Title 12, Banks and BankingRelease 119-102

§2284 Board of Directors

Title 12 › CHAPTER 24 — FEDERAL FINANCING BANK › § 2284

Last updated Aug 21, 2026|Official source

Summary

The Bank must have a five-person Board of Directors. One member must be the Secretary of the Treasury, who serves as Chair, and the President appoints the other four from the Bank or any federal agency. Any board member, including the Chair, may name another government officer or employee to act for them. The Chair calls the meetings and the Board sets the Bank’s general policies. The Chair picks the executive officers under the bylaws to run day-to-day operations. Board members and their substitutes receive no pay for serving on the Board.

Full Legal Text

Title 12, §2284

Banks and Banking, Source: USLM XML via OLRC

(a)The Bank shall have a Board of Directors consisting of five persons, one of whom shall be the Secretary of the Treasury as Chairman of the Board, and four of whom shall be appointed by the President from among the officers or employees of the Bank or of any Federal agency. The Chairman and each other member of the Board may designate some other officer or employee of the Government to serve in his place.

(b)The Board of Directors shall meet at the call of its Chairman. The Board shall determine the general policies which shall govern the operations of the Bank. The Chairman of the Board shall select and effect the appointment of qualified persons to fill such offices as may be provided for in the bylaws, and such persons shall be the executive officers of the Bank and shall discharge such executive functions, powers, and duties as may be provided for in the bylaws or by the Board of Directors. The members of the Board and their designees shall not receive compensation for their services on the Board.

Reference

Citations & Metadata

Citation

12 U.S.C. § 2284

Title 12, Banks and Banking

Last Updated

Aug 21, 2026

Release point: 119-102