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§ 4501. —  Congressional findings. - US § 4501. —  Congressional findings. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4501]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
Sec. 4501. Congressional findings

    The Congress finds that--
        (1) the Federal National Mortgage Association and the Federal 
    Home Loan Mortgage Corporation (referred to in this section 
    collectively as the ``enterprises''), and the Federal Home Loan 
    Banks (referred to in this section as the ``Banks''), have important 
    public missions that are reflected in the statutes and charter Acts 
    establishing the Banks and the enterprises;
        (2) because the continued ability of the Federal National 
    Mortgage Association and the Federal Home Loan Mortgage Corporation 
    to accomplish their public missions is important to providing 
    housing in the United States and the health of the Nation's economy, 
    more effective Federal regulation is needed to reduce the risk of 
    failure of the enterprises;
        (3) considering the current operating procedures of the Federal 
    National Mortgage Association, the Federal Home Loan Mortgage 
    Corporation, and the Federal Home Loan Banks, the enterprises and 
    the Banks currently pose low financial risk of insolvency;
        (4) neither the enterprises nor the Banks, nor any securities or 
    obligations issued by the enterprises or the Banks, are backed by 
    the full faith and credit of the United States;
        (5) an entity regulating the Federal National Mortgage 
    Association and the Federal Home Loan Mortgage Corporation should 
    have sufficient autonomy from the enterprises and special interest 
    groups;
        (6) an entity regulating such enterprises should have the 
    authority to establish capital standards, require financial 
    disclosure, prescribe adequate standards for books and records and 
    other internal controls, conduct examinations when necessary, and 
    enforce compliance with the standards and rules that it establishes;
        (7) the Federal National Mortgage Association and the Federal 
    Home Loan Mortgage Corporation have an affirmative obligation to 
    facilitate the financing of affordable housing for low- and 
    moderate-income families in a manner consistent with their overall 
    public purposes, while maintaining a strong financial condition and 
    a reasonable economic return; and
        (8) the Federal Home Loan Bank Act [12 U.S.C. 1421 et seq.] 
    should be amended to emphasize that providing for financial safety 
    and soundness of the Federal Home Loan Banks is the primary mission 
    of the Federal Housing Finance Board.

(Pub. L. 102-550, title XIII, Sec. 1302, Oct. 28, 1992, 106 Stat. 3941.)

                       References in Text

    The Federal Home Loan Bank Act, referred to in par. (8), is act July 
22, 1932, ch. 522, 47 Stat. 725, as amended, which is classified 
generally to chapter 11 (Sec. 1421 et seq.) of this title. For complete 
classification of this Act to the Code, see section 1421 of this title 
and Tables.


                               Short Title

    Section 1301 of title XIII of Pub. L. 102-550 provided that: ``This 
title [enacting this chapter, amending sections 1422a, 1430, 1430b, 1451 
to 1456, 1716 to 1719, 1723, 1723a, and 1723c of this title, sections 
3132 and 5313 of Title 5, Government Organization and Employees, section 
1905 of Title 18, Crimes and Criminal Procedure, and section 3534 of 
Title 42, The Public Health and Welfare, enacting provisions set out as 
notes under sections 1451, 1452, 1723, and 4562 of this title, and 
amending provisions set out as a note under section 1451 of this title] 
may be cited as the `Federal Housing Enterprises Financial Safety and 
Soundness Act of 1992'.''




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