§2279aa–2 Board of Directors

Summary

The Corporation must be run by a board of directors made up of 15 people. Five are elected by common-stock holders that are insurance companies, banks, or other financial firms. Five are elected by Farm Credit System institutions. Five are picked by the President with Senate approval. The President’s five must be members of the general public and not current or former officers or directors of financial firms. No more than three of those five can be from the same political party, and at least two must have farming or ranching experience. If an elected seat opens, the board fills it from eligible people in the same group. If a presidential appointee leaves, the President fills that spot the same way as the original appointment. Appointees serve at the President’s pleasure. Elected members are chosen each year and serve until successors take office; replacements serve only the rest of the term. If a member stops being the kind of representative they were when picked, or becomes an officer of a financial firm when they were supposed not to, they may stay on for up to 45 days. Eight members make a quorum. The President names one presidential appointee as chair. The chair or a majority may call meetings. Federal full-time employees on the board get no extra pay. The board may hire officers and staff and set their pay and benefits.