§2242 Farm Credit Administration Board

Summary

A three-person Board runs the Farm Credit Administration. The President picks the members and the Senate must approve them. Members must be U.S. citizens and represent the public interest. No more than two can belong to the same political party. The President names one member to be Chair for that member’s term. While serving and for two years after leaving, members cannot work for any Farm Credit System institution. Each member’s term is six years, but the first two non‑chair members had staggered shorter terms (one 2 years, one 4 years). Members normally cannot serve back‑to‑back terms, though some who first serve shorter or very short unexpired terms (3 years or less) may be reappointed to a full six‑year term. Vacancies are filled for the rest of the term. New members must take an oath within 15 days. Two members make a quorum. The Board must meet at least monthly, keep records, and set its own rules. The Chair works full time and is paid at Executive Schedule level III (5 U.S.C. 5314); the other members are paid at level IV (5 U.S.C. 5315). They are reimbursed for necessary travel and expenses, subject to section 2245. The President should appoint people with experience in agricultural economics and financial reporting, regulation of financial entities, or strong financial, legal, or regulatory backgrounds.