Sec. 501. Removal from HUD; establishment as independent entity

1,083 words·~5 min read·/bill/115/hr/6746/ih/section-501

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(2)of section 302(a) of the National Housing Act ( 12 U.S.C. 1717(a)(2) ) is amended by striking in the Department of Housing and Urban Development and inserting independent of any other agency or office in the Federal Government . Title III of the National Housing Act ( 12 U.S.C. 1716 et seq.) is amended— in section 306(g)(3)(D) ( 12 U.S.C. 1721(g)(3)(D) ), by striking Secretary and inserting Association ; in section 307 ( 12 U.S.C. 1722 ), by striking Secretary of Housing and Urban Development and inserting Association ; and in section 317 ( 12 U.S.C. 1723i )— in subsection (a)(1), by striking Secretary of Housing and Urban Development and inserting Administrator of the Association ; in subsection (c)(4), by striking Secretary’s and inserting Administrator of the Association’s ; in subsection (d)(1), by striking Secretary’s and inserting Administrator of the Association’s ; in the heading for subsection (f), by striking ; and by Secretary by striking Secretary each place such term appears and inserting Administrator of the Association . Section 308 of the National Housing Act ( 12 U.S.C. 1723(a) ) is amended by striking subsection

(a)and inserting the following new subsection: The Association shall be governed by a Board of Directors consisting 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 demonstrated technical expertise in the mortgage market and one of whom has technical expertise in the secondary mortgage market. Not more than 3 members of the Board of Directors may be members of the same political party. Each member of the Board of Directors shall be appointed for a term of 5 years, except as provided in clauses

(ii)and (iii). As designated by the President at the time of appointment, of the members first appointed to the Board of Directors pursuant to subparagraph (A)— 1 shall be appointed for a term of 1 year; 1 shall be appointed for a term of 2 years; 1 shall be appointed for a term of 3 years; and 1 shall be appointed for a term of 4 years. Any member appointed to fill a vacancy occurring before the expiration of the term for which such member’s predecessor was appointed shall be appointed only for the remainder of such term. The Director and each member may continue to serve after the expiration of the term of office to which such member was appointed until a successor has been appointed and qualified. One of the members of the Board of Directors shall be designated by the President, at the time of appointment, to serve as Chairperson of the Board of Directors and Administrator of the Association for a term of 5 years, unless removed before the end of such term pursuant to subparagraph (C). The Board of Directors shall advise the Administrator regarding overall strategies and policies to carry out the duties and purposes of this Act. The President may remove the Administrator for inefficiency, neglect of duty, or malfeasance in office. Within the limitations of law, the Board of Directors shall determine the general policies which shall govern the operations of the Association, and shall have power to adopt, amend and repeal bylaws governing the performance of the powers and duties granted to or imposed upon it by law. At the first meeting of the Board of Directors, the Board shall determine by majority vote which actions of the Association shall require a majority vote of the Board. The Director shall select and effect the appointment of qualified persons to fill such offices of the Association as may be provided for in the bylaws. Persons appointed under the preceding sentence shall perform such executive functions, powers, and duties as may be prescribed by the bylaws or by the Board of Directors, and such persons shall be executive officers of the Association and shall discharge all such executive functions, powers, and duties. . Section 5314 of title 5, United States Code, is amended by adding at the end the following new item: Administrator, Government National Mortgage Association. . Section 5314 of title 5, United States Code, is amended— by striking the item relating to the President of the Government National Mortgage Association, Department of Housing and Urban Development; and by adding at the end the following new item: Members, Board of Directors of the Government National Mortgage Association. . Subsection

(d)of section 309 of the National Housing Act ( 12 U.S.C. 1723a(d) ) is amended by striking (d)(1) and all that follows through the end of paragraph

(1)and inserting the following: The Administrator of the Association may appoint and fix the compensation of such officers and employees of the Association as the Administrator considers necessary to carry out the functions of the Association. Officers and employees may be paid without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5, United States Code, relating to classification and General Schedule pay rates. In fixing and directing compensation under subparagraph (A), the Administrator of the Association shall consult with, and maintain comparability with, compensation of officers and employees of the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation. In carrying out the duties of the Association, the Administrator of the Association may use information, services, staff, and facilities of any executive agency, independent agency, or department on a reimbursable basis, with the consent of such agency or department. . Notwithstanding this section and the amendments made by this section, during the period beginning on the date of the enactment of this Act, and ending on the date on which the Administrator of the Government National Mortgage Association is appointed and confirmed pursuant to section 308 of the National Housing Act, as amended by this section, the person serving as the President of the Government National Mortgage Association on that effective date shall act for all purposes as, and with the full powers of, the Administrator of the Association. On and after the date of the enactment of this Act, any reference in Federal law to the President of the Government National Mortgage Association or to such Association shall be deemed to be a reference to such Administrator of such Association or to such Association, as appropriate, as organized pursuant to this subsection and the amendments made by this section.

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Sec. 501

Removal from HUD; establishment as independent entity

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