2001 U.S. Code
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

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§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, §1313, Oct. 28, 1992, 106 Stat. 3945; Pub. L. 105–276, title II, §202(b), Oct. 21, 1998, 112 Stat. 2483; Pub. L. 105–277, div. A, §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, §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.