§2245 — Title 12 Banks and Banking | U.S. Code

Summary

Requires the Chairman of the Farm Credit Administration to follow Board policies and any regulatory decisions the Board can lawfully make when carrying out the Chairman’s duties. The Chairman must hire the staff needed to run the Administration, but the heads of major divisions need Board approval. Each Board member hires the people who work in that member’s immediate office. The Chairman decides how many employees there are and their pay. The Chairman may set pay without following chapter 51 or subchapter III of chapter 53 of title 5, and may give extra pay and benefits to keep compensation similar to other Federal bank regulators. “Other Federal bank regulatory agencies” has the same meaning as “appropriate Federal banking agency” in section 1813(q). Officers and employees are covered by chapter 131 of title 5 and are treated as U.S. officers or employees for title 18 sections 201–203 and 205–209. The Chairman may delegate daily management duties to others, but cannot give away powers that the law reserves to the Chairman without Board approval. Operations and salaries are paid from the fund created under section 2250.

Title 12, §2245

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(a)The Chairman of the Farm Credit Administration Board, in carrying out the powers and duties vested in the Chairman by this chapter, and Acts supplementary thereto, shall be governed by policies of the Board and by such regulatory decisions, findings, and determinations as the Board may by law be authorized to make.

(b)The Chairman of the Board shall appoint such personnel as may be necessary to carry out the functions of the Farm Credit Administration. The appointment by the Chairman of the heads of major administrative divisions under the Board shall be subject to the approval of the Board.

(c)(1)Personnel employed regularly and full-time in the immediate offices of Board members shall be appointed by each such Board member.

(2)(A)The Chairman shall fix the compensation and number of, and appoint and direct, employees of the Administration. The Chairman may set and adjust the rates of basic pay for employees of the Administration without regard to the provisions of chapter 51, or subchapter III of chapter 53, of title 5. The Chairman may provide such additional compensation and benefits to employees of the Administration as is necessary to maintain comparability with the total amount of compensation and benefits provided by other Federal bank regulatory agencies. In setting and adjusting the total amount of compensation and benefits for employees of the Administration, the Chairman shall consult with, and seek to maintain comparability with, other Federal bank regulatory agencies.

(B)For purposes of this subsection, the term “other Federal bank regulatory agencies” has the same meaning given to the term “appropriate Federal banking agency” in section 1813(q) of this title.

(C)The officers and employees of the agency shall be—

(i)subject to chapter 131 of title 5; and

(ii)considered officers or employees of the United States for the purposes of sections 201 through 203, and sections 205 through 209, of title 18.

(3)The powers of the Chairman as chief executive officer necessary for day to day management may be exercised and performed by the Chairman through such other officers and employees of the Administration as the Chairman shall designate, except that the Chairman may not delegate powers specifically reserved to the Chairman by this chapter without Board approval.

(d)The operations of the Farm Credit Administration, and the salaries of members of the Board and employees of the Administration, shall be funded and paid for from the fund created under section 2250 of this title.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2022—Subsec. (c)(2)(C)(i). Pub. L. 117–286 substituted “chapter 131 of title 5;” for “the Ethics in Government Act of 1978;”. 1989—Subsec. (c)(2). Pub. L. 101–73 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “The officers and employees of the agency shall be— “(A) subject to the Ethics in Government Act of 1978 (2 U.S.C. 701 et seq.); “(B) considered officers or employees of the United States for the purposes of sections 201 through 203, and sections 205 through 209, of title 18; and “(C) subject to section 5373 of title 5.” 1988—Pub. L. 100–233, § 805(x), which directed the amendment of this section by striking out the last sentence, was repealed by Pub. L. 100–399, § 702(b). See

Construction

of 1988 Amendment note below. Pub. L. 100–233, § 431(c), amended section generally, substituting subsecs. (a) to (d) for former text consisting of single undesignated paragraph. Subsec. (c)(2)(C). Pub. L. 100–399, § 415(a), substituted “5373” for “5315”. 1985—Pub. L. 99–205 substituted provisions respecting organization of the Farm Credit Administration for provisions relating to compensation and expense allowance of the Governor of the Farm Credit Administration.

Statutory Notes and Related Subsidiaries

Effective Date

of 1988 AmendmentAmendment by section 415(a) of Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.

Effective Date

of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.

Construction

of 1988 Amendment Pub. L. 100–399, title VII, § 702(b), Aug. 17, 1988, 102 Stat. 1006, provided that section 805(x) of Pub. L. 100–233, cited as a credit to this section, is repealed and that this section shall be applied and administered as if such section had not been enacted. Interim Implementation of 1985 AmendmentFor provisions authorizing interim implementation by Governor of Farm Credit Administration of

Amendments

to this section by Pub. L. 99–205, see section 402 of Pub. L. 99–205, set out as a note under section 2241 of this title.

§2245 Organization of Farm Credit Administration

Summary

Title 12, §2245

Notes & Related Subsidiaries

Editorial Notes

Amendments

Construction

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Construction

Amendments

Citations & Metadata