FEDERAL HOUSING FINANCE OVERSIGHT BOARD.

SEC. 1103. FEDERAL HOUSING FINANCE OVERSIGHT BOARD.(a) In General.—The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by inserting after section 1313 the following:“SEC. 1313A. FEDERAL HOUSING FINANCE OVERSIGHT BOARD.“(a) In General.—There is established the Federal Housing Finance Oversight Board, which shall advise the Director with respect to overall strategies and policies in carrying out the duties of the Director under this title.“(b) Limitations.—The Board may not exercise any executive authority, and the Director may not delegate to the Board any of the functions, powers, or duties of the Director.“(c) Composition.—The Board shall be comprised of 4 members, of whom—“(1) 1 member shall be the Secretary of the Treasury;“(2) 1 member shall be the Secretary of Housing and Urban Development;“(3) 1 member shall be the Chairman of the Securities and Exchange Commission; and“(4) 1 member shall be the Director, who shall serve as the Chairperson of the Board.“(d) Meetings.—“(1) In general.—The Board shall meet upon notice by the Director, but in no event shall the Board meet less frequently than once every 3 months.“(2) Special meetings.—Either the Secretary of the Treasury, the Secretary of Housing and Urban Development, or the Chairman of the Securities and Exchange Commission may, upon giving written notice to the Director, require a special meeting of the Board.“(e) Testimony.—On an annual basis, the Board shall testify before Congress regarding—“(1) the safety and soundness of the regulated entities;“(2) any material deficiencies in the conduct of the operations of the regulated entities;“(3) the overall operational status of the regulated entities;“(4) an evaluation of the performance of the regulated entities in carrying out their respective missions;“(5) operations, resources, and performance of the Agency; and“(6) such other matters relating to the Agency and its fulfillment of its mission, as the Board determines appropriate.” .(b) Annual Report of the Director.—Section 1319B(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4521(a)) is amended—(1) by striking “enterprise” each place that term appears and inserting “regulated entity”;(2) by striking “enterprises” each place that term appears and inserting “regulated entities”;(3) in paragraph (3), by striking “; and” and inserting a semicolon;(4) in paragraph (4), by striking “1994.” and inserting “1994; and”; and(5) by adding at the end the following:122 STAT. 2666 “(5) the assessment of the Board or any of its members with respect to—“(A) the safety and soundness of the regulated entities;“(B) any material deficiencies in the conduct of the operations of the regulated entities;“(C) the overall operational status of the regulated entities; and“(D) an evaluation of the performance of the regulated entities in carrying out their respective missions;“(6) operations, resources, and performance of the Agency; and“(7) such other matters relating to the Agency and the fulfillment of its mission.”.