Compensation for executive officers of Federal Home Loan Banks

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: (1) Setting compensation Notwithstanding section 1318(d) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4518(d)), the Director may establish compensation for any executive officer of a Federal Home Loan Bank that is reasonable and comparable in accordance with regulations promulgated by the Director.; and (2) by striking the second subsection (l) (relating to the transition rule).