DUTIES AND AUTHORITIES OF THE DIRECTOR.

SEC. 1102. DUTIES AND AUTHORITIES OF THE DIRECTOR.(a) In General.—Section 1313 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4513) is amended to read as follows:“SEC. 1313. DUTIES AND AUTHORITIES OF DIRECTOR.“(a) Duties.—“(1) Principal duties.—The principal duties of the Director shall be—“(A) to oversee the prudential operations of each regulated entity; and122 STAT. 2664“(B) to ensure that—“(i) each regulated entity operates in a safe and sound manner, including maintenance of adequate capital and internal controls;“(ii) the operations and activities of each regulated entity foster liquid, efficient, competitive, and resilient national housing finance markets (including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities);“(iii) each regulated entity complies with this title and the rules, regulations, guidelines, and orders issued under this title and the authorizing statutes;“(iv) each regulated entity carries out its statutory mission only through activities that are authorized under and consistent with this title and the authorizing statutes; and“(v) the activities of each regulated entity and the manner in which such regulated entity is operated are consistent with the public interest.“(2) Scope of authority.—The authority of the Director shall include the authority—“(A) to review and, if warranted based on the principal duties described in paragraph (1), reject any acquisition or transfer of a controlling interest in a regulated entity; and“(B) to exercise such incidental powers as may be necessary or appropriate to fulfill the duties and responsibilities of the Director in the supervision and regulation of each regulated entity.“(b) Delegation of Authority.—The Director may delegate to officers and employees of the Agency any of the functions, powers, or duties of the Director, as the Director considers appropriate.“(c) Litigation Authority.—“(1) In general.—In enforcing any provision of this title, any regulation or order prescribed under this title, or any other provision of law, rule, regulation, or order, or in any other action, suit, or proceeding to which the Director is a party or in which the Director is interested, and in the administration of conservatorships and receiverships, the Director may act in the Director’s own name and through the Director’s own attorneys.“(2) Subject to suit.—Except as otherwise provided by law, the Director shall be subject to suit (other than suits on claims for money damages) by a regulated entity with respect to any matter under this title or any other applicable provision of law, rule, order, or regulation under this title, in the United States district court for the judicial district in which the regulated entity has its principal place of business, or in the United States District Court for the District of Columbia, and the Director may be served with process in the manner prescribed by the Federal Rules of Civil Procedure.” .(b) Independence in Congressional Testimony and Recommendations.—Section 111 of Public Law 93–495 (12 U.S.C. 250) is amended by striking “the Federal Housing Finance Board” and inserting “the Director of the Federal Housing Finance Agency”.122 STAT. 2665