§2242 Farm Credit Administration Board

Summary

A three-member Board runs the Farm Credit Administration. Members must be U.S. citizens and represent the public interest. The President picks them and the Senate must approve. No more than two can be from the same political party. The President names one member as Chairman. While serving and for two years after leaving, members cannot work for any Farm Credit System institution. Terms are six years. At the start, the two non‑chair members had shorter two- and four‑year terms. Members usually cannot be reappointed, but the first short‑term appointees and those who fill unexpired terms of three years or less may be reappointed to a full six‑year term. Vacancies are filled for the rest of the term, and a member stays on until a qualified successor is appointed. Each member must take an oath within 15 days. The Board can do business if two members are present. It must meet at least once a month and when the Chairman or any two members call a meeting. The Board makes its own rules and keeps detailed records. Members must work full time. The Chairman is paid at Executive Schedule level III (section 5314 of title 5); the other members are paid at level IV (section 5315 of title 5). Members are reimbursed for necessary travel and expenses, subject to section 2245. The President must appoint people with experience in agricultural economics and financial reporting, financial regulation, or strong financial, legal, or regulatory backgrounds.