Title 12 — Banks and BankingRelease 119-73not60

§2284 Board of Directors

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

Last updated Apr 3, 2026|Official source

Summary

Creates a five-person Board for the Bank. One member must be the Secretary of the Treasury, who is the Chairman. The President picks the other four from officers or employees of the Bank or any federal agency. The Chairman and each member may name another government officer or employee to serve in their place. The Board meets when the Chairman calls a meeting and sets the Bank’s general policies. The Chairman picks and appoints the Bank’s executive officers under the bylaws, and those officers carry out duties given by the bylaws or the Board. Board members and their substitutes do not get paid for serving.

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

Apr 3, 2026

Release point: 119-73not60