Title 12 — Banks and BankingRelease 119-73
§2405 Executive Director and additional staff personnel; appointment and compensation; experts and consultants; employment and compensation; audits by Comptroller General
Title 12 › Chapter CHAPTER 25— - NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS › § 2405
Summary
The Commission can hire an Executive Director (with the Senate’s approval) and other staff. It does not have to follow the usual federal hiring and pay rules, but pay cannot be higher than the top GS-18 rate under section 5332. It can also hire temporary or intermittent help under section 3109 of title 5, but cannot pay more than $150 a day. The Comptroller General can audit the Commission’s books and must report the results to the Commission and to Congress.
Full Legal Text
Title 12, §2405
Banks and Banking — Source: USLM XML via OLRC
(a)The Commission—
(1)may appoint with the advice and consent of the Senate and fix the compensation of an Executive Director, and such additional staff personnel as he deems necessary, without regard to the provisions of title 5 governing appointments in the competitive service, and without regard to chapter 51 and subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates, but at rates not in excess of the maximum rate for GS–18 of the General Schedule under section 5332 of such title; and
(2)may procure temporary and intermittent services to the same extent as is authorized by section 3109 of title 5, but at rates not to exceed $150 a day for individuals.
(b)The Comptroller General is authorized to make detailed audits of the books and records of the Commission, and shall report the results of any such audit to the Commission and to the Congress.
Legislative History
Notes & Related Subsidiaries
Statutory Notes and Related Subsidiaries
References in Other Laws to GS–16, 17, or 18 Pay RatesReferences in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, § 101(c)(1)] of Pub. L. 101–509, set out in a note under section 5376 of Title 5.
Reference
Citations & Metadata
Citation
12 U.S.C. § 2405
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73