§2242 Farm Credit Administration Board

Summary

The Farm Credit Administration is run by a three-person Board. The President picks the members and the Senate must approve them. No more than two members can be from the same political party. The President names one member to be Chairman for that person’s term. While on the Board and for two years after leaving, members cannot work for any Farm Credit System institution. Each member serves a six-year term. At first, the two non‑chair members have shorter staggered terms of two and four years. Members generally may not be immediately reappointed, but the first short-term appointees and anyone filling an unexpired term of three years or less may be reappointed for a full six-year term. Vacancies are filled for the rest of the term. A member stays in office after a term ends until a successor is appointed and qualifies. Members must take an oath within 15 days of notice. The Board can act when at least two members are present. It must meet at least once a month, set its own rules, and keep records. Members must work full time. The Chairman is paid at Executive Schedule level III (5 U.S.C. 5314) and the other members at level IV (5 U.S.C. 5315). Members are reimbursed for necessary travel and related expenses, as provided and subject to section 2245. Appointees should have experience in agricultural economics and financial reporting, regulation of financial entities, or strong financial, legal, or regulatory backgrounds.