Government-Sponsored Enterprises Financial Safety and Soundness Act of 1991

Government-Sponsored Enterprises Financial Safety and Soundness Act of 1991 - Title I: Improvement of Supervision and Regulation of the Federal National Mortgage Association and the Federal Home Loan Mortgage Association - Defines specified terms for purposes of this title.

Subtitle A: Establishment of Financial Safety and Soundness Regulator - Establishes in the Department of Housing and Urban Development the Office of Government-Sponsored Enterprise Financial Oversight (Office).

Subtitle B: Capital Levels and Special Enforcement Powers - Requires the Office to establish risk-based capital levels for each enterprise. Establishes minimum capital levels, critical capital levels, and enforcement levels. Sets forth mandatory supervisory actions at various capital levels.

Subtitle C: General Enforcement Powers - Sets forth provisons regarding: (1) cease-and-desist proceedings; (2) temporary cease-and-desist orders; (3) removal and prohibition authority; (4) director or officer suspension or removal; (5) hearings and judicial review; (6) jurisdiction; (7) civil money penalties; (8) notice; (9) subpoena power; and (10) public disclosure of final orders and agreements.

Subtitle D: Conservatorship - Authorizes: (1) the appointment of a conservator for a troubled enterprise; and (2) an enterprise to judicially challenge such appointment.

Title II: Primary of Financial Safety and Soundness for the Federal Housing Finance Board - Amends the Federal Home Loan Bank Act to state that the primary duty of the Board shall be to ensure that the Federal Home Loan Banks operate in a financially safe and sound manner.