ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY.

SEC. 1101. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by striking sections 1311 and 1312 and inserting the following:“SEC. 1311. ESTABLISHMENT OF THE FEDERAL HOUSING FINANCE AGENCY.“(a) Establishment.—There is established the Federal Housing Finance Agency, which shall be an independent agency of the Federal Government.“(b) General Supervisory and Regulatory Authority.—“(1) In general.—Each regulated entity shall, to the extent provided in this title, be subject to the supervision and regulation of the Agency.“(2) Authority over fannie mae, freddie mac, the federal home loan banks, and the office of finance.—The Director shall have general regulatory authority over each regulated entity and the Office of Finance, and shall exercise such 122 STAT. 2662 general regulatory authority, including such duties and authorities set forth under section 1313, to ensure that the purposes of this Act, the authorizing statutes, and any other applicable law are carried out.“(c) Savings Provision.—The authority of the Director to take actions under subtitles B and C shall not in any way limit the general supervisory and regulatory authority granted to the Director under subsection (b). “SEC. 1312. DIRECTOR.“(a) Establishment of Position.—There is established the position of the Director of the Agency, who shall be the head of the Agency.“(b) Appointment; Term.—“(1) Appointment.—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, 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.“(2) Term.—The Director shall be appointed for a term of 5 years, unless removed before the end of such term for cause by the President.“(3) Vacancy.—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.“(4) Service after end of term.—An individual may serve as the Director after the expiration of the term for which appointed until a successor has been appointed.“(5) Transitional provision.—Notwithstanding paragraphs (1) and (2), during the period beginning on the effective date of the Federal Housing Finance Regulatory Reform Act of 2008, and ending on the date on which the Director is appointed and confirmed, the person serving as the Director of the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development on that effective date shall act for all purposes as, and with the full powers of, the Director.“(c) Deputy Director of the Division of Enterprise Regulation.—“(1) In general.—The Agency shall have a Deputy Director of the Division of Enterprise Regulation, who shall be designated by the Director from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of mortgage securities markets and housing finance.“(2) Functions.—The Deputy Director of the Division of Enterprise Regulation shall have such functions, powers, and duties with respect to the oversight of the enterprises as the Director shall prescribe.“(d) Deputy Director Of The Division Of Federal Home Loan Bank Regulation.—122 STAT. 2663“(1) In general.—The Agency shall have a Deputy Director of the Division of Federal Home Loan Bank Regulation, who shall be designated by the Director from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of the Federal Home Loan Bank System and housing finance.“(2) Functions.—The Deputy Director of the Division of Federal Home Loan Bank Regulation shall have such functions, powers, and duties with respect to the oversight of the Federal Home Loan Banks as the Director shall prescribe.“(e) Deputy Director for Housing Mission and Goals.—“(1) In general.—The Agency shall have a Deputy Director for Housing Mission and Goals, who shall be designated by the Director from among individuals who are citizens of the United States, and have a demonstrated understanding of the housing markets and housing finance.“(2) Functions.—The Deputy Director for Housing Mission and Goals shall have such functions, powers, and duties with respect to the oversight of the housing mission and goals of the enterprises, and with respect to oversight of the housing finance and community and economic development mission of the Federal Home Loan Banks, as the Director shall prescribe.“(3) Considerations.—In exercising such functions, powers, and duties, the Deputy Director for Housing Mission and Goals shall consider the differences between the enterprises and the Federal Home Loan Banks, including those described in section 1313(d).“(f) Acting Director.—In the event of the death, resignation, sickness, or absence of the Director, the President shall designate either the Deputy Director of the Division of Enterprise Regulation, the Deputy Director of the Division of Federal Home Loan Bank Regulation, or the Deputy Director for Housing Mission and Goals, to serve as acting Director until the return of the Director, or the appointment of a successor pursuant to subsection (b).“(g) Limitations.—The Director and each of the Deputy Directors may not—“(1) have any direct or indirect financial interest in any regulated entity or entity-affiliated party;“(2) hold any office, position, or employment in any regulated entity or entity-affiliated party; or“(3) have served as an executive officer or director of any regulated entity or entity-affiliated party at any time during the 3-year period preceding the date of appointment or designation of such individual as Director or Deputy Director, as applicable.” .