### Question
How does FEDERAL LOAN AGENCY define semiannual period?


### Answer
Under *12 U.S.C. § 1817*, **semiannual period** is defined as:

> a period beginning on January 1 of any calendar year and ending on June 30 of the same year, or a period beginning on July 1 of any calendar year and ending on December 31 of the same year

#### Citation:
  - *12 U.S.C. § 1817*
  - Heading: **CHAPTER 15-FEDERAL LOAN AGENCY**

