...to be exempt securities within the meaning of the laws administered by the SEC to the same extent as securities which are direct obligations of or obligations...as to principal or interest by the United States. The Association would be deemed to be an agency of the United States for the purpot of section ll»(b)(2)...

...c\-.~y oo meaning of laws administered by the Securities and Exchange Commission, to the same extent as securities which are direct obligations of or obligations...as to principal or interest by the United States. The Association shall, for the purposes of section 14 (b) (2) of the Federal 12 1 Reserve Act, be deemed...

...within the meaning of laws administered by the Securities and Exchange Commission, to the same extent as securities which are direct obligations of, or obligations...as to principal or interest by, the United States. The Association shall, for the purposes of section 14(b)(2) of the Federal Reserve Act, be deemed to...

...the Treasury as necessary or appropriate in the public interest or for the protection of investors ; securities which are direct obligations of or obligations guaranteed as to principal or interest by a State or any political subdivision thereof or any agency or instrumentality of a State or any political...

...treat as an equity security. (12) The term "exempted security" or "exempted securities" shall include securities which are direct obligations of or obligations...guaranteed as to principal or interest by the United Stntes; such securities issued or guaranteed by corporations in which the United States has a direct...

...instruments issued by the Association pursuant to this subsection shall to the same extent as securit ies which are direct obligations of or obligations guaranteed as to principal or interest by the United States be deemed to !»• exempt securities within the meaning of laws administered l>\ the Securities and...

...circulation ; (E) any person whose advice, analyses, or reports relate to no securities other than securities which are direct obligations of or obligations...as to principal or interest by the United States, or securities issued or guaranteed by corporations in which the United States has a direct or indirect...

...other instruments issued by the corporation pursuant to this subsection shall to the same extent as securities which are direct obligations of or obligations...guaranteed as to principal or interest by the United States be deemed to be exempt securities within the meaning of laws administered by the Securities and Exchange...

...amended by adding a new subsection (22) to read as follows: "(22) The term 'municipal securities' means securities which are direct obligations of or obligations guaranteed as to principal or interest by a State or any political subdivision thereof, or by an agency or instrumentality of a State or any...

...the Treasury. Securities issued by the Association under this subsection shall, to the same extent as securities which are direct obligations of or obligations guaranteed as to principal and interest by the United States, be deemed to be exempt securities within the meaning of laws administered...