US Laws, Codes, Statutes & Cases

From the U.S. Code Online via GPO Access
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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4513]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
            Part A--Financial Safety and Soundness Regulator
 
Sec. 4513. Duty and authority of Director


(a) Duty

    The duty of the Director shall be to ensure that the enterprises are 
adequately capitalized and operating safely, in accordance with this 
chapter.

(b) Authority exclusive of Secretary

    The Director is authorized, without the review or approval of the 
Secretary, to make such determinations, take such actions, and perform 
such functions as the Director determines necessary regarding--
        (1) the issuance of regulations to carry out this part, 
    subchapter II of this chapter, and subchapter III of this chapter 
    (including the establishment of capital standards pursuant to 
    subchapter II of this chapter);
        (2) examinations of the enterprises under section 4517 of this 
    title;
        (3) determining the capital levels of the enterprises and 
    classification of the enterprises within capital classifications 
    established under subchapter II of this chapter;
        (4) decisions to appoint conservators for the enterprises;
        (5) administrative and enforcement actions under subchapter II 
    of this chapter, actions taken under subchapter III of this chapter 
    with respect to enforcement of subchapter II of this chapter, and 
    other matters relating to safety and soundness;
        (6) approval of payments of capital distributions by the 
    enterprises under section 1718(c)(2) of this title and section 
    1452(b)(2) of this title;
        (7) requiring the enterprises to submit reports under section 
    4514 of this title, section 1723a(k) of this title, and section 
    1456(c) of this title;
        (8) prohibiting the payment of excessive compensation by the 
    enterprises to any executive officer of the enterprises under 
    section 4518 of this title;
        (9) the management of the Office, including the establishment 
    and implementation of annual budgets, the hiring of, and 
    compensation levels for, personnel of the Office, and annual 
    assessments for the costs of the Office;
        (10) conducting research and financial analysis; and
        (11) the submission of reports required by the Director under 
    this chapter.

(c) Authority subject to approval of Secretary

    Any determinations, actions, and functions of the Director not 
referred to in subsection (b) of this section shall be subject to the 
review and approval of the Secretary.

(d) Delegation of authority

    The Director may delegate to officers and employees of the Office 
any of the functions, powers, and duties of the Director, as the 
Director considers appropriate.

(e) Independence in providing information to Congress

    The Director shall not be required to obtain the prior approval, 
comment, or review of any officer or agency of the United States before 
submitting to the Congress, or any committee or subcommittee thereof, 
any reports, recommendations, testimony, or comments if such submissions 
include a statement indicating that the views expressed therein are 
those of the Director and do not necessarily represent the views of the 
Secretary or the President.

(Pub. L. 102-550, title XIII, Sec. 1313, Oct. 28, 1992, 106 Stat. 3945; 
Pub. L. 105-276, title II, Sec. 202(b), Oct. 21, 1998, 112 Stat. 2483; 
Pub. L. 105-277, div. A, Sec. 122, Oct. 21, 1998, 112 Stat. 2681-546.)

                       References in Text

    This chapter, referred to in subsecs. (a) and (b)(11), was in the 
original ``this title'', meaning title XIII of Pub. L. 102-550, Oct. 28, 
1992, 106 Stat. 3941, which is classified principally to this chapter. 
For complete classification of title XIII to the Code, see Short Title 
note set out under section 4501 of this title and Tables.


                               Amendments

    1998--Subsec. (b)(9) to (12). Pub. L. 105-276, which directed the 
amendment of subsec. (b) by redesignating pars. (9) to (11) as (10) to 
(12), respectively, and adding a new par. (9) which read ``default loss 
protection levels under section 1454(a)(2)(D) of this title;'' was 
repealed by Pub. L. 105-277, effective upon enactment of Pub. L. 105-
276.


                    Effective Date of 1998 Amendment

    Pub. L. 105-277, div. A, Sec. 122, Oct. 21, 1998, 112 Stat. 2681-
546, provided that the amendment made by section 122 is effective upon 
enactment of Pub. L. 105-276 (Oct. 21, 1998).

                  Section Referred to in Other Sections

    This section is referred to in sections 4526, 4541 of this title.