[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1939 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1939

      To amend the Federal Home Loan Bank Act to provide for the 
    representation of Guam and the Virgin Islands on the boards of 
         directors of the appropriate Federal home loan banks.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 27, 1995

  Mr. Underwood (for himself and Mr. Frazer) introduced the following 
  bill; which was referred to the Committee on Banking and Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
      To amend the Federal Home Loan Bank Act to provide for the 
    representation of Guam and the Virgin Islands on the boards of 
         directors of the appropriate Federal home loan banks.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPRESENTATION OF GUAM AND THE VIRGIN ISLANDS ON BOARDS OF 
              DIRECTORS OF APPROPRIATE FEDERAL HOME LOAN BANKS.

    Section 7(e) of the Federal Home Loan Bank Act (12 U.S.C. 1427(e)) 
is amended by striking the third sentence.

SEC. 2. IMMEDIATE APPOINTMENT OF ADDITIONAL DIRECTORS TO SERVE UNTIL 
              DIRECTORS FROM GUAM AND THE VIRGIN ISLANDS ARE ELECTED.

    (a) In General.--Notwithstanding any limitation contained in 
section 7 of the Federal Home Loan Bank Act on the number of elective 
directors on the board of directors of any Federal home loan bank, the 
Federal Housing Finance Board shall appoint--
            (1) an additional elective director to the board of 
        directors for the Federal home loan bank whose district 
        includes Guam to represent members (of such bank) which are 
        located in Guam; and
            (2) an additional elective director to the board of 
        directors for the Federal home loan bank whose district 
        includes the Virgin Islands to represent members (of such bank) 
        which are located in the Virgin Islands.
    (b) Term.--An elective member appointed under a paragraph of 
subsection (a) shall serve until an elective director who represents 
the members described in such paragraph is first elected, in accordance 
with section 7 of the Federal Home Loan Bank Act, to the board of 
directors of the bank referred to in such paragraph.
    (c) Vacancy.--Any vacancy in a position established under 
subsection (a) before the end of the term described in subsection (b) 
shall be filled in the manner in which the original appointment was 
made.
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