106 STAT. 3948 PUBLIC LAW 102-550—OCT. 28, 1992

the Office and any anticipated costs and expenses of the Office
for the following fiscal year.

(b) ALLOCATION OF ANNUAL ASSESSMENT TO ENTERPRISES.—

(1) AMOUNT OF PAYMENT.—Each enterprise shall pay to
the Director a proportion of the annual assessment made pursu-
ant to subsection (a) that bears the same ratio to the total
annual assessment that the total assets of each enterprise
bears to the total assets of both enterprises.

(2) TIMING OF PAYMENT.—The annual assessment shall be
payable semiannually on September 1 and March 1 of the
year for which the assessment is made.

(3) DEFINITION.—For the purpose of this section, the term
"total assets" means, with respect to an enterprise, the sum
of—

(A) on-balance-sheet assets of the enterprise, as deter-
mined in accordance with generally accepted accounting
principles;

(B) the unpaid principal balance of outstanding mort-
gage-backed securities issued or guaranteed by the enter-
prise that are not included in subparagraph (A); and

(C) other off-balance-sheet obligations as determined
by the Director.

(c) DEFICIENCIES DUE TO INCREASED COSTS OF REGULATION.—
The semiannual payments made pursuant to subsection (b) by
any enterprise that is not classified (for purposes of subtitle B)
as adequately capitalized may be increased, as necessary, in the
discretion of the Director to pay additional estimated costs of regula-
tion of the enterprise.

(d) SURPLUS.—If any amount from any annual assessment col-
lected from an enterprise remains unobligated at the end of the
year for which the assessment was collected, such amount shall
DC credited to the assessment to be collected from the enterprise
for the following year.

(e) INITIAL SPECIAL ASSESSMENT.—Not later than the expiration
of the 30-day period beginning on the date of the enactment of
this Act, the enterprises shall each pay into the Federal Housing
Enterprises Oversight Fund established under subsection (f) an
initial assessment of $1,500,000 to cover the startup costs of the
Office, including space and modifications thereof, capital equipment,
supplies, recruitment, and activities of the Office during the period
preceding the first annual assessment under subsection (a). Any
amounts collected from an enterprise under this subsection shall
be credited against the first annual assessment collected pursuant
to subsection (a), and are hereby appropriated, and shall oe avail-
able and used, without fiscal year limitation, as provided in this
section.

(f) FUND.—There is established in the Treasury of the United
States a fund to be known as the Federal Housing Enterprises
Oversight Fund. Any assessments collected pursuant to this section
shall be deposited in the Fund. Amounts in the Fund shall be
available, to the extent provided in appropriation Acts and sub-
section (e), for—

(1) carrying out the responsibilities of the Director relating
to the enterprises; and

(2) necessary administrative and nonadministrative
expenses of the Office to carry out the purposes of this title.

(g) BUDGET AND FINANCIAL REPORTS.—