ADMINISTRATIVE EXPENSES.

SEC. 711. ADMINISTRATIVE EXPENSES. Section 18(b) of the Federal Home Loan Bank Act (12 U.S.C. 1437(b)) is amended to read as follows: “(b) Assessments for Administrative Expenses.— “(1) In general.—The Board may impose a semiannual assessment on the Federal Home Loan Banks, the aggregate amount of which is sufficient to provide for the payment of the Board’s estimated expenses for the period for which such assessment is made. “(2) Deficiencies.—If, at any time, amounts available from any assessment for any semiannual period are insufficient to cover the expenses of the Board incurred in carrying out the provisions of this Act during such period, the Board may make an immediate assessment against the Banks to cover the amount of the deficiency for such semiannual period. “(3) Surpluses.—If, at the end of any semiannual period for which an assessment is made, any amount remains from such assessment, such amount will be deducted from the assessment on the Banks by the Board for the following semiannual period. “(4) Transition provision.—On or after the effective date of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Board may levy a one-time special assessment on the Banks pursuant to this subsection for the Board’s estimated expenses for the transitional period following enactment of such Act, if such assessment is made before the Board’s first semiannual assessment under paragraph (1).”.