Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. [12 USC. 141] SHORT TITLE AND TABLE OF CONTENTS. This Act may te cred a the "Home Owners' Loan Act".

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SEC. 2. [12 CSC. 1492) DEFINITIONS.

For purposes of the Act

(1) Director-The term "Director" means the Director of the Office of Thrift Supervision.

(2) CORPORATION-The term "Corporation" means the Federal Deposit Insurance Corporation.

(3) Orick-The term "Office" means the Office of Thrift Supervision,

(4) SAVINGS ASOCIATION—The term "savings association” means a savings association, as defined in section 3 of the Federal Deposit Insurance Act, the deposits of which are insured by the Corporation.

(5) PRORMAL SAVINGS ASSOCIATION-The term "Federal savings association" means a Federal savings association or a Federal savings bank chartered under section 5 of this Act.

(6) NATIONAL BANK-The term "national bank" has the same meaning as in section 3 of the Federal Deposit Insurance Act.

(7) FEDERAL BANKING AGENCIES-The term "Federal banking agencies" means the Office of the Comptroller of the Cur

rency, the Board of Governors of the Federal Reserve Systr and the Federal Deposit Insurance Corporation.

(8) STATE.-The term "State" has the same meaning as section 3 of the Federal Deposit Insurance Act.

(9) AFFILIATE.-The term "affiliate" means any person th controls, is controlled by, or is under common control with savings association, except as provided in section 10.

SEC. 3. [12 U.S.C. 1462a] DIRECTOR OF THE OFFICE OF THRIFT SUPE VISION.

(a) ESTABLISHMENT OF OFFICE.-There is established the Off of Thrift Supervision, which shall be an office in the Departme. of the Treasury.

(b) ESTABLISHMENT OF POSITION OF DIRECTOR.—

(1) IN GENERAL.-There is established the position of t! Director of the Office of Thrift Supervision, who shall be t head of the Office of Thrift Supervision and shall be subject the general oversight of the Secretary of the Treasury.

(2) AUTHORITY TO PRESCRIBE REGULATIONS.-The Direct may prescribe such regulations and issue such orders as t!. Director may determine to be necessary for carrying out this Act and all other laws within the Director's jurisdiction.

(3) AUTONOMY OF DIRECTOR.-The Secretary of the Trea ury may not intervene in any matter or proceeding before th Director (including agency enforcement actions) unless othe wise specifically provided by law.

(4) BANKING AGENCY RULEMAKING.-The Secretary of the Treasury may not delay or prevent the issuance of any rule o. the promulgation of any regulation by the Director. (c) APPOINTMENT; TERM.

(1) APPOINTMENT.-The Director 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. (2) TERM.-The Director shall be appointed for a term of 5 years.

(3) VACANCY.-A vacancy in the position of Director which occurs before the expiration of the term for which a Director was appointed shall be filled in the manner established in paragraph (1) and the Director 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 Director after the expiration of the term for which appointed until a successor Director has been appointed.

(5) TRANSITIONAL PROVISION. Notwithstanding paragraphs (1) and (2), the Chairman of the Federal Home Loan Bank Board on the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, shall be the Director until the date on which that individual's term as Chairman of the Federal Home Loan Bank Board would have expired.

(d) PROHIBITION ON FINANCIAL INTERESTS.-The Director shall not have a direct or indirect financial interest in any insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act.

rency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation.

(8) STATE.-The term "State" has the same meaning as in section 3 of the Federal Deposit Insurance Act.

(9) AFFILIATE.-The term "affiliate" means any person that controls, is controlled by, or is under common control with, a savings association, except as provided in section 10.

SEC. 3. [12 U.S.C. 1462a] DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION.

(a) ESTABLISHMENT OF OFFICE.-There is established the Office of Thrift Supervision, which shall be an office in the Department of the Treasury.

(b) ESTABLISHMENT OF POSITION OF DIRECTOR.—

(1) IN GENERAL.-There is established the position of the Director of the Office of Thrift Supervision, who shall be the head of the Office of Thrift Supervision and shall be subject to the general oversight of the Secretary of the Treasury.

(2) AUTHORITY TO PRESCRIBE REGULATIONS.-The Director may prescribe such regulations and issue such orders as the Director may determine to be necessary for carrying out this Act and all other laws within the Director's jurisdiction.

(3) AUTONOMY OF DIRECTOR.-The Secretary of the Treasury may not intervene in any matter or proceeding before the Director (including agency enforcement actions) unless otherwise specifically provided by law.

(4) BANKING AGENCY RULEMAKING.-The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Director. (c) APPOINTMENT; TERM.—

(1) APPOINTMENT.-The Director 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. (2) TERM.-The Director shall be appointed for a term of 5 years.

(3) VACANCY.-A vacancy in the position of Director which occurs before the expiration of the term for which a Director was appointed shall be filled in the manner established in paragraph (1) and the Director 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 Director after the expiration of the term for which appointed until a successor Director has been appointed.

(5) TRANSITIONAL PROVISION.-Notwithstanding paragraphs (1) and (2), the Chairman of the Federal Home Loan Bank Board on the date of enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, shall be the Director until the date on which that individual's term as Chairman of the Federal Home Loan Bank Board would have expired.

(d) PROHIBITION ON FINANCIAL INTERESTS.-The Director shall not have a direct or indirect financial interest in any insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act.