106 STAT. 3996 PUBLIC LAW 102-550-OCT. 28,1992

of the Office of Federal Housing Enterprise Oversight of the Depart-
ment of Housing and Urban Development.";

(3) in subsection CO-

CA) by striking "to make payments" and all that follows
through such capital contributions,''; and

(B) by striking "additional shares of such stock," and
inserting "shares of common stock of the corporation"; and

(4) by redesignating subsection (f) (as so amended) as sub-
section (d).

(e) RATIO OF OBLIGATIONS.—Section 304 of the Federal National
Mortgage Association Charter Act (12 U.S.C. 1719) is amended—

(1) in subsection (b), by striking the semicolon in the first
sentence and all that follows through the end of the second
sentence and inserting a period; and

(2) in subsection (e), by striking the fourth sentence.

(f) STATEMENT m SECURITIES.—Section 304(d) of the Federal
National Mortgage Association Charter Act (12 U.S.C. 1719(d))
is amended by inserting after the period at the end the following
new sentence: "The corporation shall insert appropriate language
in all of the securities issued under this subsection clearly indicating
that such securities, together with the interest thereon, are not
guaranteed by the United States and do not constitute a debt
or obligation of the United States or any agency or instrumentality
thereof other than the corporation.".

(g) ASSESSMENTS FOR OFFICE OF FEDERAL HOUSING ENTERPRISE
OVERSIGHT.—The first sentence of section 304(0 of the Federal
National Mortgage Association Charter Act (12 U.S.C. 1719(0) is
amended by inserting before the first comma the following: "of
this Act and assessments pursuant to section 1316 of the Federal
Housing Enterprises Financial Safety and Soundness Act of 1992".

(h) BOARD OF DIRECTORS.—

(1) IN GENERAL.—The second sentence of section 308(b)
of the Federal National Mortgage Association Charter Act (12
U.S.C. 17230W) is amended-^

(A) by striking "and" after the second comma; and

(B) by inserting before the period at the end the follow-
ing: ", and at least one person from an organization that
has represented consumer or community interests for not
less than 2 years or one person who nas demonstrated
a career commitment to the provision of housing for low-
income households".

12 use 1723 (2) IMPLEMENTATION.—The amendments made by para-

no graph (1) shall apply to the first annual appointment by the

President of members to the board of directors of the Federal
National Mortgage Association that occurs after the date of
the enactment of this Act.
(i) REMOVAL AUTHORITY OF PRESIDENT.—The third sentence

of section 308(b) of the Federal National Mortgage Association

Charter Act (12 U.S.C. 1723(b)) is amended by inserting "appointed"

after "any such".

(j) COMPENSATION.—Section 309(d) of the Federal National

Mortgage Association Charter Act (12 U.S.C. 1723a(d)) is

amended—

(1) in the first sentence of paragraph (2) by striking "as
it may determine" and inserting the following: "as the board
of directors determines reasonable and comparable with com-
pensation for employment in other similar businesses (including