§2244 — Title 12 Banks and Banking | U.S. Code

Summary

The Chairman is the chief executive officer of the Farm Credit Administration. The Chairman must run the agency’s day-to-day work and carry out the Board’s policies and rules. The Chairman speaks for the Board and represents the agency to the federal government. Under the Board’s policies, the Chairman must regularly consult with the Secretary of the Treasury about System powers under section 2153, with the Federal Reserve Board about how System lending affects national monetary policy, and with the Secretary of Agriculture about effects on farmers and the farm economy. The Chairman must follow the Board’s general policies and regulatory decisions, and actions taken toward others are presumed to follow those policies. The Chairman enforces the Board’s rules and orders. Lawyers chosen by the Chairman must represent the agency in civil cases tied to conservatorships and receiverships. They can also represent the agency in other civil cases if the Attorney General allows it under title 28, except as provided in section 518 of title 28 for Supreme Court litigation.

Title 12, §2244

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(a)(1)The Chairman of the Board shall be the chief executive officer of the Farm Credit Administration.

(2)In carrying out the responsibilities of the chief executive officer, the Chairman shall be responsible for directing the implementation of policies and regulations adopted by the Board and, after consultation with the Board, the execution of the administrative functions and duties of the Farm Credit Administration.

(3)In carrying out policies as directed by the Board, the Chairman shall act as spokesperson for the Board and represent the Board and the Farm Credit Administration in their official relations within the Federal Government.

(4)Under policies adopted by the Board, the Chairman shall consult on a regular basis with—

(A)the Secretary of the Treasury concerning the exercise, by the System, of the powers conferred under section 2153 of this title;

(B)the Board of Governors of the Federal Reserve System concerning the effect of System lending activities on national monetary policy; and

(C)the Secretary of Agriculture concerning the effect of System policies on farmers, ranchers, and the agricultural economy.

(b)In carrying out responsibilities under this chapter, the Chairman of the Board shall be governed by general policies adopted by the Board and by such regulatory decisions, findings, and determinations as the Board may by law be authorized to make and, as to third persons, all acts of the Chairman of the Board shall be conclusively presumed to be in compliance with such general policies and regulatory decisions, findings, and determinations.

(c)The Chairman of the Board shall enforce the rules, regulations, and orders of the Board. Except as provided in section 518 of title 28, relating to litigation before the Supreme Court, attorneys designated by the Chairman shall represent the Farm Credit Administration in any civil proceeding or civil action brought in connection with the administration of conservatorships and receiverships. Attorneys designated by the Chairman may represent the Farm Credit Administration in any other civil proceedings or civil action when so authorized by the Attorney General under provisions of title 28.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1988—Subsec. (a). Pub. L. 100–233 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The Chairman of the Board shall be the executive officer of the Board and the chief executive officer of the Farm Credit Administration. The Chairman shall be responsible for directing the implementation of the policies and

Regulations

adopted by the Board and the execution of all of the administrative functions and duties of the Farm Credit Administration. The Chairman shall be the spokesman for the Board and the Farm Credit Administration and shall represent the Board and the Farm Credit Administration in their official relations within the Government. Under policies adopted by the Board, the Chairman shall consult on a regular basis with the Secretary of the Treasury in connection with the exercise by the System of the powers conferred under section 2153 of this title, with the Board of Governors of the Federal Reserve System in connection with the effect of System lending activities on national monetary policy, and with the Secretary of Agriculture in connection with the effect of System policies on farmers and the agricultural economy.” 1985—Pub. L. 99–205 substituted provisions relating to the Chairman of the Board, his responsibilities, and governing standards for provisions relating to the Governor of the Farm Credit Administration. 1980—Pub. L. 96–592 inserted provisions relating to requirements of the Governor to consult with the Secretary of the Treasury and the Governors of the Federal Reserve System.

Statutory Notes and Related Subsidiaries

Effective Date

of 1985 AmendmentAmendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. Interim Implementation of 1985 AmendmentFor provisions authorizing interim implementation by Governor of Farm Credit Administration of

Amendments

to this section by Pub. L. 99–205, see section 402 of Pub. L. 99–205, set out as a note under section 2241 of this title.

§2244 Chairman; Responsibilities; Governing Standards

Summary

Title 12, §2244

Notes & Related Subsidiaries

Editorial Notes

Amendments

Regulations

Statutory Notes and Related Subsidiaries

Effective Date

Amendments

Citations & Metadata