§ 78oo. Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Home Loan Banks

Statutory text

Federal National Mortgage Association and Federal Home Loan Mortgage Corporation

No class of equity securities of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation shall be treated as an exempted security for purposes of section 78l, 78m, 78n, or 78p of this title.

Federal Home Loan Banks

Registration

Each Federal Home Loan Bank shall register a class of its common stock under section 78l(g) of this title, not later than 120 days after July 30, 2008, and shall thereafter maintain such registration and be treated for purposes of this chapter as an “issuer”, the securities of which are required to be registered under section 78l of this title, regardless of the number of members holding such stock at any given time.

Standards relating to audit committees

Each Federal Home Loan Bank shall comply with the rules issued by the Commission under section 78j–1(m) of this title.

Definitions

For purposes of this section, the following definitions shall apply:

Federal Home Loan Bank; member

The terms “Federal Home Loan Bank” and “member”, have the same meanings as in section 1422 of title 12.

Federal National Mortgage Association

The term “Federal National Mortgage Association” means the corporation created by the Federal National Mortgage Association Charter Act [12 U.S.C. 1716 et seq.].

Federal Home Loan Mortgage Corporation

The term “Federal Home Loan Mortgage Corporation” means the corporation created by the Federal Home Loan Mortgage Corporation Act [12 U.S.C. 1451 et seq.].

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

2008
Federal Housing Finance Regulatory Reform Act of 2008
Pub. L. 110–289 div. A title I § 1112 · 122 Stat. 2654
Enacted · 15 U.S.C. § 78oo
(June 6, 1934, ch. 404, title I, § 38, as added Pub. L. 110–289, div. A, title I, § 1112, July 30, 2008, 122 Stat. 2677.)
Source evidence
Code source credit
(June 6, 1934, ch. 404, title I, § 38, as added Pub. L. 110–289, div. A, title I, § 1112, July 30, 2008, 122 Stat. 2677.)
Enacted provision · exact public law section
SEC. 1112. REGISTRATION UNDER THE SECURITIES LAWS. The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by adding at the end the following: “SEC. 38. FEDERAL NATIONAL MORTGAGE ASSOCIATION, FEDERAL HOME LOAN MORTGAGE CORPORATION, FEDERAL HOME LOAN BANKS. “(a) Federal National Mortgage Association and Federal Home Loan Mortgage Corporation.— No class of equity securities of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation shall be treated as an exempted security for purposes of section 12, 13, 14, or 16. “(b) Federal Home Loan Banks.— “(1) Registration.— Each Deadline. Federal Home Loan Bank shall register a class of its common stock under section 12(g), not later than 120 days after the date of enactment of the Federal Housing Finance Regulatory Reform Act of 2008, and shall thereafter maintain such registration and be treated for purposes of this title as an ‘issuer’, the securities of which are required to be registered under section 12, regardless of the number of members holding such stock at any given time. “(2) Standards relating to audit committees.— Each Federal Home Loan Bank shall comply with the rules issued by the Commission under section 10A(m). “(c) Definitions.— For purposes of this section, the following definitions shall apply: “(1) Federal home loan bank; member.— The terms ‘Federal Home Loan Bank’ and ‘member’, have the same meanings as in section 2 of the Federal Home Loan Bank Act. “(2) Federal national mortgage association.— The term ‘Federal National Mortgage Association’ means the corporation created by the Federal National Mortgage Association Charter Act. “(3) Federal home loan mortgage corporation.— The term ‘Federal Home Loan Mortgage Corporation’ means the corporation created by the Federal Home Loan Mortgage Corporation Act.” .

1 of 1 references resolved to an enrolled provision

Editorial Notes

References in Text

This chapter, referred to in subsec. (b)(1), was in the original “this title”. See References in Text note set out under section 78a of this title and Codification note below.

The Federal National Mortgage Association Charter Act, referred to in subsec. (c)(2), is title III of act June 27, 1934, ch. 847, 48 Stat. 1252, which is classified generally to subchapter III (§ 1716 et seq.) of chapter 13 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 1716 of Title 12 and Tables.

The Federal Home Loan Mortgage Corporation Act, referred to in subsec. (c)(3), is title III of Pub. L. 91–351, July 24, 1970, 84 Stat. 451, which is classified generally to chapter 11A (§ 1451 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title and Statement of Purpose note set out under section 1451 of Title 12 and Tables.

Codification

Pub. L. 110–289, which directed amendment of the Securities Exchange Act of 1934 by adding this section at the end, is reflected in the source credit above as adding this section to title I of the Securities Exchange Act of 1934, to reflect the probable intent of Congress.

Credits

(June 6, 1934, ch. 404, title I, § 38, as added Pub. L. 110–289, div. A, title I, § 1112, July 30, 2008, 122 Stat. 2677.)