FEDERAL NATIONAL MORTGAGE ASSOCIATION, FEDERAL HOME LOAN MORTGAGE CORPORATION, FEDERAL HOME LOAN BANKS.

SEC. 38. [78oo] FEDERAL NATIONAL MORTGAGE ASSOCIATION, FEDERAL HOME LOAN MORTGAGE CORPORATION, FEDERAL HOME LOAN BANKS. (a) Federal National Mortgage Association and Federal Home Loan Mortgage Corporation.—No class of equity securities of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation shall be treated as an exempted security for purposes of section 12, 13, 14, or 16. (b) Federal Home Loan Banks.— (1) Registration.—Each Federal Home Loan Bank shall register a class of its common stock under section 12(g), not later than 120 days after the date of enactment of the Federal Housing Finance Regulatory Reform Act of 2008, and shall thereafter maintain such registration and be treated for purposes of this title as an “issuer”, the securities of which are required to be registered under section 12, regardless of the number of members holding such stock at any given time. (2) Standards relating to audit committees.—Each Federal Home Loan Bank shall comply with the rules issued by the Commission under section 10A(m). (c) Definitions.—For purposes of this section, the following definitions shall apply: (1) Federal home loan bank; member.—The terms “Federal Home Loan Bank” and “member”, have the same meanings as in section 2 of the Federal Home Loan Bank Act. (2) Federal national mortgage association.—The term “Federal National Mortgage Association” means the corporation created by the Federal National Mortgage Association Charter Act. (3) Federal home loan mortgage corporation.—The term “Federal Home Loan Mortgage Corporation” means the corporation created by the Federal Home Loan Mortgage Corporation Act.