---
kind: "section"
citation: "12 U.S.C. § 4512"
title: "12"
title_heading: "Banks and Banking"
number: "4512"
heading: "Director"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/4512"
units:
  - "Chapter 46 — Government Sponsored Enterprises"
  - "Subchapter I — Supervision and Regulation of Enterprises"
  - "Part A — Financial Safety and Soundness Regulator"
---

# §4512. Director

- (a) **Establishment of position—** There is established the position of the [Director](/usc/12/4502.md?p=9) of the [Agency](/usc/12/4502.md?p=2), who shall be the head of the [Agency](/usc/12/4502.md?p=2).
- (b) **Appointment; term—**
  - (1) **Appointment—** The [Director](/usc/12/4502.md?p=9) shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of capital markets, including the [mortgage](/usc/12/1707.md?p=a) securities markets and housing finance.
  - (2) **Term—** The [Director](/usc/12/4502.md?p=9) shall be appointed for a term of 5 years, unless removed before the end of such term for cause by the President.
  - (3) **Vacancy—** A vacancy in the position of [Director](/usc/12/4502.md?p=9) that occurs before the expiration of the term for which a [Director](/usc/12/4502.md?p=9) was appointed shall be filled in the manner established under [paragraph (1)](#b-1), and the [Director](/usc/12/4502.md?p=9) appointed to fill such vacancy shall be appointed only for the remainder of such term.
  - (4) **Service after end of term—** An individual may serve as the [Director](/usc/12/4502.md?p=9) after the expiration of the term for which appointed until a successor has been appointed.
  - (5) **Transitional provision—** Notwithstanding paragraphs [(1)](#b-1) and [(2)](#b-2), during the period beginning on the effective date of the Federal Housing Finance Regulatory Reform Act of 2008, and ending on the date on which the [Director](/usc/12/4502.md?p=9) is appointed and confirmed, the [person](/usc/12/5481.md?p=19) serving as the [Director](/usc/12/4502.md?p=9) of the Office of Federal Housing [Enterprise](/usc/12/4502.md?p=10) Oversight of the Department of Housing and Urban Development on that effective date shall act for all purposes as, and with the full powers of, the [Director](/usc/12/4502.md?p=9).
- (c) **Deputy Director of the Division of Enterprise Regulation—**
  - (1) **In general—** The [Agency](/usc/12/4502.md?p=2) shall have a Deputy [Director](/usc/12/4502.md?p=9) of the Division of [Enterprise](/usc/12/4502.md?p=10) Regulation, who shall be designated by the [Director](/usc/12/4502.md?p=9) from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of [mortgage](/usc/12/1707.md?p=a) securities markets and housing finance.
  - (2) **Functions—** The Deputy [Director](/usc/12/4502.md?p=9) of the Division of [Enterprise](/usc/12/4502.md?p=10) Regulation shall have such functions, powers, and duties with respect to the oversight of the [enterprises](/usc/12/4502.md?p=10) as the [Director](/usc/12/4502.md?p=9) shall prescribe.
- (d) **Deputy Director of the Division of Federal Home Loan Bank Regulation—**
  - (1) **In general—** The [Agency](/usc/12/4502.md?p=2) shall have a Deputy [Director](/usc/12/4502.md?p=9) of the Division of Federal Home Loan Bank Regulation, who shall be designated by the [Director](/usc/12/4502.md?p=9) from among individuals who are citizens of the United States, have a demonstrated understanding of financial management or oversight, and have a demonstrated understanding of the Federal Home Loan Bank System and housing finance.
  - (2) **Functions—** The Deputy [Director](/usc/12/4502.md?p=9) of the Division of Federal Home Loan Bank Regulation shall have such functions, powers, and duties with respect to the oversight of the Federal Home Loan Banks as the [Director](/usc/12/4502.md?p=9) shall prescribe.
- (e) **Deputy Director for Housing Mission and Goals—**
  - (1) **In general—** The [Agency](/usc/12/4502.md?p=2) shall have a Deputy [Director](/usc/12/4502.md?p=9) for Housing Mission and Goals, who shall be designated by the [Director](/usc/12/4502.md?p=9) from among individuals who are citizens of the United States, and have a demonstrated understanding of the housing markets and housing finance.
  - (2) **Functions—** The Deputy [Director](/usc/12/4502.md?p=9) for Housing Mission and Goals shall have such functions, powers, and duties with respect to the oversight of the housing mission and goals of the [enterprises](/usc/12/4502.md?p=10), and with respect to oversight of the housing finance and community and economic development mission of the Federal Home Loan Banks, as the [Director](/usc/12/4502.md?p=9) shall prescribe.
  - (3) **Considerations—** In exercising such functions, powers, and duties, the Deputy [Director](/usc/12/4502.md?p=9) for Housing Mission and Goals shall consider the differences between the [enterprises](/usc/12/4502.md?p=10) and the Federal Home Loan Banks, including those described in [section 4513(d) of this title](/usc/12/4513.md).
- (f) **Acting Director—** In the event of the death, resignation, sickness, or absence of the [Director](/usc/12/4502.md?p=9), the President shall designate either the Deputy [Director](/usc/12/4502.md?p=9) of the Division of [Enterprise](/usc/12/4502.md?p=10) Regulation, the Deputy [Director](/usc/12/4502.md?p=9) of the Division of Federal Home Loan Bank Regulation, or the Deputy [Director](/usc/12/4502.md?p=9) for Housing Mission and Goals, to serve as acting [Director](/usc/12/4502.md?p=9) until the return of the [Director](/usc/12/4502.md?p=9), or the appointment of a successor pursuant to [subsection (b)](#b).
- (g) **Limitations—** The [Director](/usc/12/4502.md?p=9) and each of the Deputy [Directors](/usc/12/4502.md?p=9) may not—
  - (1) have any direct or indirect financial interest in any [regulated entity](/usc/12/4502.md?p=20) or [entity-affiliated party](/usc/12/4502.md?p=11);
  - (2) hold any office, position, or employment in any [regulated entity](/usc/12/4502.md?p=20) or [entity-affiliated party](/usc/12/4502.md?p=11); or
  - (3) have served as an [executive officer](/usc/12/4502.md?p=12) or [director](/usc/12/4502.md?p=9) of any [regulated entity](/usc/12/4502.md?p=20) or [entity-affiliated party](/usc/12/4502.md?p=11) at any time during the 3-year period preceding the date of appointment or designation of such individual as [Director](/usc/12/4502.md?p=9) or Deputy [Director](/usc/12/4502.md?p=9), as applicable.

## Source credit

(Pub. L. 102–550, title XIII, § 1312, as added Pub. L. 110–289, div. A, title I, § 1101, July 30, 2008, 122 Stat. 2662.)

## Notes

### Editorial Notes

### References in Text

The effective date of the Federal Housing Finance Regulatory Reform Act of 2008, referred to in subsec. (b)(5), probably means the date of enactment of Pub. L. 110–289, which was approved July 30, 2008.

### Constitutionality

For information regarding the constitutionality of provisions of subsection (b)(2) of this section, see the Table of Laws Held Unconstitutional in Whole or in Part by the Supreme Court on the Constitution Annotated website, constitution.congress.gov.

### Prior Provisions

A prior section 4512, Pub. L. 102–550, title XIII, § 1312, Oct. 28, 1992, 106 Stat. 3945, related to the Director and Deputy Director of the Office of Federal Housing Enterprise Oversight, prior to repeal by Pub. L. 110–289, div. A, title I, § 1101, July 30, 2008, 122 Stat. 2661.