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Title 15 — Commerce and TradeRelease 119-73

§714g Board of Directors

Title 15 › Chapter CHAPTER 15— - ECONOMIC RECOVERY › Subchapter SUBCHAPTER II— - COMMODITY CREDIT CORPORATION › § 714g

Last updated Apr 6, 2026|Official source

Summary

The Corporation is run by a Board of Directors under the general direction of the Secretary. The Secretary is a director and is the Board’s Chair. The President appoints seven other members. The Secretary can give those members extra duties. Appointed members are paid at a rate set by the Secretary but not higher than the maximum allowed under chapter 51 and subchapter III of chapter 53 of title 5; if an appointed member has another higher-paying federal job, they may choose that pay instead. A majority of directors is a quorum, and decisions pass by a majority of those present. There is also an advisory board of five President-appointed members who serve as long as the President wants. No more than three can be from the same political party. The Secretary calls meetings and must have them at least once every ninety days. The advisory board reviews the Corporation’s general policies, including buying, storing, and selling commodities and running lending and price-support programs, and advises the Secretary. Advisory members may be paid up to $50 per day when working and get necessary travel expenses.

Full Legal Text

Title 15, §714g

Commerce and Trade — Source: USLM XML via OLRC

(a)The management of the Corporation shall be vested in a board of directors (hereinafter referred to as the “Board”), subject to the general supervision and direction of the Secretary. The Secretary shall be an ex officio director and shall serve as Chairman of the Board. The Board shall consist of seven members (in addition to the Secretary), who shall be appointed by the President. In addition to their duties as members of the Board, such appointed members shall perform such other duties as may be prescribed by the Secretary. Each appointed member of the Board shall receive compensation at such rate not in excess of the maximum then payable under chapter 51 and subchapter III of chapter 53 of title 5 as may be fixed by the Secretary, except that any such member who holds another office or position under the Federal Government the compensation for which exceeds such rate may elect to receive compensation at the rate provided for such other office or position in lieu of the compensation provided by this section. A majority of the directors shall constitute a quorum of the Board and action shall be taken only by a majority vote of those present.
(b)In addition to the Board of Directors there shall be an advisory board reflecting broad agricultural and business experience in its membership and consisting of five members who shall be appointed by the President, and who shall serve at the pleasure of the President. Not more than three of such members shall belong to the same political party. The advisory board shall meet at the call of the Secretary, who shall require it to meet not less often than once each ninety days; shall survey the general policies of the Corporation, including its policies in connection with the purchase, storage, and sale of commodities, and the operation of lending and price-support programs; and shall advise the Secretary with respect thereto. Members of the advisory board shall receive for their services as members compensation of not to exceed $50 per diem when actually engaged in the performance of their duties as such, together with their necessary traveling expenses while going to and coming from meetings.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification In subsec. (a), “chapter 51 and subchapter III of chapter 53 of title 5” substituted for “the Classification Act of 1949, as amended” on authority of Pub. L. 89–554, § 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5, Government Organization and Employees.

Amendments

2012—Subsec. (a). Pub. L. 112–166 struck out “by and with the advice and consent of the Senate” before period at end of third sentence. 1976—Subsec. (a). Pub. L. 94–561 increased number of Board of Directors from six to seven members. 1949—Act Oct. 28, 1949, substituted “Classification Act of 1949” for “Classification Act of 1923”. Act June 7, 1949, amended section generally by bringing the Board under the direct control of the Secretary who will serve as Chairman of the Board, and by adding subsec. (b) to provide for the appointment and duties of an advisory board.

Statutory Notes and Related Subsidiaries

Effective Date

of 2012 AmendmentAmendment by Pub. L. 112–166 effective 60 days after Aug. 10, 2012, and applicable to appointments made on and after that

Effective Date

, including any nomination pending in the Senate on that date, see section 6(a) of Pub. L. 112–166, set out as a note under section 113 of Title 6, Domestic Security.

Effective Date

of 1976 AmendmentAmendment by Pub. L. 94–561 effective Oct. 19, 1976, see section 5 of Pub. L. 94–561, set out as a note under section 5313 of Title 5, Government Organization and Employees.

Repeals

Act Oct. 28, 1949, ch. 782, cited as a credit to this section, was repealed (subject to a savings clause) by Pub. L. 89–554, Sept. 6, 1966, § 8, 80 Stat. 632, 655. Termination of Advisory BoardsAdvisory boards in existence on Jan. 5, 1973, to terminate not later than the expiration of the 2-year period following Jan. 5, 1973, unless, in the case of a board established by the President or an officer of the Federal Government, such board is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a board established by the Congress, its duration is otherwise provided by law. See section 1001(2) and 1013 of Title 5, Government Organization and Employees.

Executive Documents

Exceptions From

Transfer of Functions

For exception of functions of corporations of Department of Agriculture from

Transfer of Functions

to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From

Transfer of Functions

note set out under section 712a of this title.

Reference

Citations & Metadata

Citation

15 U.S.C. § 714g

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73