PUBLIC LAW 102-550—OCT. 28, 1992

106 STAT. 3941

tion required under this paragraph, as determined by the Secretary,
the unit of general local government may submit its assessment
submitted to the State to the Secretary and shall be considered
to have complied with this paragraph".

SEC. 1207. REPORTS BY SECRETARY.

Not later than 2 years after the date of enactment of this
Act, the Secretary of Housing and Urban Development shall submit
a report to the Congress. The report shall—

(1) describe any successful State and local strategies for
the removal of barriers to affordable housing;

(2) assess the impact of identified regulatory barriers on
the housing patterns of minorities; and

(3) describe any strategies developed or implemented by
the Department of Housing and Urban Development for reduc-
ing barriers to affordable housing imposed by the Federal
Government.

TITLE XIII—GOVERNMENT SPONSORED
ENTERPRISES

SEC. 1301. SHORT TITLE.

This title may be cited as the "Federal Housing Enterprises
Financial Safety and Soundness Act of 1992".

SEC. 1302. 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 hi 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 trie 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 spe-
cial interest groups;

(6) an entity regulating such enterprises should have the
authority to establish capital standards, require financial disclo-
sure, prescribe adequate standards for books and records and
other internal controls, conduct examinations when necessary,

42 USC 12705a
note.

Federal

Housing

Enterprises

Financial

Safety and

Soundness Act

of 1992.

12 USC 4501

note.

12 USC 4501.