HOUSING GOALS.

SEC. 1205. HOUSING GOALS. The Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amended by inserting after section 10b the following new section:“SEC. 10C. HOUSING GOALS.“(a) In General.—The Director shall establish housing goals with respect to the purchase of mortgages, if any, by the Federal 122 STAT. 2787 Home Loan Banks. Such goals shall be consistent with the goals established under sections 1331 through 1334 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.“(b) Considerations.—In establishing the goals required by subsection (a), the Director shall consider the unique mission and ownership structure of the Federal Home Loan Banks.“(c) Transition Period.—To facilitate an orderly transition, the Director shall establish interim target goals for purposes of this section for each of the 2 calendar years following the date of enactment of this section.“(d) Monitoring and Enforcement of Goals.—The requirements of section 1336 of the Federal Housing Enterprises Safety and Soundness Act of 1992, shall apply to this section, in the same manner and to the same extent as that section applies to the Federal housing enterprises.“(e) Annual Report.—The Director shall annually report to Congress on the performance of the Banks in meeting the goals established under this section.” .