§8103 — Title 42 The Public Health and Welfare | U.S. Code

Summary

A board of directors runs the corporation. The board is made up of six high-level federal officials or people they pick: the Chairman (or a designee) of the Federal Home Loan Bank Board, the Secretary of Housing and Urban Development, the Chairman (or a designee) of the Board of Governors of the Federal Reserve System, the Chairman (or a designated appointive member) of the FDIC, the Comptroller of the Currency, and the Chairman (or a designee) of the National Credit Union Administration. The board picks a chair from among its members for a two-year term, and the Federal Home Loan Bank Board Chairman must be chair for the first two-year term. Each director serves while they keep the government job that got them appointed by the President. Directors work full time for the United States and get no extra pay, but they are paid back for travel, subsistence, and other necessary expenses. The board must create bylaws, policies, and rules needed to run the corporation. An absent director may send a designated representative who was appointed by the President with Senate approval from the same agency (or a Deputy Comptroller for the Comptroller). A majority of members or their representatives makes a quorum. The corporation must follow 5 U.S.C. 552 (public records) and hold meetings under 5 U.S.C. 552b.

Title 42, §8103

The Public Health and Welfare — Source: USLM XML via OLRC

(a)The corporation shall be under the direction of a board of directors made up of the following members:

(1)the Chairman of the Federal Home Loan Bank Board or a member of the Federal Home Loan Bank Board to be designated by the Chairman;

(2)the Secretary of Housing and Urban Development;

(3)the Chairman of the Board of Governors of the Federal Reserve System, or a member of the Board of Governors of the Federal Reserve System to be designated by the Chairman;

(4)the Chairman of the Federal Deposit Insurance Corporation or the appointive member of the Board of Directors of the Federal Deposit Insurance Corporation if so designated by the Chairman;

(5)the Comptroller of the Currency; and

(6)the Chairman of the National Credit Union Administration or a member of the Board of the National Credit Union Administration to be designated by the Chairman.

(b)The Board shall elect from among its members a chairman who shall serve for a term of two years, except that the Chairman of the Federal Home Loan Bank Board shall serve as Chairman of the Board of Directors for the first such two-year term.

(c)Each director of the corporation shall serve ex officio during the period he holds the office to which he is appointed by the President.

(d)The directors of the corporation, as full-time officers of the United States, shall serve without additional compensation but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as directors of the corporation.

(e)The directors of the corporation shall adopt such bylaws, policies, and administrative provisions as are necessary to the functioning of the corporation and consistent with the provisions of this subchapter.

(f)A director who is necessarily absent from a meeting of the board, or of a committee of the board, may participate in such meeting through a duly designated representative who is serving, pursuant to appointment by the President of the United States, by and with the advice and consent of the Senate, in the same department, agency, corporation, or instrumentality as the absent director, or in the case of the Comptroller of the Currency, through a duly designated Deputy Comptroller.

(g)The presence of a majority of the board members, or their representatives as provided in subsection (f), shall constitute a quorum.

(h)The corporation shall be subject to the provisions of section 552 of title 5.

(i)All meetings of the board of directors will be conducted in accordance with the provisions of section 552b of title 5.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1988—Subsec. (a)(1). Pub. L. 100–242, § 520(a)(1), inserted “or a member of the Federal Home Loan Bank Board to be designated by the Chairman” before semicolon. Subsec. (a)(3). Pub. L. 100–242, § 520(a)(2), added par. (3) and struck out former par. (3) which read as follows: “a member of the Board of Governors of the Federal Reserve System, to be designated by the Chairman of the Board of Governors of the Federal Reserve System;”. Subsec. (a)(4). Pub. L. 100–242, § 520(a)(3), inserted “or the appointive member of the Board of Directors of the Federal Deposit Insurance Corporation if so designated by the Chairman” before semicolon. Subsec. (a)(6). Pub. L. 100–628 struck out second of the two periods at end. Pub. L. 100–242, § 520(a)(4), substituted “Chairman” for “Administrator” and inserted “or a member of the Board of the National Credit Union Administration to be designated by the Chairman.” before period. 1982—Subsecs. (f) to (i). Pub. L. 97–320 added subsec. (f), redesignated former subsecs. (f) to (h) as (g) to (i), respectively, and in subsec. (g) inserted “, or their representatives as provided in subsection (f),”.

Statutory Notes and Related Subsidiaries

Transfer of Functions

Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of Title 12, Banks and Banking.

§8103 Board of Directors