the Board shall impair the right of the remaining members of the Board to exercise all the powers of the Board. Three members of the Board shall constitute a quorum for the transaction of business, except that if there are only 3 members serving on the Board because of vacancies in the Board, 2 members of the Board shall constitute a quorum for the transaction of business. If there are only 2 members serving on the Board because of vacancies in the Board, 2 members shall constitute a quorum for the 6-month period beginning on the date of the vacancy which caused the number of Board members to decline to 2. The Chair shall receive compensation at the rate prescribed for level I of the Executive Schedule under section 5313 of title 5, United States Code. The 4 other members of the Board shall each receive compensation at the rate prescribed for level II of the Executive Schedule under section 5314 of title 5, United States Code. During any time period prior to the confirmation of at least two members of the Board, one member of the Board shall constitute a quorum for the transaction of business. Following the confirmation of at least 2 additional members of the Board, the quorum requirements of paragraph
(4)shall apply. . Section 5313 of title 5, United States Code, is amended by striking Director of the Federal Housing Finance Agency. . Any reference in a law, regulation, document, paper, or other record of the United States to the position of the Director of the Federal Housing Finance Agency shall be deemed a reference to the Board of Directors of the Federal Housing Finance Agency.
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Sec. 652
Federal Housing Finance Agency
U.S.C.§ 4512
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