106 STAT. 4002 PUBLIC LAW 102-550—OCT. 28, 1992

SEC. 1382. AMENDMENTS TO FEDERAL HOME LOAN MORTGAGE COR-
PORATION ACT.

(a) PURPOSES.—Section 301(b) of the Federal Home Loan Mort-
gage Corporation Act (12 U.S.C. 1451 note) is amended—

(1) by striking "home" each place it appears in paragraphs
(1) and (3) and inserting "residential";

(2) by striking "anor at the end of paragraph (2);

(3) in paragraph (3)—

(A) by striking the parentheses and all the matter
contained therein and inserting the following: "(including
activities relating to mortgages on housing for low- and
moderate-income families involving a reasonable economic
return that may be less than the return earned on other
activities)"; and

(B) by striking the period at the end and inserting
w; and"; and

(4) by adding at the end the following new paragraph:
"(4) to promote access to mortgage credit throughout the

Nation (including central cities, rural areas, and underserved
areas) by increasing the liquidity of mortgage investments and
improving the distribution of investment capital available for
residential mortgage financing.".

(b) DEFINITIONS.—The third sentence of section 302(h) of the
Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1451(h))
is amended by striking "made" and all that follows through
"305(a)(l)" and inserting "purchased from any public utility carrying
out activities in accordance with the requirements of title II of
the National Energy Conservation Policy Act if the residential mort-
gage to be purchased is a loan or advance of credit the original
proceeds of which are applied for in order to finance the purchase
and installation of residential energy conservation measures (as
defined in section 210(11) of the National Energy Conservation
Policy Act) in residential real estate".

(c) BOARD OF DIRECTORS.—

(1) IN GENERAL.—The second sentence of section
303(aX2XA) of the Federal Home Loan Mortgage Corporation
Act (12 U.S.C. 1452(a)(2XA)) 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 1 person from an organization that
has represented consumer or community interests for not
less than 2 years or 1 person who has demonstrated a
career commitment to the provision of housing for low-
income households".

12 use 1452 (2) IMPLEMENTATION.—The amendments made by para-

note graph (1) shall apply to the first annual appointment by the

President of members to the Board of Directors of the Federal

Home Loan Mortgage Corporation that occurs after the date

of the enactment of this Act.

(d) REMOVAL AUTHORITY OF PRESIDENT.—Section 303(aX2XB)
of the Federal Home Loan Mortgage Corporation Act (12 U.S.C.
1452(aX2XB)) is amended by inserting before the period at the
end the following: ", except that any appointed member may be
removed from office by the President for good cause".

(e) GENERAL REGULATORY AUTHORITY.—Section 303(b) of the
Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(b))
is amended to read as follows: