— IMPROVEMENT OF SAFETY AND SOUNDNESS SUPERVISION
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The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by striking sections 1311 and 1312 and inserting the following:
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(a) In General.—
Section 1313 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4513) is amended to read as follows:
(b) Independence in Congressional Testimony and Recommendations.—
Section 111 of Public Law 93-495 (12 U.S.C. 250) is amended by striking "the Federal Housing Finance Board" and inserting "the Director of the Federal Housing Finance Agency".
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(a) In General.—
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by inserting after section 1313 the following:
(b) Annual Report of the Director.—
Section 1319B(a) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4521(a)) is amended— (1) by striking "enterprise" each place that term appears and inserting "regulated entity";
(2) by striking "enterprises" each place that term appears and inserting "regulated entities";
(3) in paragraph (3), by striking "; and" and inserting a semicolon;
(4) in paragraph (4), by striking "1994." and inserting "1994; and"; and
(5) by adding at the end the following:
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(a) In General.—
Section 1314 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4514) is amended— (1) in the section heading, by striking "enterprises" and inserting "regulated entities";
(2) by striking "an enterprise" each place that term appears and inserting "a regulated entity";
(3) by striking "the enterprise" and inserting "the regulated entity";
(4) in subsection (a)—
(A) by striking the subsection heading and all that follows through "and operations" in paragraph (1) and inserting the following:
(B) in paragraph (2)—
(i) by inserting ", by general or specific orders," after "may also require"; and
(ii) by striking "whenever" and inserting "on any of the topics specified in paragraph (1) or any other relevant topics, if"; and
(5) by adding at the end the following:
(b) Conforming Amendment.—
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4501 et seq.) is amended by striking sections 1327 and 1328.
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(a) In General.—
Section 1317 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4517) is amended— (1) in subsection (a), by striking "enterprise" each place that term appears and inserting "regulated entity";
(2) in subsection (b)—
(A) by inserting "of a regulated entity" after "under this section"; and
(B) by striking "to determine the condition of an enterprise for the purpose of ensuring its financial safety and soundness" and inserting "or appropriate";
(3) in subsection (c), in the second sentence, by inserting before the period "to conduct examinations under this section";
(4) by redesignating subsections (d) through (f) as subsections (e) through (g), respectively; and
(5) by inserting after subsection (c) the following:
``(d) Inspector General.—There shall be within the Agency an Inspector General, who shall be appointed in accordance with section 3(a) of the Inspector General Act of 1978.´´.
(b) Direct Hire Authority To Hire Accountants, Economists, and Examiners.—
Section 1317 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4517) is amended by adding at the end the following:
(c) Amendments to Inspector General Act.—
Section 11 of the Inspector General Act of 1978 (5 U.S.C. App.) is amended—
(1) in paragraph (1), by inserting "; the Director of the Federal Housing Finance Agency" after "Social Security Administration"; and
(2) in paragraph (2), by inserting ", the Federal Housing Finance Agency" after "Social Security Administration".
(d) Authority To Contract for Reviews of Regulated Entities.—
Section 1319 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4519) is amended— (1) in the section heading, by striking "enterprises by rating organization" and inserting "regulated entities"; and
(2) by striking "enterprises" and inserting "regulated entities".
(e) Office of the Ombudsman.—
Section 1317 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4517) is amended by adding at the end the following: