PRESIDENTIALLY-APPOINTED DIRECTORS OF ENTERPRISES.

SEC. 1162. PRESIDENTIALLY-APPOINTED DIRECTORS OF ENTERPRISES.(a) Fannie Mae.—(1) In general.—Section 308(b) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723(b)) is amended—(A) in the first sentence, by striking “eighteen persons, five of whom shall be appointed annually by the President of the United States, and the remainder of whom” and inserting “13 persons, or such other number that the Director determines appropriate, who”;(B) in the second sentence, by striking “appointed by the President”;(C) in the third sentence—(i) by striking “appointed or”; and(ii) by striking “, except that any such appointed member may be removed from office by the President for good cause”;(D) in the fourth sentence, by striking “elective”; and(E) by striking the fifth sentence.(2) Transitional provision.—The amendments made by paragraph (1) shall not apply to any appointed position of the board of directors of the Federal National Mortgage Association until the expiration of the annual term for such position during which the effective date under section 1163 occurs.(b) Freddie Mac.—122 STAT. 2782(1) In general.—Section 303(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(a)(2)) is amended—(A) in subparagraph (A)—(i) in the first sentence, by striking “18 persons, 5 of whom shall be appointed annually by the President of the United States and the remainder of whom” and inserting “13 persons, or such other number as the Director determines appropriate, who”; and(ii) in the second sentence, by striking “appointed by the President of the United States”;(B) in subparagraph (B)—(i) by striking “such or”; and(ii) by striking “, except that any appointed member may be removed from office by the President for good cause”; and(C) in subparagraph (C)—(i) by striking the first sentence; and(ii) by striking “elective”.(2) Transitional provision.—The amendments made by paragraph (1) shall not apply to any appointed position of the board of directors of the Federal Home Loan Mortgage Corporation until the expiration of the annual term for such position during which the effective date under section 1163 occurs.