Title 12 — Banks and BankingRelease 119-73
§2284 Board of Directors
Title 12 › Chapter CHAPTER 24— - FEDERAL FINANCING BANK › § 2284
Summary
The Bank must have a five-member Board. The Secretary of the Treasury is the Chairman. The President appoints the other four from Bank or Federal agency staff. Members may name another government employee to serve for them. The Chairman calls meetings, sets policy with the Board, appoints executive officers named in the bylaws, and members and their designees get no pay.
Full Legal Text
Title 12, §2284
Banks and Banking — Source: USLM XML via OLRC
(a)The Bank shall have a Board of Directors consisting of five persons, one of whom shall be the Secretary of the Treasury as Chairman of the Board, and four of whom shall be appointed by the President from among the officers or employees of the Bank or of any Federal agency. The Chairman and each other member of the Board may designate some other officer or employee of the Government to serve in his place.
(b)The Board of Directors shall meet at the call of its Chairman. The Board shall determine the general policies which shall govern the operations of the Bank. The Chairman of the Board shall select and effect the appointment of qualified persons to fill such offices as may be provided for in the bylaws, and such persons shall be the executive officers of the Bank and shall discharge such executive functions, powers, and duties as may be provided for in the bylaws or by the Board of Directors. The members of the Board and their designees shall not receive compensation for their services on the Board.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2284
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73