Fannie Mae-No Politics (FNMA)

[Dollars1]

Greetings Camacho! I took a break when my Pacer bill became the size of a house payment. :) I was just looking over this doc right now.

Responsibilities of Boards of Directors, Corporate Practices and Corporate Governance Matters

http://www.gpo.gov/fdsys/pkg/FR-2015-11-19/pdf/2015-29367.pdf

"(b) Election and designation of body of law. (1) To the extent not inconsistent with paragraph (a) of this section, each regulated entity shall elect to follow the corporate governance and indemnification practices and procedures set forth in one of the following: (i) The law of the jurisdiction in which the principal office of the regulated entity is located; (ii) The Delaware General Corporation Law (Del. Code Ann. Title 8); or (iii) The Revised Model Business Corporation Act."

"The proposed rule would have defined ‘‘executive officer’’ to include the chairperson and vice-chairperson of an Enterprise, along with a number of other specified senior executive positions at any Bank or Enterprise. Both Enterprises commented that defining ‘‘executive officer’’ to include the chairperson and vice-chairperson created a conflict with another provision of the proposed rule, 12 CFR 1239.20(a)(3), which requires the chairperson of an Enterprise to be a person other than the chief executive officer, who also must be independent, as defined by the rules of the New York Stock Exchange (NYSE). The applicable NYSE rule provides that a company’s chairperson is not ‘‘independent’’ if the person is, or has been within the past three years, an executive officer of the company. In order to resolve this conflict, FHFA agrees with the commenters and has amended the definition of ‘‘executive officer’’ to delete the references to an Enterprise’s chairperson and vice-chairperson."