,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #ceej  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #bj1         
#bjac,mr4 ,ama% 7= himself1 ,mr4 ,duncan
 ( ,s\? ,c>ol9a1 ,mr4 ,jordan1 ,mr4     
,lamborn1 ,mr4 ,mc,clintock1 ,mr4       
,mead[s1 ,mr4 ,price ( ,georgia1 & ,mr4 
,salmon7 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committees 
on ,appropriations1 ,sci5ce1 ,space1 &  
,te*nology1 ,transportation &           
,infra/ructure1 & ! ,judici>y1 = a p]iod
 to be subsequ5tly det]m9$ by ! ,speak]1
 9 ea* case = consid]ation ( su*        
provisions z fall )9 ! jurisdiction ( ! 
committee conc]n$  ,a ,,bill  ,to       
/abilize ! h\s+ & bank+ sectors by      
elim9at+ policies t di/ort m>kets &     
facilitate risky l5d+1 & = o!r purposes4
  #a4 ,%ort title & table ( cont5ts  7a7
 ,%ort title ,?is ,act may be cit$ z !  
,new ,fair ,deal ,bank+ & ,h\s+         
,/ability ,act ( #bjac4  7b7 ,table (   
cont5ts ,! table ( cont5ts = ?is ,act is

 z foll[s3 ,sec4 #a4 ,%ort title & table
 ( cont5ts4,title ,i--,r$uc+ risky l5d+ 
& h\s+ m>ket instability,subtitle       
,a--,)draw+ fail$ ,gov]nm5t mortgage    
corporations,part #a--;,imm$iate re=ms (
 ,gov]nm5t-,sponsor$ corporations,sec4  
#aja4 ,repeal ( h\s+ goals =            
ent]prises4,sec4 #ajb4 ,repeal ( ,h\s+  
,tru/ ,fund4,sec4 #ajc4 ,repeal (       
,capital ,magnet ,fund4,sec4 #ajd4      
,limitation on ent]prise mortgage       
pur*ases4,sec4 #aje4 ,repeal ( bank+    
ag5cies' au?ority relat+ ,fr$die ,mac   
transactions4,"p #b--,mak+ space =      
private second>y markets,sec4 #aaa4     
,r$uction ( ent]prise con=m+ loan       
limits4,sec4 #aab4 ,loan-to-value       
limitation on ent]prise mortgage        
pur*ases4,sec4 #aac4 ,increas$ capital  
/&>ds = ent]prises4,sec4 #aad4          
,ent]prise portfolio limitations4,"p    
#c--;,abolition ( ,fannie ,mae & ,fr$die
 ,mac,sec4 #aba4 ,aboli%m5t (           
ent]prises4,subtitle ,b--,t]m9ation (   
,insurance = ,banks' ,mortgage          

,lending,part #a--;,imm$iate re=ms (    
,,fha cr$it programs,sec4 #aca4 ,,fha   
l5d] repur*ase requirem5t4,sec4 #acb4   
,prohibition ( ,,fha mortgage insurance 
= ca%-out ref9anc+s4,sec4 #acc4 ,,fha   
limitation on sell] concessions4,"p     
#b--,r$uc+ taxpay] gu>antees (          
mortgages,sec4 #ada4 ,r$uction ( ,,fha  
mortgage insurance cov]age4,sec4 #adb4  
,increase 9 ,,fha d[npaym5t             
requirem5t4,"p #c--,t]m9ation ( ,,fha   
cr$it guarantees,sec4 #aea4 ,t]m9ation (
 ,,fha insurance au?ority4,subtitle     
,c--,end+ gu>antees = ,gov]nm5t         
mortgage-,back$ securities,sec4 #afa4   
,limitation on ,,gnma gu>antees4,sec4   
#afb4 ,aboli%m5t ( ,g9nie ,mae4,subtitle
 ,d--,repeal+ regulations t promote     
risky lending,sec4 #aga4 ,repeal ( !    
,community ,re9ve/m5t ,act ( #aigg4,sec4
 #agb4 ,repeal ( ,dodd-,frank cr$it risk
 ret5tion provisions4,sec4 #agc4 ,repeal
 ( ,dodd-,frank ability to repay &      
qualifi$ mortgage provisions4,sec4 #agd4
 ,repeal ( ! ,home ,mortgage ,disclosure

 ,act ( #aige4,sec4 #age4 ,repeal (     
,f$]al ,home ,loan ,banks ,af=dable     
,h\s+ ,program & h\s+ goals4,sec4 #agf4 
,repeal ( ,,fdic ,af=dable ,h\s+        
,program4,subtitle ,e--,/opp+ subsidies 
= c]ta9 ob/acles to h\s+                
construction,sec4 #aha4 ,repeal (       
transportation plann+ provisions2       
rescission4,sec4 #ahb4 ,t]m9ation (     
,,hud su/a9able communities initiatives2
 rescission4,title ,,ii--,end+ bank     
bail\ts & re/or+ m>ket                  
discipline,subtitle ,a--,r$uc+ risks to 
bank depositors & o!r creditors,sec4    
#bja4 ,capital requirem5ts4,sec4 #bjb4  
,,fdic insurance4,subtitle ,b--,repeal (
 bail\t authorities,sec4 #baa4 ,repeal (
 ,,fdic p[]s "u ! sy/emic risk          
det]m9ation4,sec4 #bab4 ,repeal (       
unusual & exig5t au?ority ( ! ,f$]al    
,res]ve4,sec4 #bac4 ,ex*ange            
,/abilization ,fund4,subtitle           
,c--,bankruptcy1 n bail\ts1 = complex   
f9ancial institutions,sec4 #bba4 ,re=m+ 
! bankruptcy code to accommodate fail+  

f9ancial in/itutions4  ,i ,r$uc+ risky  
l5d+ & h\s+ m>ket in/ability  ,a ,)draw+
 fail$ ,gov]nm5t mortgage corporations  
#a ,imm$iate re=ms ( ,gov]nm5t-,sponsor$
 corporations  #aja4 ,repeal ( h\s+     
goals = ent]prises  7a7 ,repeal ,!      
,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib is     
am5d$ by /rik+ sections #acca ?r\gh     
#accf 7#ab ,u4,s4,c4 #defa-f74  7b7     
,con=m+ am5dm5ts ,f$]al ,h\s+           
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib is am5d$-- 7#a7 9
 section #acjc7bh7 7#ab ,u4,s4,c4       
#dejb7bh771 by /rik+ 1 &1 = ! purposes &
 all t foll[s ?r\gh designat$ disa/]    
areas2  7#b7 9 section                  
#acbd7;b77#a77;,a7 7#ab ,u4,s4,c4       
#dedd7;b77#a77;,a771 by /rik+ clauses   
7i71 7ii71 & 7iv72  7#c7 9 section      
#acci7;h7 7#ab ,u4,s4,c4 #defi7;h771 by 
/rik+ p>agraph 7#g72  7#d7 9 section    
#acda 7#ab ,u4,s4,c4 #deha7-- 7,a7 9    
subsection 7a7-- 7i7 9 p>agraph 7#a71 by
 ins]t+ or aft] ! semicolon at ! end2   

7ii7 9 p>agraph 7#b71 by /rik+ !        
semicolon at ! end & ins]t+ a p]iod2 &  
7iii7 by /rik+ p>agraphs 7#c7 & 7#d72 & 
7,b7 9 subsection 7b77#b7-- 7i7 9       
subp>agraph 7,a71 by ins]t+ or aft] !   
semicolon at ! end2  7ii7 by /rik+      
subp>agraphs 7,b7 & 7,c72 &  7iii7 by   
r$esignat+ subp>agraph 7,d7 z           
subp>agraph 7,b72  7#e7 9 section       
#acde7;a7 7#ab ,u4,s4,c4 #dehe7;a77--   
7,a7 9 p>agraph 7#a71 by ins]t+ or aft] 
! semicolon at ! end2  7,b7 9 p>agraph  
7#b71 by /rik+ ! semicolon at ! end &   
ins]t+ a p]iod2 &  7,c7 by /rik+        
p>agraphs 7#c7 & 7#d72 &  7#f7 9 section
 #acga7;a77#b7 7#ab ,u4,s4,c4           
#dfca7;a77#b771 by /rik+ ) any h\s+ goal
 e/abli%$ "u subp>t ,b ( "p #b (        
subtitle ,a ( ?is title1 ) section #accf
 or #accg ( ?is title14  7c7 ,repeal (  
report+ requirem5ts  7#a7 ,fannie mae   
,section #cji ( ! ,f$]al ,national      
,mortgage ,association ,*>t] ,act 7#ab  
,u4,s4,c4 #agbc;a7 is am5d$ by /rik+    
subsection 7n74  7#b7 ,fr$die ,mac      

,section #cjg ( ! ,f$]al ,home ,loan    
,mortgage ,corporation ,act 7#ab        
,u4,s4,c4 #adef7 is am5d$ by /rik+      
subsection 7f74  7d7 ,t]m9ation (       
af=dable h\s+ advisory c\ncils  7#a7    
,fannie mae ,section #cji ( ! ,f$]al    
,national ,mortgage ,association ,*>t]  
,act 7#ab ,u4,s4,c4 #agbc;a7 is am5d$ by
 /rik+ subsection 7o74  7#b7 ,fr$die    
,mac ,section #cjg ( ! ,f$]al ,home     
,loan ,mortgage ,corporation ,act 7#ab  
,u4,s4,c4 #adef7 is am5d$ by /rik+      
subsection 7g74  #ajb4 ,repeal ( ,h\s+  
,tru/ ,fund  7a7 ,repeal ,! ,f$]al ,h\s+
 ,ent]prises ,f9ancial ,safety &        
,s\ndness ,act ( #aiib is am5d$ by /rik+
 sections #accg & #acch 7#ab ,u4,s4,c4  
#defg1 #defh74  7b7 ,con=m+ am5dm5ts    
7#a7 ,f$]al h\s+ ent]prises f9ancial    
safety & s\ndness act ( #aiib ,! ,f$]al 
,h\s+ ,ent]prises ,f9ancial ,safety &   
,s\ndness ,act ( #aiib is am5d$-- 7,a7 9
 section #acbd7;b77#a77;,a7 7#ab        
,u4,s4,c4 #dedd7;b77#a77;,a771 z am5d$  
by ! prec$+ provisions ( ?is ,act-- 7i7 

by /rik+ clause 7iii72  7ii7 by /rik+ ! 
da% aft] :i* & ins]t+ ! text ( clause   
7v7 & a p]iod2 &  7iii7 by /rik+ clause 
7v72  7,b7 9 section #acci7;b7-- 7i7 by 
/rik+ p>agraph 7#a72  7ii7 by /rik+ !   
da% aft] consi/ ( & ins]t+ ! text (     
p>agraph 7#b7 & a p]iod2 &  7iii7 by    
/rik+ p>agraph 7#b72 &  7,c7 9 section  
#acde 7#ab ,u4,s4,c4 #dehe71 by /rik+   
subsection 7f74  7#b7 ,,hope = home[n]s 
program ,section #beg7w7 ( ! ,national  
,h\s+ ,act 7#ab ,u4,s4,c4 #agaez-#bc7w77
 is am5d$-- 7,a7 by /rik+ p>agraphs 7#b7
 & 7#c72 &  7,b7 by r$esignat+ p>agraph 
7#d7 z p>agraph 7#b74  #ajc4 ,repeal (  
,capital ,magnet ,fund  7a7 ,use ( funds
 ,imm$iately ^u ! enactm5t ( ?is ,act1  
any am\nts 9 ! ,capital ,magnet ,fund   
e/abli%$ "u section #acci ( ! ,f$]al    
,h\s+ ,ent]prises ,f9ancial ,safety &   
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#defi7 %all be available to ! ,secret>y 
( ! ,treasury = use only = r$uc+ !      
budget deficit ( ! ,f$]al ,gov]nm5t4    
7b7 ,repeal & aboli%m5t ( fund ,section 

#acci ( ! ,f$]al ,h\s+ ,ent]prises      
,f9ancial ,safety & ,s\ndness ,act (    
#aiib 7#ab ,u4,s4,c4 #defi7 is h]eby    
repeal$ & ! ,capital ,magnet ,fund      
e/abli%$ "u su* section is aboli%$4  7c7
 ,con=m+ am5dm5t ,section #acjc7bd7 ( ! 
,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #dejb7bd77 is am5d$ by /rik+  
subp>agraph 7,b74  #ajd4 ,limitation on 
ent]prise mortgage pur*ases  7a7 ,fannie
 ,mae ,section #cjb7;b7 ( ! ,f$]al      
,national ,mortgage ,association ,*>t]  
,act 7#ab ,u4,s4,c4 #agag7;b77 is am5d$ 
by add+ at ! end ! foll[+ new p>agraph3 
7#g7 ,! corporation may only pur*ase1   
make commitm5ts to pur*ase1 s]vice1     
sell1 l5d on ! security (1 or o!rwise   
deal 9 a mortgage on a prop]ty compris+ 
#a- to #d-;family dwell+ units t-- 7,a7 
be>s int]e/ at a rate t is fix$ = !     
entire t]m ( ! mortgage2 &  7,b7 is     
made-- 7i7 to f9ance ! pur*ase ( su*    
prop]ty t %all be occupi$ by ! mortgagor
 z ! mortgagor's pr9cipal resid5ce2 or  

7ii7 to prepay or pay (f ! out/&+       
pr9cipal obligation "u an exi/+ mortgage
 or loan secur$ by ! same prop]ty1 :i*  
is occupi$ by ! mortgagor z !           
mortgagor's pr9cipal resid5ce1 b n      
includ+ a mortgage "u :i* any portion ( 
! mortgage proce$s are us$ = any purpose
 o!r ?an to prepay or pay (f su* exi/+  
mortgage or = any settlem5t co/s 9      
connection ) su* mortgage1 z det]m9$ 9  
accordance ) guidel9es issu$ by !       
,director4  4  7b7 ,fr$die ,mac ,section
 #cje7;a7 ( ! ,f$]al ,home ,loan        
,mortgage ,corporation ,act 7#ab        
,u4,s4,c4 #aded7;a77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraph3  7#f7 ,!  
,corporation may only pur*ase1 make     
commitm5ts to pur*ase1 s]vice1 sell1 l5d
 on ! security (1 or o!rwise deal 9 a   
mortgage on a prop]ty compris+ #a- to   
#d-;family dwell+ units t-- 7,a7 be>s   
int]e/ at a rate t is fix$ = ! entire   
t]m ( ! mortgage2 &  7,b7 is made-- 7i7 
to f9ance ! pur*ase ( su* prop]ty t %all
 be occupi$ by ! mortgagor z !          

mortgagor's pr9cipal resid5ce2 or  7ii7 
to prepay or pay (f ! out/&+ pr9cipal   
obligation "u an exi/+ mortgage or loan 
secur$ by ! same prop]ty1 :i* is occupi$
 by ! mortgagor z ! mortgagor's pr9cipal
 resid5ce1 b n includ+ a mortgage "u :i*
 any portion ( ! mortgage proce$s are   
us$ = any purpose o!r ?an to prepay or  
pay (f su* exi/+ mortgage or = any      
settlem5t co/s 9 connection ) su*       
mortgage1 z det]m9$ 9 accordance )      
guidel9es issu$ by ! ,director4  4      
#aje4 ,repeal ( bank+ ag5cies' au?ority 
relat+ ,fr$die ,mac transactions        
,section #cje ( ! ,f$]al ,home ,loan    
,mortgage ,corporation ,act 7#ab        
,u4,s4,c4 #aded7 is am5d$ by /rik+      
subsection 7b74  #b ,mak+ space =       
private second>y m>kets  #aaa4 ,r$uction
 ( ent]prise con=m+ loan limits  7a7    
,fannie ,mae ,p>agraph 7#b7 ( section   
#cjb7;b7 ( ! ,f$]al ,national ,mortgage 
,association ,*>t] ,act 7#ab ,u4,s4,c4  
#agag7;b77#b77 is am5d$ by /rik+ ! #g?  
?r\gh #aa? s5t5ces & ins]t+ ! foll[+3   

,su* limitations %all n exce$ #dag1jjj =
 a mortgage secur$ by a s+le-family     
resid5ce1 #ecc1hej = a mortgage secur$  
by a #b-;family resid5ce1 #fde1cjj = a  
mortgage secur$ by a #c-;family         
resid5ce1 & #hja1iej = a mortgage secur$
 by a #d-;family resid5ce1 except t su* 
maximum limitations %all be adju/$      
effective ,janu>y #a ( ea* ye> beg9n+   
aft] ! effective date ( ! ,new ,fair    
,deal ,bank+ & ,h\s+ ,/ability ,act (   
#bjac1 subject to ! limitations 9 ?is   
p>agraph4 ,ea* adju/m5t %all be made by 
subtract+ f su* am\nt 7z x may h be5    
previ\sly adju/$7 an am\nt equal to #bj 
p]c5t !re(44  7b7 ,fr$die ,mac ,p>agraph
 7#b7 ( section #cje7;a7 ( ! ,f$]al     
,home ,loan ,mortgage ,corporation ,act 
7#ab ,u4,s4,c4 #aded7;a77#b77 is am5d$  
by /rik+ ! #f? ?r\gh #aj? s5t5ces &     
ins]t+ ! foll[+3 ,su* limitations %all n
 exce$ #dag1jjj = a mortgage secur$ by a
 s+le-family resid5ce1 #ecc1hej = a     
mortgage secur$ by a #b-;family         
resid5ce1 #fde1cjj = a mortgage secur$  

by a #c-;family resid5ce1 & #hja1iej = a
 mortgage secur$ by a #d-;family        
resid5ce1 except t su* maximum          
limitations %all be adju/$ effective    
,janu>y #a ( ea* ye> beg9n+ aft] !      
effective date ( ! ,new ,fair ,deal     
,bank+ & ,h\s+ ,/ability ,act ( #bjac1  
subject to ! limitations 9 ?is p>agraph4
 ,ea* adju/m5t %all be made by subtract+
 f su* am\nt 7z x may h be5 previ\sly   
adju/$7 an am\nt equal to #bj p]c5t     
!re(44  #aab4 ,loan-to-value limitation 
on ent]prise mortgage pur*ases  7a7     
,fannie ,mae ,section #cjb7;b7 ( !      
,f$]al ,national ,mortgage ,association 
,*>t] ,act 7#ab ,u4,s4,c4 #agag7;b77 is 
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#g7 ,not)/&+ any o!r        
provision ( law1 ! corporation may n    
pur*ase1 or make commitm5ts to pur*ase1 
any mortgage on a #a- to #d-;family     
resid5ce if ! out/&+ pr9cipal balance ( 
! mortgage at ! "t ( pur*ase exce$s     
#ie4j p]c5t ( ! value ( ! prop]ty secur+
 ! mortgage1 except t su* p]c5tage %all 

be adju/$ effective ,janu>y #a ( ea* ye>
 beg9n+ aft] ! effective date ( ! ,new  
,fair ,deal ,bank+ & ,h\s+ ,/ability    
,act ( #bjac1 by r$uc+ su* p]c5tage by  
#a4e p]c5tage po9ts4  4  7b7 ,fr$die    
,mac ,section #cjeb7;a7 ( ! ,f$]al ,home
 ,loan ,mortgage ,corporation ,act 7#ab 
,u4,s4,c4 #aded7;a77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraph3  7#f7     
,not)/&+ any o!r provision ( law1 !     
,corporation may n pur*ase1 or make     
commitm5ts to pur*ase1 any mortgage on a
 #a- to #d-;family resid5ce if ! out/&+ 
pr9cipal balance ( ! mortgage at ! "t ( 
pur*ase exce$s #ie4j p]c5t ( ! value ( !
 prop]ty secur+ ! mortgage1 except t su*
 p]c5tage %all be adju/$ effective      
,janu>y #a ( ea* ye> beg9n+ aft] !      
effective date ( ! ,new ,fair ,deal     
,bank+ & ,h\s+ ,/ability ,act ( #bjac1  
by r$uc+ su* p]c5tage by #a4e p]c5tage  
po9ts4  4  #aac4 ,increas$ capital /&>ds
 = ent]prises  7a7 ,t]m9ation (         
risk-,bas$ /&>d  7#a7 ,9 g5]al ,section 
#acfa ( ! ,f$]al ,h\s+ ,ent]prises      

,f9ancial ,safety & ,s\ndness ,act (    
#aiib 7#ab ,u4,s4,c4 #dfaa7 is am5d$--  
7,a7 9 ! section head+1 by /rik+        
risk-bas$2 &  7,b7 9 subsection 7a77#a71
 by /rik+ risk-bas$ & ins]t+            
non-risk-bas$4  7#b7 ,con=m+ am5dm5ts   
,subtitle ,b ( ! ,f$]al ,h\s+           
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib is am5d$ by /rik+
 risk-bas$ ea* place su* t]m appe>s 9 ! 
foll[+ sections & ins]t+ requir$3 7,a7  
,section #acfd7;a7 7#ab ,u4,s4,c4       
#dfad7;a774  7,b7 ,section              
#acff7;a77#b77;,b7 7#ab ,u4,s4,c4       
#dfaf7;a77#b77;,b774  7,c7 ,section     
#acfi;,c7a7 7#ab ,u4,s4,c4 #dfbb7;a774  
7b7 ,increase 9 m9imum capital levels   
,section #acfb7;a7 ( ! ,f$]al ,h\s+     
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#dfab7;a77 is am5d$-- 7#a7 9 p>agraph   
7#a71 by ins]t+ be=e ! semicolon at !   
end ! foll[+3 2 except t su* p]c5tage   
%all be adju/$ effective ,janu>y #a (   
ea* ye> beg9n+ aft] ! effective date ( !

 ,new ,fair ,deal ,bank+ & ,h\s+        
,/ability ,act ( #bjac1 by increas+ su* 
p]c5tage 7z x may h be5 previ\sly       
adju/$7 by #j4g p]c5tage po9ts2  7#b7 9 
p>agraph 7#b71 by ins]t+ be=e 2 & !     
foll[+3 2 except t su* p]c5tage %all be 
adju/$ effective ,janu>y #a ( ea* ye>   
beg9n+ aft] ! effective date ( ! ,new   
,fair ,deal ,bank+ & ,h\s+ ,/ability    
,act ( #bjac1 by increas+ su* p]c5tage  
7z x may h be5 previ\sly adju/$7 by     
#j4ae p]c5tage po9ts2 &  7#c7 9 p>agraph
 7#c71 by ins]t+ be=e ! p]iod at ! end !
 foll[+3 2 & except t su* p]c5tage %all 
be adju/$ effective ,janu>y #a ( ea* ye>
 beg9n+ aft] ! effective date ( ! ,new  
,fair ,deal ,bank+ & ,h\s+ ,/ability    
,act ( #bjac1 by increas+ su* p]c5tage  
7z x may h be5 previ\sly adju/$7 by     
#j4ae p]c5tage po9ts4  7c7 ,increase 9  
critical capital levels ,section        
#acfc7;a7 ( ! ,f$]al ,h\s+ ,ent]prises  
,f9ancial ,safety & ,s\ndness ,act (    
#aiib 7#ab ,u4,s4,c4 #dfac7;a77 is      
am5d$-- 7#a7 9 p>agraph 7#a71 by ins]t+ 

be=e ! semicolon at ! end ! foll[+3 2   
except t su* p]c5tage %all be adju/$    
effective ,janu>y #a ( ea* ye> beg9n+   
aft] ! effective date ( ! ,new ,fair    
,deal ,bank+ & ,h\s+ ,/ability ,act (   
#bjac1 by increas+ su* p]c5tage 7z x may
 h be5 previ\sly adju/$7 by #j4g        
p]c5tage po9ts2  7#b7 9 p>agraph 7#b71  
by ins]t+ be=e 2 & ! foll[+3 2 except t 
su* p]c5tage %all be adju/$ effective   
,janu>y #a ( ea* ye> beg9n+ aft] !      
effective date ( ! ,new ,fair ,deal     
,bank+ & ,h\s+ ,/ability ,act ( #bjac1  
by increas+ su* p]c5tage 7z x may h be5 
previ\sly adju/$7 by #j4ae p]c5tage     
po9ts2 &  7#c7 9 p>agraph 7#c71 by      
ins]t+ be=e ! p]iod at ! end ! foll[+3 2
 & except t su* p]c5tage %all be adju/$ 
effective ,janu>y #a ( ea* ye> beg9n+   
aft] ! effective date ( ! ,new ,fair    
,deal ,bank+ & ,h\s+ ,/ability ,act (   
#bjac1 by increas+ su* p]c5tage 7z x may
 h be5 previ\sly adju/$7 by #j4ae       
p]c5tage po9ts4  #aad4 ,ent]prise       
portfolio limitations ,! ,h\s+ &        

,community ,developm5t ,act ( #aiib 7#ab
 ,u4,s4,c4 #dfaa et seq47 is am5d$ by   
/rik+ section #acfi;,e 7#ab ,u4,s4,c4   
#dfbd7 & ins]t+ ! foll[+ new section3   
#acfi;,e4 ,re/riction on mortgage assets
 ( ent]prises  7a7 ,re/riction ,no      
ent]prise %all own1 z ( any applicable  
date 9 ?is subsection or !reaft]1       
mortgage assets 9 excess (-- 7#a7 z (   
,decemb] #ca1 #bjac1 #eej1jjj1jjj1jjj2  
or  7#b7 z ( ,decemb] #ca ( ea* ye>     
!reaft]1 #hj p]c5t ( ! aggregate am\nt (
 mortgage assets t ! ent]prise 0 p]mitt$
 to own pursuant to ?is section z (     
,decemb] #ca ( ! imm$iately prec$+      
cal5d> ye>4  7b7 ,def9ition ( ,mortgage 
,assets ,= purposes ( ?is section1 ! t]m
 mortgage assets means1 ) respect to an 
ent]prise1 assets ( su* ent]prise       
consi/+ ( mortgages1 mortgage loans1    
mortgage-relat$ securities1 p>ticipation
 c]tificates1 mortgage-back$ comm]cial  
pap]1 obligations ( real e/ate mortgage 
inve/m5t conduits & simil> assets1 9 ea*
 case to ! ext5t su* assets w\ld appe>  

on ! balance %eet ( su* ent]prise 9     
accordance ) g5]ally accept$ acc\nt+    
pr9ciples 9 effect 9 ! ,unit$ ,/ates z (
 ,septemb] #g1 #bjjh 7z set =? 9 !      
op9ions & pron\ncem5ts ( ! ,acc\nt+     
,pr9ciples ,bo>d & ! ,am]ican ,in/itute 
( ,c]tifi$ ,public ,acc\ntants &        
/atem5ts & pron\ncem5ts ( ! ,f9ancial   
,acc\nt+ ,/&>ds ,bo>d f "t to "t2 & )\t 
giv+ any effect to any *ange t may be   
made aft] ,septemb] #g1 #bjjh1 9 respect
 ( ,/atem5t ( ,f9ancial ,acc\nt+ ,/&>ds 
,no4 #adj or any simil> acc\nt+ /&>d74  
4  #c ,abolition ( ,fannie ,mae &       
,fr$die ,mac  #aba4 ,aboli%m5t (        
ent]prises  7a7 ,repeal ( *>t]s  7#a7   
,fannie ,mae ,effective ^u ! expiration 
( ! #e-ye> p]iod beg9n+ on ! date ( !   
enactm5t ( ?is ,act1 ! ,f$]al ,national 
,mortgage ,association ,*>t] ,act 7#ab  
,u4,s4,c4 #agaf et seq47 is repeal$ & ! 
,f$]al ,national ,mortgage ,association 
%all h no au?ority to conduct new       
bus9ess "u su* *>t]1 except t !         
provisions ( su* *>t] 9 effect          

imm$iately be=e su* repeal %all cont9ue 
to apply ) respect to ! rights &        
obligations ( any hold]s (-- 7,a7 out/&+
 debt obligations ( ! ,f$]al ,national  
,mortgage ,association1 includ+ any--   
7i7 bonds1 deb5tures1 notes1 or o!r     
simil> in/rum5ts2  7ii7 capital lease   
obligations2 or  7iii7 obligations 9    
respect ( lett]s ( cr$it1 bank]s'       
acceptances1 or o!r simil> in/rum5ts2 or
  7,b7 mortgage-back$ securities        
gu>ante$ by ! ,f$]al ,national ,mortgage
 ,association4  7#b7 ,fr$die ,mac       
,effective ^u ! expiration ( ! #e-ye>   
p]iod beg9n+ on ! date ( ! enactm5t (   
?is ,act1 ! ,f$]al ,home ,loan ,mortgage
 ,corporation ,act 7#ab ,u4,s4,c4 #adea 
et seq47 is repeal$ & ! ,f$]al ,home    
,loan ,mortgage ,corporation %all h no  
au?ority to conduct new bus9ess "u su*  
*>t]1 except t ! provisions ( su* *>t] 9
 effect imm$iately be=e su* repeal %all 
cont9ue to apply ) respect to ! rights &
 obligations ( any hold]s (-- 7,a7      
out/&+ debt obligations ( ! ,f$]al ,home

 ,loan ,mortgage ,corporation1 includ+  
any-- 7i7 bonds1 deb5tures1 notes1 or   
o!r simil> in/rum5ts2  7ii7 capital     
lease obligations2 or  7iii7 obligations
 9 respect ( lett]s ( cr$it1 bank]s'    
acceptances1 or o!r simil> in/rum5ts2 or
  7,b7 mortgage-back$ securities        
gu>ante$ by ! ,f$]al ,home ,loan        
,mortgage ,corporation4  7#c7 ,exi/+    
gu>antee obligations  7,a7 ,explicit    
gu>antee ,! full fai? & cr$it ( ! ,unit$
 ,/ates is pl$g$ to ! paym5t ( all      
am\nts :i* may be requir$ to be paid "u 
any obligation describ$ "u p>agraphs    
7#a7 & 7#b74  7,b7 ,applicability       
,except = am\nts det]m9$ necess>y = use 
= w9d+ up ! affairs ( ! ent]prises      
pursuant to subsection 7b71 all gu>antee
 fee am\nts d]iv$ f ! mortgage gu>antee 
bus9ess ( ! ent]prises 9 exi/5ce z ( !  
expiration ( ! #e-ye> p]iod beg9n+ on ! 
date ( ! enactm5t ( ?is ,act %all be    
deposit$ into ! ,treasury ( ! ,unit$    
,/ates1 = purposes ( deficit r$uction4  
7b7 ,w9d-,d[n ( ent]prises  7#a7        

,t]m9ation ( curr5t cons]vator%ip ,^u ! 
expiration ( ! #e-ye> p]iod beg9n+ on ! 
date ( ! enactm5t ( ?is ,act1 !         
,director ( ! ,f$]al ,h\s+ ,f9ance      
,ag5cy %all1 ) respect to ea* ent]prise1
 appo9t ! ,f$]al ,h\s+ ,f9ance ,ag5cy z 
receiv] "u section #acfg ( ! ,f$]al     
,h\s+ ,ent]prises ,f9ancial ,safety &   
,s\ndness ,act ( #aiib & c>ry out su*   
receiv]%ip "u ! au?ority ( su* section &
 9 accordance ) ?is ,act & any am5dm5ts 
made by ?is ,act4  7#b7 ,w9d d[n ,dur+ !
 #e-ye> p]iod t beg9s ^u ! date ( !     
enactm5t ( ?is ,act1 ! ,director ( !    
,f$]al ,h\s+ ,f9ance ,ag5cy1 9          
consultation ) ! ,secret>y ( !          
,treasury1 %all take su* action1 & may  
prescribe su* regulations & proc$ures1 z
 may be necess>y & consi/5t ) !         
receiv]%ips pursuant to p>agraph 7#a7 to
 w9d d[n ! op]ations ( ! ent]prises 9 an
 ord]ly mann] t complies ) ! requirem5ts
 ( ?is ,act & any am5dm5ts made by ?is  
,act4  7#c7 ,division ( assets &        
liabilities2 au?ority to e/abli% hold+  

corporation & dissolution tru/ fund ,!  
action & proc$ures requir$ "u p>agraph  
7#b7-- 7,a7 %all include ! e/abli%m5t & 
execution ( plans to provide = an       
equitable division1 di/ribution1 &      
liquidation ( ! assets & liabilities (  
ea* ent]prise1 includ+ any              
infra/ructure1 prop]ty1 includ+         
intellectual prop]ty1 plat=ms1 or any   
o!r ?+ or object ( value1 provid$ t su* 
plans %all-- 7i7 provide = ! sale1 at   
auction1 ( ! s]vic+ rights to mortgages 
gu>ante$ by an ent]prise "u t]ms t      
ensure t a pur*as] ( su* s]vic+ rights  
%all assume a fir/ loss position 9 !    
ev5t ( a default "u su* a mortgage 9 an 
am\nt equal to #bj p]c5t ( ! aggregate  
am\nt ( su* loss & ! ,f$]al ,gov]nm5t   
%all be liable to ! pur*as] = ! rema9d] 
( su* loss2  7ii7 provide = ! sale1 at  
auction1 ( any o!r assets ( an ent]prise
 hav+ value2 &  7iii7 comply ) !        
requirem5ts ( ?is ,act & any am5dm5ts   
made by ?is ,act2  7,b7 may provide =   
e/abli%m5t ( a hold+ corporation        

organiz$ "u ! laws ( any ,/ate ( !      
,unit$ ,/ates or ! ,di/rict ( ,columbia 
= ! purpose ( w9d+ d[n an ent]prise2 &  
7,c7 %all provide = e/abli%m5t ( "o or m
 tru/s to :i* to transf]-- 7i7 out/&+   
debt obligations ( an ent]prise2 or     
7ii7 out/&+ mortgages held = ! purpose (
 collat]aliz+ mortgage-back$ securities 
gu>ante$ by an ent]prise4  7c7 ,con=m+  
am5dm5ts to ,f$]al ,home ,loan ,bank    
,act ,effective ^u ! expiration ( !     
#e-ye> p]iod t beg9s on ! date ( !      
enactm5t ( ?is ,act1 ! ,f$]al ,home     
,loan ,bank ,act is am5d$-- 7#a7 9      
section #aj7;a77#c77;,b7 7#ab ,u4,s4,c4 
#adcj7;a77#c77;,b771 by /rik+ 7includ+  
)\t limitation1 mortgage-back$          
securities issu$ or gu>ante$ by ! ,f$]al
 ,home ,loan ,mortgage ,corporation1 !  
,f$]al ,national ,mortgage ,corporation1
 & ! ,gov]nm5t ,national ,mortgage      
,association72 &  7#b7 9 section #af7;a7
 7#ab ,u4,s4,c4 #adcf7;a771 by /rik+ 1 9
 obligations1 p>ticipations1 or o!r     
in/rum5ts & all t foll[s ?r\gh section  

#cjf ( ! ,f$]al ,home ,loan ,mortgage   
,corporation ,act14  ,b ,t]m9ation (    
,insurance = ,banks' ,mortgage ,l5d+  #a
 ,imm$iate re=ms ( ,,fha cr$it programs 
#aca4 ,,fha l5d] repur*ase requirem5t   
,title ,,ii ( ! ,national ,h\s+ ,act    
7#ab ,u4,s4,c4 #agjg et seq47 is am5d$  
by add+ at ! end ! foll[+ new section3  
#bei4 ,l5d] repur*ase requirem5t ,!     
,secret>y may n newly insure any        
mortgage on a #a- to #d-;family         
resid5tial prop]ty unless ! mortgagee "u
 su* mortgage ent]s into su* b9d+       
agreem5ts z ! ,secret>y consid]s        
necess>y to ensure t1 if ! mortgagor is 
9 default ) respect to ! mortgagor's    
obligation to make paym5ts "u ! mortgage
 = #cj or m consecutive days dur+ !     
#f-mon? p]iod beg9n+ ^u orig9ation ( !  
mortgage1 ! mortgagee w1 ^u notice by ! 
,secret>y1 repur*ase su* mortgage 9 an  
am\nt equal to ! rema9+ pr9cipal        
obligation "u ! mortgage1 z det]m9$ 9   
accordance ) guidel9es issu$ by !       
,secret>y4  4  #acb4 ,prohibition (     

,,fha mortgage insurance = ca%-out      
ref9anc+s ,title ,,ii ( ! ,national     
,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et      
seq471 z am5d$ by ! prec$+ provisions ( 
?is ,act1 is fur!r am5d$ by add+ at !   
end ! foll[+ new section3  #bfj4        
,prohibition ( ca%-out ref9anc+s ,!     
,secret>y may n newly insure any        
mortgage on a #a- to #d-;family         
resid5tial prop]ty "u :i*-- 7#a7 a      
portion ( ! mortgage proce$s are us$ to 
prepay or pay (f ! out/&+ pr9cipal      
obligation "u an exi/+ mortgage or loan 
secur$ by ! same resid5tial prop]ty2 &  
7#b7 any portion ( ! mortgage proce$s   
are us$ = any purpose o!r ?an to prepay 
or pay (f su* exi/+ mortgage & = any    
settlem5t co/s 9 connection ) su*       
mortgage1 z det]m9$ 9 accordance )      
guidel9es issu$ by ! ,secret>y4  4      
#acc4 ,,fha limitation on sell]         
concessions ,title ,,ii ( ! ,national   
,h\s+ ,act 7#ab ,u4,s4,c4 #agjg et      
seq471 z am5d$ by ! prec$+ provisions ( 
?is ,act1 is fur!r am5d$ by add+ at !   

end ! foll[+ new section3  #bfa4        
,limitation on sell] concessions ,!     
,secret>y may n newly insure any        
mortgage on a #a- to #d-;family         
resid5tial prop]ty ) respect to :i* !   
sell] ( ! prop]ty subject to su*        
mortgage 7or any ?ird p>ty or entity t  
is reimburs$ directly or indirectly by !
 sell]7 contributes t[>d ! acquisition (
 ! prop]ty by ! mortgagor any am\nt 9   
excess ( #c p]c5t ( ! total clos+ co/s  
7z det]m9$ by ! ,secret>y7 9 connection 
) su* acquisition4  4  #b ,r$uc+ taxpay]
 gu>antees ( mortgages  #ada4 ,r$uction 
( ,,fha mortgage insurance cov]age      
,title ,,ii ( ! ,national ,h\s+ ,act    
7#ab ,u4,s4,c4 #agjg et seq471 z am5d$  
by ! prec$+ provisions ( ?is ,act1 is   
fur!r am5d$ by add+ at ! end ! foll[+   
new section3  #bfb4 ,r$uction ( mortgage
 insurance cov]age ,not)/&+ any o!r     
provision ( ?is title1 ! ,secret>y may n
 insure1 or make any commitm5t to       
insure1 any portion ( any mortgage on a 
#a- to #d-;family resid5tial prop]ty 9  

excess ( ! am\nt equal to ! foll[+      
p]c5tage ( ! orig9al pr9cipal obligation
 ( ! mortgage3 7#a7 ,9 ! case ( any su* 
mortgage insur$ aft] ! date ( ! enactm5t
 ( ! ,new ,fair ,deal ,bank+ & ,h\s+    
,/ability ,act ( #bjac1 #hj p]c5t ( su* 
orig9al pr9cipal obligation1 subject to 
p>agraphs 7#b7 ?r\gh 7#e74  7#b7 ,9 !   
case ( any su* mortgage insur$ aft] !   
expiration ( ! #a-ye> p]iod beg9n+ on ! 
date ( ! enactm5t ( su* ,act1 #gj p]c5t 
( su* orig9al pr9cipal obligation1      
subject to p>agraphs 7#c7 ?r\gh 7#e74   
7#c7 ,9 ! case ( any su* mortgage insur$
 aft] ! expiration ( ! #b-ye> p]iod     
beg9n+ on ! date ( ! enactm5t ( su*     
,act1 #fj p]c5t ( su* orig9al pr9cipal  
obligation1 subject to p>agraphs 7#d7   
?r\gh 7#e74  7#d7 ,9 ! case ( any su*   
mortgage insur$ aft] ! expiration ( !   
#c-ye> p]iod beg9n+ on ! date ( !       
enactm5t ( su* ,act1 #ej p]c5t ( su*    
orig9al pr9cipal obligation1 subject to 
p>agraph 7#e74  7#e7 ,9 ! case ( any su*
 mortgage insur$ aft] ! expiration ( !  

#d-ye> p]iod beg9n+ on ! date ( !       
enactm5t ( su* ,act1 #dj p]c5t ( su*    
orig9al pr9cipal obligation4  4  #adb4  
,increase 9 ,,fha d[npaym5t requirem5t  
,subp>agraph 7,a7 ( section #bjc7;b77#i7
 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4
 #agji7;b77#i77;,a77 is am5d$-- 7#a7 by 
/rik+ 7,a7 ,9 g5]al4--,a mortgage &     
ins]t+ ! foll[+3  7,a7 ,9 g5]al  7i7    
,paym5t requirem5t ,a mortgage  2  7#b7 
by /rik+ #c4e p]c5t ( ! apprais$ value (
 ! prop]ty & ins]t+ ! p]c5tage ( !      
apprais$ value ( ! prop]ty specifi$ 9   
clause 7ii72 &  7#c7 by add+ at ! end ! 
foll[+ new clause3  7ii7 ,p]c5tage (    
apprais$ value ( prop]ty ,! p]c5tage ( !
 apprais$ value ( a prop]ty specifi$ 9  
?is clause is-- 7,i7 = a mortgage insur$
 "u ?is section aft] ! date ( ! enactm5t
 ( ! ,new ,fair ,deal ,bank+ & ,h\s+    
,/ability ,act ( #bjac1 #e4j p]c5t1     
subject to subclauses 7,,ii7 ?r\gh 7,v72
  7,,ii7 = a mortgage insur$ "u ?is     
section aft] ! expiration ( ! #a-ye>    
p]iod beg9n+ on ! date ( ! enactm5t ( ! 

,new ,fair ,deal ,bank+ & ,h\s+         
,/ability ,act ( #bjac1 #f4e p]c5t1     
subject to subclauses 7,,iii7 ?r\gh     
7,v72  7,,iii7 = a mortgage insur$ "u   
?is section aft] ! expiration ( ! #b-ye>
 p]iod beg9n+ on ! date ( ! enactm5t ( !
 ,new ,fair ,deal ,bank+ & ,h\s+        
,/ability ,act ( #bjac1 #h4j p]c5t1     
subject to subclauses 7,,iv7 & 7,v72    
7,,iv7 = a mortgage insur$ "u ?is       
section aft] ! expiration ( ! #c-ye>    
p]iod beg9n+ on ! date ( ! enactm5t ( ! 
,new ,fair ,deal ,bank+ & ,h\s+         
,/ability ,act ( #bjac1 #i4e p]c5t1     
subject to subclause 7,v72 &  7,v7 = a  
mortgage insur$ "u ?is section aft] !   
expiration ( ! #d-ye> p]iod beg9n+ on ! 
date ( ! enactm5t ( ! ,new ,fair ,deal  
,bank+ & ,h\s+ ,/ability ,act ( #bjac1  
#aa4j p]c5t4  4  #c ,t]m9ation ( ,,fha  
cr$it gu>antees  #aea4 ,t]m9ation (     
,,fha insurance au?ority  7a7 ,t]m9ation
 ,effective ^u ! expiration ( ! #e-ye>  
p]iod beg9n+ on ! date ( ! enactm5t (   
?is ,act1 ! ,secret>y ( ,h\s+ & ,urban  

,developm5t may n insure1 gu>antee1 or  
make any mortgage or o!r loan pursuant  
to any ( ! foll[+ provisions ( law3 7#a7
 ,national ,h\s+ ,act ,titles ,i1 ,,ii1 
,v1 ,,vi1 ,,vii1 ,,viii1 ,,ix1 & ,,xi ( 
! ,national ,h\s+ ,act 7#ab ,u4,s4,c4   
#agjb et seq41 #agjg et seq41 #agca;a et
 seq41 #agcf et seq41 #agdg et seq41    
#agdh et seq41 #agej et seq41 #agdi;aaa 
et seq474  7#b7 ,en]gy effici5t         
mortgages program ,section #ajf ( !     
,en]gy ,policy ,act ( #aiib 7#ab        
,u4,s4,c4 #agjaz-#af7 or section #eac ( 
! ,h\s+ & ,community ,developm5t ,act ( 
#aiib 7,public ,law #ajb-eej2 #ajf ,/at4
 #cghf74  7#c7 ,flexible subsidy program
 ,section #bja ( ! ,h\s+ & ,community   
,developm5t ,am5dm5ts ( #aigh 7#ab      
,u4,s4,c4 #agaez-#a;a74  7#d7 ,loan     
gu>antees = ,indian h\s+ ,section #ahd (
 ! ,h\s+ & ,community ,developm5t ,act (
 #aiib 7#ab ,u4,s4,c4 #agaez-#ac;a74    
7#e7 ,loan gu>antees = ,native ,hawaiian
 h\s+ ,section #ahd;,a ( ! ,h\s+ &      
,community ,developm5t ,act ( #aiib 7#ab

 ,u4,s4,c4 #agaez-#ac;b74  7#f7         
,multifamily mortgage cr$it program     
,section #edb ( ! ,h\s+ & ,community    
,developm5t ,act ( #aiib 7#ab ,u4,s4,c4 
#agaez-#bb74  7b7 ,repeals ,effective ^u
 ! expiration ( ! p]iod ref]r$ to 9     
subsection 7a71 ! provisions ( law      
specifi$ 9 su* subsection are repeal$4  
7c7 ,transf] ( ,,fha functions to       
,secret>y ( ! ,treasury ,effective ^u ! 
expiration ( ! p]iod ref]r$ to 9        
subsection 7a71 all ,,fha functions are 
transf]r$ to ! ,secret>y ( ! ,treasury1 
b only to ! ext5t necess>y to fulfill   
out/&+ obligations ( ! ,dep>tm5t ( ,h\s+
 & ,urban ,developm5t "u su* provisions 
& w9dup ! bus9ess ( ! ,dep>tm5t ( ,h\s+ 
& ,urban ,developm5t "u su* provisions4 
7d7 ,resolution & t]m9ation ( ,,fha     
functions  7#a7 ,resolution ( functions 
,! ,secret>y ( ! ,treasury %all-- 7,a7  
complete ! disposition & resolution (   
,,fha functions 9 accordance ) ?is      
section2 &  7,b7 resolve all ,,fha      
functions t are transf]r$ to ! ,secret>y

 "u subsection 7c74  7#b7 ,t]m9ation (  
functions ,all ,,fha functions t are    
transf]r$ to ! ,secret>y "u subsection  
7c7 %all t]m9ate on ! date all          
obligations ( ! ,,fha1 & all obligations
 ( o!rs to ! ,,fha1 9 effect imm$iately 
be=e ! expiration ( ! p]iod ref]r$ to 9 
subsection 7a7 h be5 satisfi$1 z det]m9$
 by ! ,secret>y ( ! ,treasury4  7#c7    
,report to ,congress ,^u mak+ !         
det]m9ation describ$ 9 p>agraph 7#b71 ! 
,secret>y ( ! ,treasury %all report !   
det]m9ation to ! ,committee on ,f9ancial
 ,s]vices ( ! ,h\se ( ,repres5tatives & 
! ,committee on ,bank+1 ,h\s+1 & ,urban 
,affairs ( ! ,s5ate4  7e7 ,duties (     
,secret>y ( ! ,treasury  7#a7 ,9 g5]al  
,! ,secret>y ( ! ,treasury %all be      
responsible = ! implem5tation ( ?is     
section1 includ+-- 7,a7 ! adm9i/ration &
 w9d-up ( all ,,fha functions transf]r$ 
to ! ,secret>y "u subsection 7c72  7,b7 
! adm9i/ration & w9d-up ( any out/&+    
obligations ( ! ,f$]al ,gov]nm5t "u any 
programs t]m9at$ by ?is section2 &  7,c7

 tak+ su* o!r actions z may be necess>y 
to w9d-up any out/&+ affairs ( ! ,,fha4 
7f7 ,p]sonnel ,effective ^u ! expiration
 ( ! p]iod ref]r$ to 9 subsection 7a71  
!re are transf]r$ to ! ,dep>tm5t ( !    
,treasury all individuals1 :o-- 7#a7    
imm$iately be=e su* expiration1 7 (fic]s
 or employees ( ! ,dep>tm5t ( ,h\s+ &   
,urban ,developm5t2 &  7#b7 9 _!        
capacity z su* an (fic] or employee1    
p]=m$ functions t are transf]r$ to !    
,secret>y "u subsection 7c74  7g7       
,ex]cise ( au?orities ,except z o!rwise 
provid$ by law1 a ,f$]al (ficial to :om 
a function is transf]r$ by ?is section1 
= purposes ( p]=m+ ! function & subject 
to subsection 7c71 ex]cise all          
au?orities "u any o!r provision ( law t 
7 available ) respect to ! p]=mance ( t 
function to ! (ficial responsible = !   
p]=mance ( ! function imm$iately be=e ! 
effective date ( ! transf] ( ! function 
"u ?is section4  7h7 ,transf] ( assets  
,except z o!rwise provid$ 9 ?is section 
s mu* ( ! p]sonnel1 prop]ty1 records1 & 

unexp5d$ balances ( appropriations1     
allocations1 & o!r funds employ$1 us$1  
held1 available1 or to be made available
 9 connection ) a function transf]r$ to 
an (ficial or ag5cy by ?is section %all 
be available to ! (ficial or ! head ( t 
ag5cy1 respectively1 at su* "t or times 
z ! ,director ( ! ,(fice ( ,managem5t & 
,budget directs = use 9 connection ) !  
functions transf]r$4  7i7 ,delegation & 
assignm5t ,except z o!rwise expressly   
prohibit$ by law1 an (ficial to :om     
functions are transf]r$ "u ?is section  
7includ+ ! head ( any (fice to :i*      
functions are transf]r$ "u ?is section7 
may delegate any ( ! functions s        
transf]r$ to su* (fic]s & employees ( ! 
(fice ( ! (ficial z ! (ficial may       
designate1 & may au?orize successive    
r$elegations ( su* functions z may be   
necess>y or appropriate4 ,no delegation 
( functions "u ?is subsection or "u any 
o!r provision ( ?is section %all relieve
 ! (ficial to :om a function is         
transf]r$ "u ?is section (              

responsibility = ! adm9i/ration ( !     
function4  7j7 ,au?ority ( ,secret>y ( !
 ,treasury ) respect to functions       
transf]r$  7#a7 ,det]m9ations ,if       
necess>y1 ! ,secret>y ( ! ,treasury %all
 make any det]m9ation ( ! functions t   
are transf]r$ "u ?is section4  7#b7     
,incid5tal transf]s ,! ,secret>y ( !    
,treasury1 at su* "t or times z !       
,secret>y %all provide1 may make su*    
det]m9ations z may be necess>y ) reg>d  
to ! functions transf]r$ by ?is section1
 & to make su* additional incid5tal     
dispositions ( p]sonnel1 assets1        
liabilities1 grants1 contracts1 prop]ty1
 records1 & unexp5d$ balances (         
appropriations1 au?orizations1          
allocations1 & o!r funds held1 us$1     
aris+ f1 available to1 or to be made    
available 9 connection ) su* functions1 
z may be necess>y to c>ry out !         
provisions ( ?is section4  7k7 ,sav+s   
provisions  7#a7 ,au?ority reg>d+ out/&+
 commitm5ts ,not)/&+ ! repeals "u       
subsection 7b71 ! ,secret>y may insure1 

gu>antee1 or make any mortgage = :i* a  
commitm5t to insure1 gu>antee1 or make 0
 made be=e ! effective date ( su*       
repeals "u ! provision ( law repeal$4   
,any su* mortgage %all be subject to !  
t]ms ( ! provisions ( law repeal$ z 9   
effect imm$iately be=e su* repeal4  7#b7
 ,effect on out/&+ mortgage insurance   
,any mortgage insurance1 funds1 or      
activities subject1 be=e repeal1 to a   
provision ( law repeal$ by subsection   
7b7 %all cont9ue to be gov]n$ by !      
provision z 9 effect imm$iately be=e    
repeal4  7#c7 ,exi/+ rights1 duties1 &  
obligations n affect$ ,subsections 7a7 &
 7b7 %all n affect ! validity ( any "r1 
duty1 or obligation ( ! ,unit$ ,/ates1 !
 ,secret>y ( ,h\s+ & ,urban ,developm5t1
 or any o!r p]son1 :i*-- 7,a7 arises "u 
any provision ( law repeal$ by          
subsection 7b72 &  7,b7 exi/$ imm$iately
 be=e ! effective date ( su* repeals4   
7#d7 ,legal ,docum5ts ,all ord]s1       
det]m9ations1 rules1 regulations1       
p]mits1 grants1 loans1 contracts1       

agreem5ts1 c]tificates1 lic5ses1 &      
privileges-- 7,a7 t h be5 issu$1 made1  
grant$1 or all[$ to become effective by 
! ,secret>y ( ,h\s+ & ,urban            
,developm5t1 any (fic] or employee ( any
 (fice transf]r$ by ?is section1 or any 
o!r ,gov]nm5t (ficial1 or by a c\rt (   
compet5t jurisdiction1 9 ! p]=mance (   
any function t is transf]r$ by ?is      
section1 &  7,b7 t are 9 effect ^u !    
expiration ( ! p]iod ref]r$ to 9        
subsection 7a7 7or become effective aft]
 su* date pursuant to _! t]ms z 9 effect
 ^u su* expiration71 %all cont9ue 9     
effect accord+ to _! t]ms until modifi$1
 t]m9at$1 sup]s$$1 set aside1 or revok$ 
9 accordance ) law by ! ,presid5t1 any  
o!r au?oriz$ (ficial1 a c\rt ( compet5t 
jurisdiction1 or op]ation ( law4  7#e7  
,proce$+s ,?is section %all n affect any
 proce$+s or any application = any      
b5efits1 s]vice1 lic5se1 p]mit1         
c]tificate1 or f9ancial assi/ance p5d+  
^u ! expiration ( ! p]iod ref]r$ to 9   
subsection 7a7 be=e an (fice transf]r$  

by ?is section1 b su* proce$+s &        
applications %all be cont9u$4 ,ord]s    
%all be issu$ 9 su* proce$+s1 appeals   
%all be tak5 !refrom1 & paym5ts %all be 
made pursuant to su* ord]s1 z if ?is    
section _h n be5 enact$1 & ord]s issu$ 9
 any su* proce$+ %all cont9ue 9 effect  
until modifi$1 t]m9at$1 sup]s$$1 or     
revok$ by a duly au?oriz$ (ficial1 by a 
c\rt ( compet5t jurisdiction1 or by     
op]ation ( law4 ,no?+ 9 ?is p>agraph    
%all be consid]$ to prohibit !          
discont9uance or modification ( any su* 
proce$+ "u ! same t]ms & conditions & to
 ! same ext5t t su* proce$+ c\ld h be5  
discont9u$ or modifi$ if ?is section _h 
n be5 enact$4  7#f7 ,nonabatem5t (      
actions ,no action or o!r proce$+       
comm5c$ by or aga9/ ! ,secret>y ( ,h\s+ 
& ,urban ,developm5t 9 connection )     
functions transf]r$ to ! ,secret>y ( !  
,treasury "u subsection 7c7 %all abate  
by reason ( ! enactm5t ( ?is section1   
except t ! ,secret>y ( ! ,treasury %all 
be sub/itut$ = ! ,secret>y ( ,h\s+ &    

,urban ,developm5t z a p>ty to any su*  
action or proce$+4  7#g7 ,suits ,?is    
section %all n affect suits comm5c$ be=e
 ! expiration ( ! p]iod ref]r$ to 9     
subsection 7a71 & 9 all su* suits1      
proce$+ %all be _h1 appeals tak51 &     
judgm5ts r5d]$ 9 ! same mann] & ) ! same
 effect z if ?is section _h n be5       
enact$4 ,if any ,gov]nm5t (fic] 9 !     
(ficial capacity ( su* (fic] is p>ty to 
a suit ) respect to a function ( !      
(fic]1 & "u ?is section su* function is 
transf]r$ to any o!r (fic] or (fice1 !n 
su* suit %all be cont9u$ ) ! o!r (fic]  
or ! head ( su* o!r (fice1 z applicable1
 sub/itut$ or add$ z a p>ty4  7#h7      
,adm9i/rative ,proc$ure & ,judicial     
,review ,except z o!rwise provid$ by ?is
 section1 any /atutory requirem5ts      
relat+ to notice1 he>+s1 action ^u !    
record1 or adm9i/rative or judicial     
review t apply to any function transf]r$
 by ?is section %all apply to ! ex]cise 
( su* function by ! head ( ! ,f$]al     
ag5cy1 & o!r (fic]s ( ! ag5cy1 to :i*   

su* function is transf]r$ by ?is        
section4  7l7 ,availability ( exi/+     
funds ,exi/+ appropriations & funds     
available = ! p]=mance ( functions1     
programs1 & activities t]m9at$ pursuant 
to ?is section %all rema9 available1 = !
 duration ( _! p]iod ( availability1 =  
necess>y exp5ses 9 connection ) !       
t]m9ation & resolution ( su* functions1 
programs1 & activities4 ,^u ! expiration
 ( all contracts & agreem5ts ) respect  
to su* functions1 programs1 &           
activities1 any unexp5d$ balances ( !   
funds ref]r$ to 9 ?is subsection %all be
 deposit$ 9 ! ,treasury z miscellane\s  
receipts4  7m7 ,ref]5ces ,any ref]5ce 9 
any o!r ,f$]al law1 ,executive ord]1    
rule1 regulation1 or delegation (       
au?ority1 or any docum5t ( or p]ta9+ to 
a dep>tm5t or (fice f :i* a function is 
transf]r$ by ?is section-- 7#a7 to !    
head ( su* dep>tm5t or (fice is deem$ to
 ref] to ! head ( ! dep>tm5t or (fice to
 :i* ! function is transf]r$2 or  7#b7  
to su* dep>tm5t or (fice is deem$ to    

ref] to ! dep>tm5t or (fice to :i* !    
function is transf]r$4  7n7 ,def9itions 
,= purposes ( ?is section1 ! foll[+     
def9itions %all apply3 7#a7 ,,fha ,! t]m
 ,,fha means ! ,secret>y ( ,h\s+ &      
,urban ,developm5t1 b only to ! ext5t ( 
! op]ations1 au?ority1 & functions ( !  
,secret>y pursuant to ! provisions ( law
 repeal$ by subsection 7b74  7#b7 ,,fha 
functions ,! t]m ,,fha functions means  
functions "u ! provisions ( law repeal$ 
by subsection 7b7 t1 imm$iately be=e !  
effective date ( su* repeals1 are       
au?oriz$ to be p]=m$ by ! ,secret>y (   
,h\s+ & ,urban ,developm5t or any (fic] 
or employee ( ! ,dep>tm5t ( ,h\s+ &     
,urban ,developm5t1 or any (fice ( !    
,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 
7#c7 ,function ,! t]m function includes 
any duty1 obligation1 p[]1 au?ority1    
responsibility1 "r1 privilege1 activity1
 or program4  7#d7 ,(fice ,! t]m (fice  
includes any (fice1 adm9i/ration1 ag5cy1
 bureau1 in/itute1 c\ncil1 unit1        
organizational entity1 or compon5t !re(4

  ,c ,end+ gu>antees = ,gov]nm5t        
mortgage-,back$ securities  #afa4       
,limitation on ,,gnma gu>antees         
,subsection 7g7 ( section #cjf ( !      
,f$]al ,national ,mortgage ,association 
,*>t] ,act 7#ab ,u4,s4,c4 #agba7;g77 is 
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#d7 ,! ,association may n   
ent] into commitm5ts to issue gu>antees 
"u ?is subsection 9 an aggregate am\nt--
 7,a7 9 any mon? comm5c+ aft] ! date ( !
 enactm5t ( ! ,new ,fair ,deal ,bank+ & 
,h\s+ ,/ability ,act ( #bjac1 t exce$s  
#ch1jjj1jjj1jjj1 subject to subp>agraphs
 7,b7 ?r\gh 7,f72  7,b7 9 any mon?      
comm5c+ aft] ! expiration ( ! #a-ye>    
p]iod beg9n+ on ! date ( ! enactm5t ( ! 
,new ,fair ,deal ,bank+ & ,h\s+         
,/ability ,act ( #bjac1 t exce$s        
#cb1jjj1jjj1jjj1 subject to subp>agraphs
 7,c7 ?r\gh 7,f72  7,c7 9 any mon?      
comm5c+ aft] ! expiration ( ! #b-ye>    
p]iod beg9n+ on ! date ( ! enactm5t ( ! 
,new ,fair ,deal ,bank+ & ,h\s+         
,/ability ,act ( #bjac1 t exce$s        

#bd1jjj1jjj1jjj1 subject to subp>agraphs
 7,d7 ?r\gh 7,f72  7,d7 9 any mon?      
comm5c+ aft] ! expiration ( ! #c-ye>    
p]iod beg9n+ on ! date ( ! enactm5t ( ! 
,new ,fair ,deal ,bank+ & ,h\s+         
,/ability ,act ( #bjac1 t exce$s        
#af1jjj1jjj1jjj1 subject to subp>agraphs
 7,e7 & 7,f72  7,e7 9 any mon? comm5c+  
aft] ! expiration ( ! #d-ye> p]iod      
beg9n+ on ! date ( ! enactm5t ( ! ,new  
,fair ,deal ,bank+ & ,h\s+ ,/ability    
,act ( #bjac1 t exce$s #h1jjj1jjj1jjj1  
subject to subp>agraph 7,f72 &  7,f7 9  
any mon? comm5c+ aft] ! expiration ( !  
#e-ye> p]iod beg9n+ on ! date ( !       
enactm5t ( ! ,new ,fair ,deal ,bank+ &  
,h\s+ ,/ability ,act ( #bjac1 t exce$s  
#j4  4  #afb4 ,aboli%m5t ( ,g9nie ,mae  
7a7 ,aboli%m5t & transf] ,effective ^u !
 expiration ( ! #e-ye> p]iod beg9n+ on !
 date ( ! enactm5t ( ?is ,act-- 7#a7 !  
,gov]nm5t ,national ,mortgage           
,association is aboli%$2 &  7#b7 all    
functions t1 imm$iately be=e !          
expiration ( su* p]iod are au?oriz$ to  

be p]=m$ by ! ,association1 any (fic] or
 employee ( ! ,association act+ 9 t     
capacity1 or any (fice ( ! ,association1
 are transf]r$ to ! ,secret>y ( !       
,treasury4  7b7 ,repeals  7#a7 ,*>t] ,= 
provisions repeal+ ! organic au?ority ( 
! ,gov]nm5t ,national ,mortgage         
,association1 see section #aba7;a77#a7 (
 ?is ,act4  7#b7 ,adm9i/rative exp5ses  
provision ,effective ^u ! expiration ( !
 p]iod ref]r$ to 9 subsection 7a71      
subsection 7b7 ( section #cjf ( ! ,h\s+ 
,act ( #aiei 7#ab ,u4,s4,c4 #agba note7 
is h]eby repeal$4  7c7 ,resolution &    
t]m9ation ( ,,fha functions  7#a7       
,resolution ( functions ,! ,secret>y ( !
 ,treasury %all-- 7,a7 complete !       
disposition & resolution ( ,,fha        
functions 9 accordance ) ?is section2 & 
7,b7 resolve all ,,fha functions t are  
transf]r$ to ! ,secret>y "u subsection  
7a77#b74  7#b7 ,t]m9ation ( functions   
,all ,,fha functions t are transf]r$ to 
! ,secret>y "u subsection 7a77#b7 %all  
t]m9ate on ! date all obligations ( !   

,,fha1 & all obligations ( o!rs to !    
,,fha1 9 effect imm$iately be=e !       
expiration ( ! p]iod ref]r$ to 9        
subsection 7a7 h be5 satisfi$1 z det]m9$
 by ! ,secret>y ( ! ,treasury4  7#c7    
,report to ,congress ,^u mak+ !         
det]m9ation describ$ 9 p>agraph 7#b71 ! 
,secret>y ( ! ,treasury %all report !   
det]m9ation to ! ,committee on ,f9ancial
 ,s]vices ( ! ,h\se ( ,repres5tatives & 
! ,committee on ,bank+1 ,h\s+1 & ,urban 
,affairs ( ! ,s5ate4  7d7 ,duties (     
,secret>y ( ! ,treasury  7#a7 ,9 g5]al  
,! ,secret>y ( ! ,treasury %all be      
responsible = ! implem5tation ( ?is     
section1 includ+-- 7,a7 ! adm9i/ration &
 w9d-up ( all ,,fha functions transf]r$ 
to ! ,secret>y "u subsection 7c72  7,b7 
! adm9i/ration & w9d-up ( any out/&+    
obligations ( ! ,f$]al ,gov]nm5t "u any 
programs t]m9at$ by ?is section2 &  7,c7
 tak+ su* o!r actions z may be necess>y 
to w9d-up any out/&+ affairs ( ! ,,fha4 
7e7 ,p]sonnel ,effective ^u ! expiration
 ( ! p]iod ref]r$ to 9 subsection 7a71  

!re are transf]r$ to ! ,dep>tm5t ( !    
,treasury all individuals1 :o-- 7#a7    
imm$iately be=e su* expiration1 7 (fic]s
 or employees ( ! ,dep>tm5t ( ,h\s+ &   
,urban ,developm5t2 &  7#b7 9 _!        
capacity z su* an (fic] or employee1    
p]=m$ functions t are transf]r$ to !    
,secret>y "u subsection 7c74  7f7       
,ex]cise ( au?orities ,except z o!rwise 
provid$ by law1 a ,f$]al (ficial to :om 
a function is transf]r$ by ?is section1 
= purposes ( p]=m+ ! function1 ex]cise  
all au?orities "u any o!r provision (   
law t 7 available ) respect to !        
p]=mance ( t function to ! (ficial      
responsible = ! p]=mance ( ! function   
imm$iately be=e ! effective date ( !    
transf] ( ! function "u ?is section4    
7g7 ,transf] ( assets ,except z o!rwise 
provid$ 9 ?is section s mu* ( !         
p]sonnel1 prop]ty1 records1 & unexp5d$  
balances ( appropriations1 allocations1 
& o!r funds employ$1 us$1 held1         
available1 or to be made available 9    
connection ) a function transf]r$ to an 

(ficial or ag5cy by ?is section %all be 
available to ! (ficial or ! head ( t    
ag5cy1 respectively1 at su* "t or times 
z ! ,director ( ! ,(fice ( ,managem5t & 
,budget directs = use 9 connection ) !  
functions transf]r$4  7h7 ,delegation & 
assignm5t ,except z o!rwise expressly   
prohibit$ by law1 an (ficial to :om     
functions are transf]r$ "u ?is section  
7includ+ ! head ( any (fice to :i*      
functions are transf]r$ "u ?is section7 
may delegate any ( ! functions s        
transf]r$ to su* (fic]s & employees ( ! 
(fice ( ! (ficial z ! (ficial may       
designate1 & may au?orize successive    
r$elegations ( su* functions z may be   
necess>y or appropriate4 ,no delegation 
( functions "u ?is subsection or "u any 
o!r provision ( ?is section %all relieve
 ! (ficial to :om a function is         
transf]r$ "u ?is section (              
responsibility = ! adm9i/ration ( !     
function4  7i7 ,au?ority ( ,secret>y ( !
 ,treasury ) respect to functions       
transf]r$  7#a7 ,det]m9ations ,if       

necess>y1 ! ,secret>y ( ! ,treasury %all
 make any det]m9ation ( ! functions t   
are transf]r$ "u ?is section4  7#b7     
,incid5tal transf]s ,! ,secret>y ( !    
,treasury1 at su* "t or times z !       
,secret>y %all provide1 may make su*    
det]m9ations z may be necess>y ) reg>d  
to ! functions transf]r$ by ?is section1
 & to make su* additional incid5tal     
dispositions ( p]sonnel1 assets1        
liabilities1 grants1 contracts1 prop]ty1
 records1 & unexp5d$ balances (         
appropriations1 au?orizations1          
allocations1 & o!r funds held1 us$1     
aris+ f1 available to1 or to be made    
available 9 connection ) su* functions1 
z may be necess>y to c>ry out !         
provisions ( ?is section4  7j7 ,sav+s   
provisions  7#a7 ,au?ority reg>d+ out/&+
 commitm5ts ,not)/&+ ! repeals "u       
subsection 7b71 ! ,secret>y may insure  
any mortgage = :i* a commitm5t to insure
 0 made be=e ! effective date ( su*     
repeals "u ! provision ( law repeal$4   
,any su* mortgage %all be subject to !  

t]ms ( ! provisions ( law repeal$ z 9   
effect imm$iately be=e su* repeal4  7#b7
 ,effect on out/&+ mortgage insurance   
,any mortgage insurance1 funds1 or      
activities subject1 be=e repeal1 to a   
provision ( law repeal$ by subsection   
7b7 %all cont9ue to be gov]n$ by !      
provision z 9 effect imm$iately be=e    
repeal4  7#c7 ,exi/+ rights1 duties1 &  
obligations n affect$ ,subsections 7a7 &
 7b7 %all n affect ! validity ( any "r1 
duty1 or obligation ( ! ,unit$ ,/ates1 !
 ,secret>y ( ,h\s+ & ,urban ,developm5t1
 or any o!r p]son1 :i*-- 7,a7 arises "u 
any provision ( law repeal$ by          
subsection 7b72 &  7,b7 exi/$ imm$iately
 be=e ! effective date ( su* repeals4   
7#d7 ,legal ,docum5ts ,all ord]s1       
det]m9ations1 rules1 regulations1       
p]mits1 grants1 loans1 contracts1       
agreem5ts1 c]tificates1 lic5ses1 &      
privileges-- 7,a7 t h be5 issu$1 made1  
grant$1 or all[$ to become effective by 
! ,secret>y ( ,h\s+ & ,urban            
,developm5t1 any (fic] or employee ( any

 (fice transf]r$ by ?is section1 or any 
o!r ,gov]nm5t (ficial1 or by a c\rt (   
compet5t jurisdiction1 9 ! p]=mance (   
any function t is transf]r$ by ?is      
section1 &  7,b7 t are 9 effect ^u !    
expiration ( ! p]iod ref]r$ to 9        
subsection 7a7 7or become effective aft]
 su* date pursuant to _! t]ms z 9 effect
 ^u su* expiration71 %all cont9ue 9     
effect accord+ to _! t]ms until modifi$1
 t]m9at$1 sup]s$$1 set aside1 or revok$ 
9 accordance ) law by ! ,presid5t1 any  
o!r au?oriz$ (ficial1 a c\rt ( compet5t 
jurisdiction1 or op]ation ( law4  7#e7  
,proce$+s ,?is section %all n affect any
 proce$+s or any application = any      
b5efits1 s]vice1 lic5se1 p]mit1         
c]tificate1 or f9ancial assi/ance p5d+  
^u ! expiration ( ! p]iod ref]r$ to 9   
subsection 7a7 be=e an (fice transf]r$  
by ?is section1 b su* proce$+s &        
applications %all be cont9u$4 ,ord]s    
%all be issu$ 9 su* proce$+s1 appeals   
%all be tak5 !refrom1 & paym5ts %all be 
made pursuant to su* ord]s1 z if ?is    

section _h n be5 enact$1 & ord]s issu$ 9
 any su* proce$+ %all cont9ue 9 effect  
until modifi$1 t]m9at$1 sup]s$$1 or     
revok$ by a duly au?oriz$ (ficial1 by a 
c\rt ( compet5t jurisdiction1 or by     
op]ation ( law4 ,no?+ 9 ?is p>agraph    
%all be consid]$ to prohibit !          
discont9uance or modification ( any su* 
proce$+ "u ! same t]ms & conditions & to
 ! same ext5t t su* proce$+ c\ld h be5  
discont9u$ or modifi$ if ?is section _h 
n be5 enact$4  7#f7 ,nonabatem5t (      
actions ,no action or o!r proce$+       
comm5c$ by or aga9/ ! ,secret>y ( ,h\s+ 
& ,urban ,developm5t 9 connection )     
functions transf]r$ to ! ,secret>y ( !  
,treasury "u subsection 7c7 %all abate  
by reason ( ! enactm5t ( ?is section1   
except t ! ,secret>y ( ! ,treasury %all 
be sub/itut$ = ! ,secret>y ( ,h\s+ &    
,urban ,developm5t z a p>ty to any su*  
action or proce$+4  7#g7 ,suits ,?is    
section %all n affect suits comm5c$ be=e
 ! expiration ( ! p]iod ref]r$ to 9     
subsection 7a71 & 9 all su* suits1      

proce$+ %all be _h1 appeals tak51 &     
judgm5ts r5d]$ 9 ! same mann] & ) ! same
 effect z if ?is section _h n be5       
enact$4 ,if any ,gov]nm5t (fic] 9 !     
(ficial capacity ( su* (fic] is p>ty to 
a suit ) respect to a function ( !      
(fic]1 & "u ?is section su* function is 
transf]r$ to any o!r (fic] or (fice1 !n 
su* suit %all be cont9u$ ) ! o!r (fic]  
or ! head ( su* o!r (fice1 z applicable1
 sub/itut$ or add$ z a p>ty4  7#h7      
,adm9i/rative ,proc$ure & ,judicial     
,review ,except z o!rwise provid$ by ?is
 section1 any /atutory requirem5ts      
relat+ to notice1 he>+s1 action ^u !    
record1 or adm9i/rative or judicial     
review t apply to any function transf]r$
 by ?is section %all apply to ! ex]cise 
( su* function by ! head ( ! ,f$]al     
ag5cy1 & o!r (fic]s ( ! ag5cy1 to :i*   
su* function is transf]r$ by ?is        
section4  7k7 ,availability ( exi/+     
funds ,exi/+ appropriations & funds     
available = ! p]=mance ( functions1     
programs1 & activities t]m9at$ pursuant 

to ?is section %all rema9 available1 = !
 duration ( _! p]iod ( availability1 =  
necess>y exp5ses 9 connection ) !       
t]m9ation & resolution ( su* functions1 
programs1 & activities4 ,^u ! expiration
 ( all contracts & agreem5ts ) respect  
to su* functions1 programs1 &           
activities1 any unexp5d$ balances ( !   
funds ref]r$ to 9 ?is subsection %all be
 deposit$ 9 ! ,treasury z miscellane\s  
receipts4  7l7 ,ref]5ces ,any ref]5ce 9 
any o!r ,f$]al law1 ,executive ord]1    
rule1 regulation1 or delegation (       
au?ority1 or any docum5t ( or p]ta9+ to 
a dep>tm5t or (fice f :i* a function is 
transf]r$ by ?is section-- 7#a7 to !    
head ( su* dep>tm5t or (fice is deem$ to
 ref] to ! head ( ! dep>tm5t or (fice to
 :i* ! function is transf]r$2 or  7#b7  
to su* dep>tm5t or (fice is deem$ to    
ref] to ! dep>tm5t or (fice to :i* !    
function is transf]r$4  7m7 ,def9itions 
,= purposes ( ?is section1 ! foll[+     
def9itions %all apply3 7#a7 ,association
 ,! t]m ,association means ! ,gov]nm5t  

,national ,mortgage ,association4  7#b7 
,function ,! t]m function includes any  
duty1 obligation1 p[]1 au?ority1        
responsibility1 "r1 privilege1 activity1
 or program4  7#c7 ,(fice ,! t]m (fice  
includes any (fice1 adm9i/ration1 ag5cy1
 bureau1 in/itute1 c\ncil1 unit1        
organizational entity1 or compon5t !re(4
  7#d7 ,secret>y ,! t]m ,secret>y means 
! ,secret>y ( ! ,treasury4  ,d ,repeal+ 
regulations t promote risky l5d+  #aga4 
,repeal ( ! ,community ,re9ve/m5t ,act (
 #aigg ,! ,community ,re9ve/m5t ,act (  
#aigg 7#ab ,u4,s4,c4 #bija et seq47 is  
h]eby repeal$4  #agb4 ,repeal (         
,dodd-,frank cr$it risk ret5tion        
provisions  7a7 ,cr$it risk ret5tion    
,section #ae;,g ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#aa7  
is h]eby repeal$4  7b7 ,/udy ,subsection
 7c7 ( section #ida ( ! ,dodd-,frank    
,wall ,/reet ,re=m & ,consum]           
,protection ,act is h]eby repeal$4      
#agc4 ,repeal ( ,dodd-,frank ability to 
repay & qualifi$ mortgage provisions    

,section #abi;,c ( ! ,tru? 9 ,l5d+ ,act 
7#ae ,u4,s4,c4 #afci;c7 is am5d$-- 7#a7 
by /rik+ subsections 7a7 & 7b72 &  7#b7 
by r$esignat+ subsections 7c7 ?r\gh 7i7 
z subsections 7a7 ?r\gh 7g71            
respectively4  #agd4 ,repeal ( ! ,home  
,mortgage ,disclosure ,act ( #aige ,!   
,home ,mortgage ,disclosure ,act ( #aige
 7#ab ,u4,s4,c4 #bhja et seq47 is h]eby 
repeal$4  #age4 ,repeal ( ,f$]al ,home  
,loan ,banks ,af=dable ,h\s+ ,program & 
h\s+ goals  7a7 ,af=dable ,h\s+ ,program
 ,! ,f$]al ,home ,loan ,bank ,act 7#ab  
,u4,s4,c4 #adba et seq47 is am5d$-- 7#a7
 9 section #aj 7#ab ,u4,s4,c4 #adcj71 by
 /rik+ subsections 7g71 7h71 7i71 7j71 &
 7k72 &  7#b7 by repeal+ section #aj;b  
7#ab ,u4,s4,c4 #adcj;b74  7b7 ,h\s+     
goals ,section #aj;,c ( ! ,f$]al ,home  
,loan ,bank ,act 7#ab ,u4,s4,c4         
#adcj;,c7 is h]eby repeal$4  #agf4      
,repeal ( ,,fdic ,af=dable ,h\s+        
,program ,section #dj ( ! ,f$]al        
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahcaq7 is h]eby repeal$4  ,e ,/opp+    

subsidies = c]ta9 ob/acles to h\s+      
con/ruction  #aha4 ,repeal (            
transportation plann+ provisions2       
rescission  7a7 ,repeals  7#a7          
,f$]al-aid highways ,sections #acd &    
#ace ( title #bc1 ,unit$ ,/ates ,code1 &
 ! items relat+ to su* sections 9 !     
analysis = *apt] #a ( t title1 are      
repeal$4  7#b7 ,rese>*1 te*nology1 &    
education ,section #eje ( title #bc1    
,unit$ ,/ates ,code1 & ! item relat+ to 
t section 9 ! analysis = *apt] #e ( t   
title1 are repeal$4  7#c7 ,public       
transportation ,sections #ecjc1 #ecjd1 &
 #ecje ( title #di1 ,unit$ ,/ates ,code1
 & ! items relat+ to su* sections 9 !   
analysis = *apt] #ec ( t title1 are     
repeal$4  7b7 ,rescissions ,effective on
 ! date ( ! enactm5t ( ?is ,act1 !      
unobligat$ balances available on su*    
date ( enactm5t ( funds made available  
to c>ry out ea* ( ! sections repeal$ by 
?is section are h]eby resc9d$4  #ahb4   
,t]m9ation ( ,,hud su/a9able communities
 initiatives2 rescission  7a7 ,t]m9ation

 ,! foll[+ programs1 activities1 &      
initiatives ( ! ,dep>tm5t ( ,h\s+ &     
,urban ,developm5t are h]eby t]m9at$3   
7#a7 ,su/a9able communities initiative  
,! ,su/a9able ,communities ,initiative  
orig9ally e/abli%$ "u ! head+ ,community
 ,plann+ & ,developm5t--,community      
,developm5t ,fund ( title ,,ii (        
division ,a ( ! ,consolidat$            
,appropriations ,act1 #bjaj 7,public    
,law #aaa-aag2 #abc ,/at4 #cjhd74  7#b7 
,su/a9able communities regional plann+  
grants ,! ,regional ,integrat$ ,plann+  
,grants program orig9ally e/abli%$ "u   
su* head+4  7#c7 ,community *all5ge     
plann+ grants ,! ,community ,*all5ge    
,plann+ ,grants program orig9ally       
e/abli%$ "u su* head+4  7#d7 ,capacity  
build+ = su/a9able communities ,!       
program = capacity build+ = su/a9able   
communities orig9ally e/abli%$ "u su*   
head+4  7b7 ,rescissions ,effective on !
 date ( ! enactm5t ( ?is ,act1 !        
unobligat$ balances available on su*    
date ( enactm5t ( funds made available  

to c>ry out ea* ( ! programs &          
initiatives t]m9at$ by subsection 7a7   
are h]eby resc9d$4  ,,ii ,end+ bank     
bail\ts & re/or+ m>ket discipl9e  ,a    
,r$uc+ risks to bank depositors & o!r   
cr$itors  #bja4 ,capital requirem5ts    
7a7 ,9 g5]al ,not)/&+ any o!r provision 
( law1 ! appropriate ,f$]al regulators  
%all set capital /&>ds = f9ancial       
companies z provid$ 9 ?is section4  7b7 
,m9imum capital requirem5t ,ea* f9ancial
 company %all be requir$ to ma9ta9      
suffici5t capital to rema9 adequately   
capitaliz$1 z def9$ "u subsection       
7c77#b74  7c7 ,capital categories  7#a7 
,well capitaliz$ ,a f9ancial company is 
well capitaliz$ if ! company ma9ta9s a  
capital level ( #ab p]c5t or m4  7#b7   
,adequately capitaliz$ ,a f9ancial      
company is adequately capitaliz$ if !   
company ma9ta9s a capital level ( #aj   
p]c5t or m4  7#c7 ,und]capitaliz$ ,a    
f9ancial company is und]capitaliz$ if ! 
company ma9ta9s a capital level ( less  
?an #aj p]c5t4  7#d7 ,significantly     

und]capitaliz$ ,a f9ancial company is   
significantly und]capitaliz$ if !       
company ma9ta9s a capital level ( less  
?an #f p]c5t4  7#e7 ,critically         
und]capitaliz$ ,a f9ancial company is   
critically und]capitaliz$ if ! company  
ma9ta9s a capital level ( #b p]c5t or   
less4  7d7 ,capital calculation ,9      
comput+ a f9ancial company's capital =  
purposes ( ?is section-- 7#a7 ! value ( 
capital %all be calculat$ bas$ on !     
curr5t m>ket value ( ! capital1 & n by  
ref]5ce to ! book value ( su* capital2  
7#b7 ! p]c5tage ( capital ma9ta9$ by a  
company %all be bas$ on ! total         
consolidat$ assets ( ! company2 &  7#c7 
!re %all be no risk-weight+ ( assets4   
7e7 ,phase-,9 p]iod ,not)/&+ subsection 
7c71 dur+ ! #f-ye> p]iod beg9n+ on !    
date ( ! enactm5t ( ?is ,act1 !         
p]c5tages conta9$ 9 p>agraphs 7#a7 ?r\gh
 7#e7 ( subsection 7c7 %all be treat$ z 
foll[s3 7#a7 ,dur+ ! #a-ye> p]iod foll[+
 ! date ( ! enactm5t ( ?is ,act1 #f     
p]c5t1 #d p]c5t1 #d p]c5t1 #c p]c5t1 &  

#b p]c5t1 respectively4  7#b7 ,dur+ !   
#a-ye> p]iod foll[+ ! p]iod describ$ "u 
p>agraph 7#a71 #g p]c5t1 #e p]c5t1 #e   
p]c5t1 #c4e p]c5t1 & #b p]c5t1          
respectively4  7#c7 ,dur+ ! #a-ye> p]iod
 foll[+ ! p]iod describ$ "u p>agraph    
7#b71 #h p]c5t1 #f p]c5t1 #f p]c5t1 #d  
p]c5t1 & #b p]c5t1 respectively4  7#d7  
,dur+ ! #a-ye> p]iod foll[+ ! p]iod     
describ$ "u p>agraph 7#c71 #i p]c5t1 #g 
p]c5t1 #g p]c5t1 #d4e p]c5t1 & #b p]c5t1
 respectively4  7#e7 ,dur+ ! #a-ye>     
p]iod foll[+ ! p]iod describ$ "u        
p>agraph 7#d71 #aj p]c5t1 #h p]c5t1 #h  
p]c5t1 #e p]c5t1 & #b p]c5t1            
respectively4  7#f7 ,dur+ ! #a-ye> p]iod
 foll[+ ! p]iod describ$ "u p>agraph    
7#e71 #aa p]c5t1 #i p]c5t1 #i p]c5t1    
#e4e p]c5t1 & #b p]c5t1 respectively4   
7f7 ,def9itions ,= purposes ( ?is       
section3 7#a7 ,appropriate ,f$]al       
regulator ,! t]m appropriate ,f$]al     
regulator-- 7,a7 has ! mean+ giv5 ! t]m 
appropriate ,f$]al bank+ ag5cy "u       
section #c ( ! ,f$]al ,deposit          

,insurance ,act 7#ab ,u4,s4,c4 #ahac72  
7,b7 means ! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em1 9 ! case ( a     
nonbank f9ancial company sup]vis$ by !  
,bo>d ( ,gov]nors2 &  7,c7 means !      
,national ,cr$it ,union ,adm9i/ration   
,bo>d1 9 ! case ( a cr$it union4  7#b7  
,capital ,! t]m capital means common    
equity ti] #a capital & additional ti]  
#a capital1 z su* t]ms are def9$ 9 !    
notice ( f9al rulemak+ publi%$ 9 !      
,f$]al ,regi/] on ,octob] #aa1 #bjac    
7#gh ,f$4 ,reg4 #fbagc-gd74  7#c7 ,cr$it
 union ,! t]m cr$it union includes a    
,f$]al cr$it union & a ,/ate cr$it      
union1 z su* t]ms are def9$ "u section  
#aja ( ! ,f$]al ,cr$it ,union ,act 7#ab 
,u4,s4,c4 #ageb74  7#d7 ,depository     
in/itution ,! t]m depository in/itution 
has ! mean+ giv5 su* t]m "u section #c (
 ! ,f$]al ,deposit ,insurance ,act 7#ab 
,u4,s4,c4 #ahac74  7#e7 ,depository     
in/itution hold+ company ,! t]m         
depository in/itution hold+ company has 
! mean+ giv5 su* t]m "u section #c ( !  

,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac74  7#f7 ,f9ancial       
company ,! t]m f9ancial company means-- 
7,a7 a cr$it union2  7,b7 a depository  
in/itution2  7,c7 a depository          
in/itution hold+ company2 &  7,d7 a     
nonbank f9ancial company sup]vis$ by !  
,bo>d ( ,gov]nors4  7#g7 ,nonbank       
f9ancial company sup]vis$ by ! ,bo>d (  
,gov]nors ,! t]m nonbank f9ancial       
company sup]vis$ by ! ,bo>d ( ,gov]nors 
has ! mean+ giv5 su* t]m "u section #ajb
 ( ! ,dodd-,frank ,wall ,/reet ,re=m &  
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecaa74  #bjb4 ,,fdic insurance  7a7   
,r$uction 9 maximum insurance am\nt     
,section #aa7;a77#a7 ( ! ,f$]al ,deposit
 ,insurance ,act 7#ab ,u4,s4,c4         
#ahba7;a77#a77 is am5d$-- 7#a7 by am5d+ 
subp>agraph 7,e7 to read z foll[s3  7,e7
 ,/&>d maximum deposit insurance am\nt  
def9$ ,= purposes ( ?is ,act1 ! t]m /&>d
 maximum deposit insurance am\nt means  
#aej1jjj1 adju/$ z provid$ "u           
subp>agraph 7,f74  2 &  7#b7 9          

subp>agraph 7,f71 by /rik+ ,april #a (  
#bjaj1 & ins]t+ ,april #a1 #bjae14  7b7 
,effective date ,! am5dm5ts made by ?is 
section %all take effect on ! day t is !
 end ( ! #a-ye> p]iod beg9n+ on ! date (
 ! enactm5t ( ?is ,act4  ,b ,repeal (   
bail\t au?orities  #baa4 ,repeal (      
,,fdic p[]s "u ! sy/emic risk           
det]m9ation ,! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahaa et 
seq47 is am5d$-- 7#a7 9 section         
#aa7;a77#d77;,c7 7#ab ,u4,s4,c4         
#ahba7;a77#d77;,c771 by /rik+ o!r ?an   
section #ac7;c77#d77;,g72 &  7#b7 9     
section #ac7;c77#d7 7#ab ,u4,s4,c4      
#ahbc7;c77#d77-- 7,a7 by /rik+          
subp>agraph 7,g72 &  7,b7 by r$esignat+ 
subp>agraph 7,h7 z subp>agraph 7,g74    
#bab4 ,repeal ( unusual & exig5t        
au?ority ( ! ,f$]al ,res]ve ,section    
#ac7c7 ( ! ,f$]al ,res]ve ,act 7#ab     
,u4,s4,c4 #cdc7c77 is repeal$4  #bac4   
,ex*ange ,/abilization ,fund  7a7 ,9    
g5]al ,section #ecjb ( title #ca1 ,unit$
 ,/ates ,code1 is am5d$ by /rik+        

/abilization fund ea* place su* t]m     
appe>s & ins]t+ ,special ,draw+ ,rights 
,fund4  7b7 ,con=m+ am5dm5ts  7#a7      
,balanc$ ,budget & ,em]g5cy ,deficit    
,control ,act ( #aihe ,section          
#bee7;g77#a77;,a7 ( ! ,balanc$ ,budget &
 ,em]g5cy ,deficit ,control ,act ( #aihe
 7#b ,u4,s4,c4 #ije7;g77#a77;,a77 is    
am5d$ by /rik+ ,ex*ange ,/abilization   
,fund & ins]t+ ,special ,draw+ ,rights  
,fund4  7#b7 ,em]g5cy ,economic         
,/abilization ,act ( #bjjh ,! ,em]g5cy  
,economic ,/abilization ,act ( #bjjh    
7#ab ,u4,s4,c4 #ebaa et seq47 is am5d$--
 7,a7 9 section #aca 7#ab ,u4,s4,c4     
#ebcf71 by /rik+ ,ex*ange ,/abilization 
,fund ea* place su* t]m appe>s 9 head+s 
& text & ins]t+ ,special ,draw+ ,rights 
,fund2 &  7,b7 9 ! item relat+ to       
section #aca 9 ! table ( cont5ts ( su*  
,act1 by /rik+ ,ex*ange ,/abilization   
,fund & ins]t+ ,special ,draw+ ,rights  
,fund4  7#c7 ,int]national ,f9ancial    
,in/itutions ,act ,section #agjd ( !    
,int]national ,f9ancial ,in/itutions    

,act 7#bb ,u4,s4,c4 #bfbr-#c7 is am5d$  
by /rik+ /abilization fund ea* place su*
 t]m appe>s & ins]t+ ,special ,draw+    
,rights ,fund4  7#d7 ,special ,draw+    
,rights ,act ,! ,special ,draw+ ,rights 
,act 7#bb ,u4,s4,c4 #bhfn et seq47 is   
am5d$ by /rik+ ,ex*ange ,/abilization   
,fund ea* place su* t]m appe>s & ins]t+ 
,special ,draw+ ,rights ,fund4  7c7     
,ref]5ces ,any ref]5ce 9 a law1         
regulation1 docum5t1 pap]1 or o!r record
 ( ! ,unit$ ,/ates to ! ,ex*ange        
,/abilization ,fund %all be deem$ a     
ref]5ce to ! ,special ,draw+ ,rights    
,fund4  7d7 ,funds us$ ,to r$uce ! debt 
,! ,secret>y ( ! ,treasury %all         
liquidate all prop]ty 9 ! ,special      
,draw+ ,rights ,fund 7z s r5am$ "u      
subsection 7a771 o!r ?an ,special ,draw+
 ,rights1 & use all su* am\nts to r$uce 
! public debt4  7e7 ,limitation on ,fund
 ,section #ecjb ( title #ca1 ,unit$     
,/ates ,code1 is am5d$-- 7#a7 9         
subsection 7a77#a7-- 7,a7 by /rik+ is   
available to c>ry out & ins]t+ is only  

available to c>ry out2 &  7,b7 by /rik+ 
1 & = inve/+ 9 obligations ( ! ,unit$   
,/ates ,gov]nm5t ^? am\nts 9 ! fund !   
,secret>y ( ! ,treasury1 ) ! approval ( 
! ,presid5t1 decides are n requir$ at ! 
"t to c>ry out ?is section4 ,proce$s (  
sales & inve/m5ts1 e>n+s1 & int]e/ %all 
be paid into ! fund & are available to  
c>ry out ?is section4 ,h[ev]1 ! fund is 
n available to pay adm9i/rative exp5ses2
 &  7#b7 by /rik+ subsection 7b7 &      
ins]t+ ! foll[+3  7b7 ,fund only ,to    
hold ,special ,draw+ ,rights ,not)/&+   
any o!r provision ( law1 only ,special  
,draw+ ,rights may be deposit$ into !   
,special ,draw+ ,rights ,fund4  4  7f7  
,con=m+ am5dm5ts  7#a7 ,bretton ,woods  
,agreem5ts ,act ,section #ah ( !        
,bretton ,woods ,agreem5ts ,act 7#bb    
,u4,s4,c4 #bhf;e-#c7 is h]eby repeal$4  
7#b7 ,support = ,ea/ ,european          
,democracy 7,,se$7 ,act ( #aihi ,!      
,support = ,ea/ ,european ,democracy    
7,,se$7 ,act ( #aihi 7#bb ,u4,s4,c4     
#edja et seq47 is am5d$-- 7,a7 9 section

 #aja7;b77#a7 7#bb ,u4,s4,c4            
#edaa7;b77#a771 by /rik+ su* z-- & all t
 foll[s ?r\gh ! end ( ! p>agraph &      
ins]t+ su* z ! au?ority provid$ 9       
section #ajb7;c7 ( ?is ,act42 &  7,b7 9 
section #ajb7;a7 7#bb ,u4,s4,c4         
#edab7;a771 by /rik+ section #aja7;b7-- 
& all t foll[s ?r\gh ! end ( !          
subsection & ins]t+ section #aja7;b71   
%\ld "w closely ) ! ,european ,community
 & int]national f9ancial in/itutions to 
det]m9e ! ext5t ( em]g5cy assi/ance     
requir$ by ,pol& = ! f\r? qu>t] (       
#aihi44  7g7 ,treatm5t ( c]ta9 funds    
,funds t w\ld o!rwise h be5 deposit$    
into ! ,special ,draw+ ,rights ,fund 7z 
s r5am$ "u subsection 7a771 b = !       
am5dm5ts made by ?is section1 %all      
in/ead be paid to ! ,secret>y ( !       
,treasury1 & ! ,secret>y ( ! ,treasury  
%all use su* funds to r$uce ! public    
debt4  7h7 ,w9d-,d[n p]iod = c]ta9      
transactions ,not)/&+ any o!r provision 
( ?is section1 dur+ ! #c-ye> p]iod      
beg9n+ on ! date ( ! enactm5t ( ?is     

,act1 prop]ty o!r ?an ,special ,draw+   
,rights may be deposit$1 & ma9ta9$1 9 ! 
,special ,draw+ ,rights ,fund z ne$$ to 
fulfill any out/&+ obligations on !     
,fund4  ,c ,bankruptcy1 n bail\ts1 =    
complex f9ancial in/itutions  #bba4     
,re=m+ ! bankruptcy code to accommodate 
fail+ f9ancial in/itutions  7a7 ,f9d+s  
,! ,congress f9ds ! foll[+3 7#a7        
,bail\ts und]m9e m>ket discipl9e & !    
rule ( law1 result+ 9 d\bt ab\t prop]ty 
rights & insulat+ recipi5ts f !         
consequ5ces ( _! mi/akes4  7#b7 ,a numb]
 ( complex f9ancial in/itutions are     
widely consid]$ to be too big to fail4  
7#c7 ,an aggravat+ factor 9 ! #bjjh     
f9ancial crisis 0 unc]ta9ty ab\t !      
security & priority ( claims /emm+ f    
cross-bord] resolution ( complex        
f9ancial in/itutions4  7#d7 ,! ,f$]al   
,deposit ,insurance ,corporation        
7,,fdic7 has hi/orically resolv$ mo/    
fail+ ,u4,s4 depository in/itutions &   
has ! necess>y exp]tise & discretion>y  
au?ority to conduct su* resolutions     

quickly4  7#e7 ,! ,,fdic's au?ority did 
n ext5d to all compon5ts ( v l>ge1      
complex f9ancial in/itutions1 su* z     
insurance1 /ockbrok]1 & commodity brok] 
op]ations4  7#f7 ,! ,u4,s4 ,con/itution 
au?orizes ,congress to e/abli% uni=m    
laws on ! subject ( ,bankruptcies ?r\gh 
! ,unit$ ,/ates4  7#g7 ,bankruptcy      
provides pr$ictable priority = claims "u
 ! rule ( law ?r\gh ! jurisdiction ( an 
,article ,,iii c\rt4  7#h7 ,! l5g?y     
adjudication ( claims to ensure equality
 "u ! law ( simil>ly situat$ cr$itors "u
 bankruptcy c be problematic 9 ! case ( 
f9ancial in/itutions b c be am5d$ to    
pres]ve & protect value4  7#i7 ,!       
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act did n e/abli% 
a non-discretion>y1 rule-(-law-bas$     
resolution process to provide c]ta9ty = 
cr$itors ( fail+ in/itutions4  7#aj7 ,a 
cr$ible resolution process c\ld elim9ate
 ! use ( bail\ts & o!r political        
int]v5tions4  7#aa7 ,additional re=ms   
are necess>y to br+ c]ta9ty &           

pr$ictability to ! failure ( l>ge1      
complex1 mult9ational f9ancial          
in/itutions4  7b7 ,s5se ( ,congress ,x  
is ! s5se ( ,congress t ! ,committees on
 ! ,judici>y & ,f9ancial ,s]vices ( !   
,h\se ( ,repres5tatives & ! ,committees 
on ! ,judici>y & ,bank+1 ,h\s+1 & ,urban
 ,affairs ( ! ,s5ate %\ld ea* report    
legislation propos+ *anges to exi/+ law 
)9 ea* committee's jurisdiction )       
provisions to accommodate bankruptcy    
proce$+s = fail+ mult9ational f9ancial  
in/itutions4 ,su* committees %\ld       
consid] re=ms t-- 7#a7 e/abli% a new    
*apt] ( ! bankruptcy code specifically =
 f9ancial in/itutions1 to be us$ 9      
conjunction ) ! exi/+ *apt] #g          
liquidation or *apt] #aa reorganization 
process2  7#b7 replace or supplem5t     
exi/+ resolution au?orities = c]ta9 k9ds
 ( in/itutions2  7#c7 cl>ify t su*      
resolution proce$+s occur at ! hold+    
company level2  7#d7 designate p>ticul> 
judges 9 ! ,second & ,d4,c4 ,circuits :o
 w he> ^! cases & :o may appo9t special 

ma/]s ) te*nical exp]tise to aid 9 !    
resolution2  7#e7 cont9ue to use ,,fdic 
exp]tise to resolve su* in/itutions "u !
 ov]sight ( ! c\rt2  7#f7 remove        
exemptions f bankruptcy proce$+s = c]ta9
 subsidi>ies ( complex f9ancial         
in/itutions1 su* z insurance & brok]age 
op]ations2  7#g7 all[ prim>y regulators 
to petition = involunt>y bankruptcy     
cases aga9/ a f9ancial in/itution1 to h 
/&+ & raise motions1 & to file plans (  
reorganization2  7#h7 e/abli% proc$ures 
= debtor-9-possession f9anc+ to provide 
p>tial or complete pay\ts to "s or all  
cr$itors 9 c]ta9 circum/ances2  7#i7    
develop rules = ! applicability (       
%ort-t]m automatic /ays = c]ta9 qualifi$
 f9ancial contracts2  7#aj7 recapitalize
 reorganiz$ in/itutions at ! hold+      
company level1 possibly by conv]t+      
long-t]m debt into equity2  7#aa7       
collaborate ) =eign gov]nm5ts to avoid  
dome/ic r+-f5c+ ( fail+ mult9ational    
f9ancial in/itutions ^: hold+ companies 
are locat$ else:]e2  7#ab7 ensure t     

in/itutions 9 cons]vator%ip d n receive 
advantage\s tax or regulatory treatm5t  
ov] comp>able f9ancial in/itutions      
outside ( ! bankruptcy process2 &  7#ac7
 su* o!r additional & con=m+ re=ms z !  
,committees consid] necess>y4