§ 1422b. — Powers and duties.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1422b]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 1422b. Powers and duties
(a) General powers
The Board shall have the following powers:
(1) To supervise the Federal Home Loan Banks and to promulgate
and enforce such regulations and orders as are necessary from time
to time to carry out the provisions of this chapter.
(2) To suspend or remove for cause a director, officer,
employee, or agent of any Federal Home Loan Bank or joint office.
The cause of such suspension or removal shall be communicated in
writing to such director, officer, employee, or agent and to such
Bank or joint office. Notwithstanding any other provision of this
chapter, no officer, employee, or agent of a Bank or joint office
shall be a Federal officer or employee under any definition of
either term in title 5.
(3) To determine necessary expenditures of the Board under this
chapter and the manner in which such expenditures shall be incurred,
allowed, and paid.
(4) To use the United States mails in the same manner and under
the same conditions as a department or agency of the United States.
(5) To issue and serve a notice of charges upon a Federal home
loan bank or upon any executive officer or director of a Federal
home loan bank if, in the determination of the Finance Board, the
Bank, executive officer, or director is engaging or has engaged in,
or the Finance Board has reasonable cause to believe that the Bank,
executive officer, or director is about to engage in an unsafe or
unsound practice in conducting the business of the bank, or any
conduct that violates any provision of this chapter or any law,
order, rule, or regulation or any condition imposed in writing by
the Finance Board in connection with the granting of any application
or other request by the Bank, or any written agreement entered into
by the Bank with the agency, in accordance with the procedures
provided in subsection (c) or (f) of section 1371 of the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992 [12
U.S.C. 4631]. Such authority includes the same authority to issue an
order requiring a party to take affirmative action to correct
conditions resulting from violations or practices or to limit
activities of a Bank or any executive officer or director of a Bank
as appropriate Federal banking agencies have to take with respect to
insured depository institutions under paragraphs (6) and (7) of
section 1818(b) of this title, and to have all other powers, rights,
and duties to enforce this chapter with respect to the Federal home
loan banks and their executive officers and directors as the Office
of Federal Housing Enterprise Oversight has to enforce the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992 [12
U.S.C. 4501 et seq.], the Federal National Mortgage Association
Charter Act [12 U.S.C. 1716 et seq.], or the Federal Home Loan
Mortgage Corporation Act [12 U.S.C. 1451 et seq.] with respect to
the Federal housing enterprises under subtitle C [12 U.S.C. 4631 et
seq.] (other than section 1371 [12 U.S.C. 4631]) of the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992.
(6) To address any insufficiencies in capital levels resulting
from the application of section 1464(f) of this title.
(7) To act in its own name and through its own attorneys--
(A) in enforcing any provision of this chapter or any
regulation promulgated under this chapter; or
(B) in any action, suit, or proceeding to which the Finance
Board is a party that involves the Board's regulation or
supervision of any Federal home loan bank.
(b) Staff
(1) Board staff
Subject to title IV of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989, the Board may employ, direct,
and fix the compensation and number of employees, attorneys, and
agents of the Federal Housing Finance Board, except that in no event
shall the Board delegate any function to any employee,
administrative unit of any Bank, or joint office of the Federal Home
Loan Bank System. The prohibition contained in the preceding
sentence shall not apply to the delegation of ministerial functions
including issuing consolidated obligations pursuant to section
1431(b) of this title. In directing and fixing such compensation,
the Board shall consult with and maintain comparability with the
compensation at the Federal bank regulatory agencies. Such
compensation shall be paid without regard to the provisions of other
laws applicable to officers or employees of the United States,
except the Chairperson and other Directors shall be compensated as
prescribed in sections 5314 and 5315 of title 5, respectively.
(2) Abolition of joint offices
The joint or collective offices of the Federal Home Loan Bank
System, except for the Office of Finance, are hereby abolished.
(c) Receipts of Board
Receipts of the Board derived from assessments levied upon the
Federal Home Loan Banks and from other sources (other than receipts from
the sale of consolidated Federal Home Loan Bank bonds and debentures
issued under section 1431 of this title) shall be deposited in the
Treasury of the United States. Salaries of the directors and other
employees of the Board and all other expenses thereof may be paid from
such assessments or other sources and shall not be construed to be
Government Funds or appropriated monies, or subject to apportionment for
the purposes of chapter 15 of title 31, or any other authority.
(d) Annual report
The Board shall make an annual report to the Congress.
(July 22, 1932, ch. 522, Sec. 2B, as added Pub. L. 101-73, title VII,
Sec. 702(a), Aug. 9, 1989, 103 Stat. 414; amended Pub. L. 106-102, title
VI, Sec. 606(e)(1), Nov. 12, 1999, 113 Stat. 1454.)
References in Text
The Federal Housing Enterprises Financial Safety and Soundness Act
of 1992, referred to in subsec. (a)(5), is title XIII of Pub. L. 102-
550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to
chapter 46 (Sec. 4501 et seq.) of this title. Subtitle C of the Act is
classified generally to subchapter III (Sec. 4631 et seq.) of chapter 46
of this title. For complete classification of this Act to the Code, see
Short Title note under section 4501 of this title and Tables.
The Federal National Mortgage Association Charter Act, referred to
in subsec. (a)(5), is title III of act June 27, 1934, ch. 847, 48 Stat.
1252, as amended, which is classified generally to subchapter III
(Sec. 1716 et seq.) of chapter 13 of this title. For complete
classification of this Act to the Code, see Short Title note set out
under section 1716 of this title and Tables.
The Federal Home Loan Mortgage Corporation Act, referred to in
subsec. (a)(5), is title III of Pub. L. 91-351, July 24, 1970, 84 Stat.
451, as amended, which is classified generally to chapter 11A (Sec. 1451
et seq.) of this title. For complete classification of this Act to the
Code, see Short Title and Statement of Purpose note set out under
section 1451 of this title and Tables.
The Financial Institutions Reform, Recovery, and Enforcement Act of
1989, referred to in subsec. (b)(1), is Pub. L. 101-73, Aug. 9, 1989,
103 Stat. 183. Title IV of the Act is set out as a note under section
1437 of this title. For complete classification of this Act to the Code,
see Tables.
Amendments
1999--Subsec. (a)(5) to (7). Pub. L. 106-102 added pars. (5) to (7).
Section Referred to in Other Sections
This section is referred to in title 5 section 5373.
