<Li> Reported by the joint conference committee on July 13, 1932; agreed to by the House on July 16, 1932 (Agreed) and by the Senate on July 16, 1932 (Agreed) </Li> <Li> Signed into law by President Herbert Hoover on July 22, 1932 </Li> <P> The Federal Home Loan Bank Act, Pub. L. 72--304, 47 Stat. 725, enacted July 22, 1932, is a United States federal law passed under President Herbert Hoover in order to lower the cost of home ownership . It established the Federal Home Loan Bank Board to charter and supervise federal savings and loan institutions . It also created the Federal Home Loan Banks which lend to building and loan associations, cooperative banks, homestead associations, insurance companies, savings banks, community development financial institutions, and insured depository institutions in order to finance home mortgages . </P> <P> The act was notably amended by Financial Institutions Reform, Recovery and Enforcement Act of 1989, which transferred regulation of thrifts to the Office of Thrift Supervision . </P>

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