Compensation of executive officers

Section 7 of the Federal Home Loan Bank Act (12 U.S.C. 1427) is amended— (1) in the first subsection (l) (relating to withholding of compensation)— (A) in the subsection heading, by striking Withholding of Compensation and inserting Compensation of Executive Officers; (B) by striking Notwithstanding and inserting the following: (1) Withholding of compensation Notwithstanding; and (C) by adding at the end the following: (2) Setting compensation (A) In general Notwithstanding section 1318(d) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4518(d)), the Director shall, in accordance with regulations issued by the Director, establish compensation for any executive officer of a Bank that is reasonable and comparable to compensation for employment at a regional Federal Reserve Bank or other similar publicly-subsidized financial institutions or financial services companies involving similar duties and responsibilities. (B) Mission investments In determining the compensation for an executive officer of a Bank under subparagraph (A), the Director— (i) shall consider the level of mission investments, including— (I) the percentage of member institutions that provided community investment program advances, community investment cash advances, and letters of credit; (II) the percentage of member institutions that sponsored affordable housing programs under section 10(j) and other grant programs created voluntarily or by regulation; (III) the share of all advances provided to community financial institutions; (IV) investments in municipal and housing finance agency bonds; and (V) other mission investments that are reasonable in accordance with regulations promulgated by the Director; and (ii) may pay compensation at a level that is higher than the compensation for a regional Federal Reserve Bank with achievement of goals aligned with mission achievements as established by the Director.; and (2) by striking the second subsection (l).