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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.
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 Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. REPRESENTATION OF GUAM AND THE VIRGIN
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ISLANDS ON BOARDS OF DIRECTORS OF AP-
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PROPRIATE FEDERAL HOME LOAN BANKS.
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Section 7(e) of the Federal Home Loan Bank Act
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(12 U.S.C. 1427(e)) is amended by striking the third
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sentence.
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SEC. 2. IMMEDIATE APPOINTMENT OF ADDITIONAL DIREC-
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TORS TO SERVE UNTIL DIRECTORS FROM
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GUAM 
AND 
THE 
VIRGIN 
ISLANDS 
ARE
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ELECTED.
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(a) IN GENERAL.—Notwithstanding any limitation
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contained in section 7 of the Federal Home Loan Bank
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Act on the number of elective directors on the board of
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directors of any Federal home loan bank, the Federal
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Housing Finance Board shall appoint—
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(1) an additional elective director to the board
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of directors for the Federal home loan bank whose
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district includes Guam to represent members (of
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such bank) which are located in Guam; and
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(2) an additional elective director to the board
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of directors for the Federal home loan bank whose
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district includes the Virgin Islands to represent
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members (of such bank) which are located in the
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Virgin Islands.
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(b) TERM.—An elective member appointed under a
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paragraph of subsection (a) shall serve until an elective
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director who represents the members described in such
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paragraph is first elected, in accordance with section 7 of
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the Federal Home Loan Bank Act, to the board of direc-
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tors of the bank referred to in such paragraph.
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(c) VACANCY.—Any vacancy in a position established
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under subsection (a) before the end of the term described
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in subsection (b) shall be filled in the manner in which
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the original appointment was made.
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Æ