Exhibit 99.1

     FEDERAL HOME LOAN BANK OF PITTSBURGH

CHARTER FOR THE AUDIT COMMITTEE

OF THE BOARD OF DIRECTORS

January 2012

I. Purpose and Authority

The Audit Committee (“Committee”) of the Board of Directors of the Federal Home Loan Bank of

Pittsburgh assists the Board in fulfilling its responsibilities for general oversight of:

1. The Bank’s financial reporting processes and the audit of the Bank’s financial

statements, including the integrity of the Bank’s financial statements;

2. The Bank’s administrative, operating, and internal accounting controls;

3. The Bank’s compliance with legal and regulatory requirements;

4. The independent auditors’ qualifications and independence; and

5. The performance of the Bank’s internal audit function and independent auditors.

The Committee has the authority to obtain advice and assistance from outside legal,

accounting, or other advisors as the Committee deems necessary to carry out its duties, and the

Committee shall receive appropriate funding, as determined by the Committee, from the Bank

for payment of compensation to the outside legal, accounting, or other advisors employed by

the Committee.

The Committee has the authority to seek any information it requires from the Bank officers and

employees, all of whom are directed to cooperate with the Committee’s requests, or external

parties.

II.         Membership and Structure

The Committee shall consist of at least five Directors of the Board. The Committee shall include

a balance of representatives from member institutions and will also include a balance of

appointive and elective Directors. In order to provide continuity and experience, Committee

members shall serve staggered terms. The Chair and Vice Chair of the Board are nonvoting ex

officio members of the Committee who may participate in discussion and debate, but do not

count for quorum requirements.

Each member of the Committee must meet the applicable financial literacy and expertise

requirements. At least one member must have adequate accounting or related financial

management experience to meet the applicable requirements for designation as “financial

expert.”

The Committee shall consist of members of the Board, each of whom shall be independent.

Any member of the Board shall be considered sufficiently independent if that Director does not

have a disqualifying relationship with the Bank or its management that would interfere with the

exercise of that Director’s independent judgment. Such disqualifying relationships include, but

are not limited to:

a. Being employed by the Bank in the current year or any of the past five years;

b. Accepting any compensation from the Bank other than compensation for service as a

Board Director;

Exhibit 99.1

c. Serving or having served in any of the past five years as a consultant, advisor,

promoter, underwriter, or legal counsel of or to the Bank; or

d. Being an immediate family member of an individual who is, or has been in any of the

past five years, employed by the Bank as an executive officer.

III.         Meetings and Procedures

The Committee shall convene at least four times each year, with additional meetings as the

Committee deems appropriate. The Committee Chair is responsible for the agenda and

minutes. The Committee shall meet as needed in separate executive sessions and also in

private sessions with management, the internal auditors, and the independent auditors to

facilitate full communication. The Committee shall meet at least twice annually with the Chief

Internal Auditor. The Committee shall be given open access to the Bank’s internal auditors,

Board, the Bank executives, and independent auditors, as well as the Bank’s books, records,

facilities, and other personnel. Written minutes of the Committee will be prepared by the

Secretary for each meeting. Detailed minutes of any executive session of the Committee will

not be maintained; however, topics discussed will be noted in the written minutes. The

approved original minutes will be forwarded to the Corporate Secretary for filing with the Federal

Housing Finance Agency and distribution to the full Board of Directors.

IV.         Charter

The Committee shall adopt a charter that specifies the scope of the Committee’s authority,

responsibilities, structure, processes, and membership requirements.

The Committee and the Board shall annually review, assess the adequacy of and, where

appropriate, amend the Committee charter; amend the Committee charter as appropriate; and

re-adopt and re-approve the Committee charter not less often than every three years.

The Committee shall prepare a written report to be included in the Bank’s Annual Report that

will indicate that the Committee is governed by a charter, which will be included as an appendix

to the Annual Report at least once every three years and that all the members of the Committee

are independent. The report will include that the Committee has complied with the requirements

of communication with Audit Committees and has received the written disclosures and letter

from the external auditors as required by Independence Standards Board Standard 1.

V.         Duties and Responsibilities

Internal Audit:

1. Review and approve the Internal Audit Charter annually.

2. Select, evaluate at least annually, determine the compensation of, and, where

appropriate, replace the Chief Internal Auditor. The Chief Internal Auditor may be

removed only with the approval of the Committee. The Chief Internal Auditor shall report

directly to the Committee on substantive matters and is ultimately accountable to the

Committee and the Board.

3. Provide that the internal auditor shall have unrestricted access to the Committee without

the need for any prior management knowledge or approval.

4. Review at least annually the overall scope, qualifications, resources, activities,

organizational structure, and effectiveness of the internal audit function.

5. Review and approve the annual Internal Audit Plan.

Exhibit 99.1

6. Oversee the internal audit function by reviewing the scope of audit services required,

significant accounting policies, the significant risks and exposures, and the internal audit

activities and findings.

7. Meet in executive session at least annually with the Chief Internal Auditor.

8. Annually and on behalf of the Board, the Committee should review the Bank's Report on

Consistency with the Guidance that must be submitted to the Federal Housing Finance

Agency ("FHFA") Chief Accountant by the Bank no later than June 30 of each year.

Financial Statements:

1. Review the basis for the Bank’s financial statements and the external auditor’s opinion

rendered with respect to the financial statements, including the nature and extent of any

significant changes in accounting principles or the application therein.

2. Ensure policies are in place that are designed to achieve disclosure and transparency

regarding the Bank’s true financial performance and governance practices.

3. Recommend to the Board, based on review and discussions, whether the audited

financial statements should be included in the Bank’s Annual Report on Form 10-K.

4. Review other sections of the Annual Report and related regulatory filings before release

and consider the accuracy and completeness of the information.

5. Discuss earnings press releases as well as corporate policies with respect to financial

information.

Internal Controls:

1. Ensure that senior management has established and is maintaining an adequate internal

control system within the Bank. This includes the adequacy of the internal controls, the

resolution of identified material weaknesses and reportable conditions and the

prevention or detection of management override or compromise of the internal control

system.

2. Direct senior management to maintain the reliability and integrity of the accounting

policies and financial reporting and disclosure practices of the Bank.

3. Review the adequacy and effectiveness of the Bank’s internal controls, including any

significant deficiencies in such controls and significant changes or material weaknesses

in such controls reported by the independent auditors, internal auditors, or examiners.

4. Review the adequacy and effectiveness of the internal controls regarding information

security.

Independent Auditors:

1. Oversee the work of any registered public accounting firm employed by the issuer for the

purpose of preparing or issuing an audit report or related work, and ensure that each

such registered public accounting firm shall report directly to the Committee. Make

recommendations to the Board regarding the appointment, evaluation, renewal,

compensation and/or termination of the independent auditor. Review the performance of

the independent auditor annually. Require the independent auditor to rotate the lead

audit partner, and the partner responsible for reviewing the audit at least every five years

or as required by applicable regulations.

2. Review and approve in advance the scope of the fiscal year’s independent audit and the

audit fee as documented in the engagement letter.

3. Establish policies for the independent auditors’ activities and any fees beyond the core

audit, approve in advance all non-audit services to be performed by the independent

auditors that are not otherwise prohibited by law and associated fees, and monitor the

usage and fees paid to the independent auditors. The Committee delegates to the Chair

Exhibit 99.1

of the Committee the authority to pre-approve non-audit services not prohibited by law to

be performed by the independent auditors, subject to any single request involving a fee

of $100,000 or higher being circulated to all Committee members for their information

and comment. The Chair shall report any decision to pre-approve such services to the

full Committee at its next meeting.

4. Obtain annually a written statement from the independent auditors regarding their

independence for compliance with PCAOB Rule 3526.

5. Discuss with the independent auditors the requirements of Statement on Auditing

Standards 61 regarding communications with audit committees and 89 and 90 regarding

uncorrected misstatements and the quality of the Bank’s accounting principles and

underlying estimates in the financial statements.

6. Review and discuss with the independent auditors their annual written statement

delineating all relationships or services between the independent auditors and the Bank,

or any other relationship or services that may impact their objectivity and independence.

7. Set clear hiring policies for employees or former employees of the independent auditors,

and monitor compliance with such policies.

8. Review with management and the independent auditors:

        · The Bank’s annual audited and quarterly financial statements, including the Bank’s

disclosures in “Management’s Discussion and Analysis of Financial Condition and

Results of Operations;”

· The results of the independent auditors’ audit and the independent auditors’

opinion on the annual financial statements;

· Changes in accounting principles or application thereof, significant judgment areas,

and significant and complex transactions; and

· Any disagreements between management and the independent auditors, about

matters that individually or in the aggregate should be significant to the Bank’s

financial statements or the independent auditors’ report, and any serious difficulties

the independent auditors encountered in dealing with management related to the

performance of the audit.

9. At least annually, obtain from and review a report by the auditors describing (a) the

independent auditors’ internal quality control procedures, and (b) any material issues

raised by the most recent internal quality control review, or peer review, or by any

governmental or professional inquiry or investigation within the preceding year regarding

any audit performed by the independent auditors, and any steps taken to deal with such

issues.

10. Provide that the external auditor shall have unrestricted access to the Committee without

the need for any prior management knowledge or approval.

11. Meet in executive session at least annually with the independent auditors.

Compliance:

1. Review the policies and procedures established by senior management designed to

ensure compliance with applicable laws, regulations, and policies and monitor the results

of these compliance efforts.

2. Review the results of significant investigations, examinations, or reviews performed by

regulatory authorities and management’s response.

Joint Responsibilities with the Finance and Risk Management (“FARM”) Committee:

1. The Committee and the FARM Committee shall jointly have responsibility for oversight of

the following:

· The Bank-wide risk assessment process;

Exhibit 99.1

· The operating risk incident reporting process;

· The Bank’s anti-fraud program, including the SOX 404 process, the Financial

Instrument Fraud Reporting process (including BSA/AML), the concerns reporting

process, and the overall anti-fraud program at the Bank; and

· The status of management’s actions to address FHFA examination commitments.

Other:

1. Review the policies and procedures established by senior management to assess and

monitor implementation of the Bank’s strategic business plan and the operating goals

and objectives contained therein.

2. Conduct or authorize investigations into any matters within the Committee’s scope of

responsibilities.

3. Consider such other matters regarding the Bank’s financial affairs, its controls, and the

internal and independent auditors of the Bank as the Committee, in its discretion, may

determine to be advisable.

4. Report regularly to the Board with respect to the Committee’s activities.

5. Provide an independent, direct channel of communication between the Bank’s Board of

Directors and the internal and external auditors.

6. Evaluate the performance of the Committee annually.

7. Annually consider the need for an independent consultant or accounting firm to conduct

an evaluation of one or more accounting policy areas.

Approved by the Board of Directors: January 24, 2012