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Title 12, Banks and BankingRelease 119-102

§2405 Executive Director and Additional Staff Personnel; Appointment and Compensation; Experts and Consultants; Employment and Compensation; Audits by Comptroller General

Title 12 › CHAPTER 25 — NATIONAL COMMISSION ON ELECTRONIC FUND TRANSFERS › § 2405

Last updated Aug 21, 2026|Official source

Summary

The Commission can hire an Executive Director with the Senate’s approval and hire other staff it needs. It can set their pay without using the normal federal hiring and pay rules, but no one can be paid more than the top GS‑18 rate under section 5332 of title 5. The Commission can also hire short‑term or on‑call workers like allowed under section 3109 of title 5, but must not pay them more than $150 a day. The Comptroller General may audit the Commission’s books and must send the audit results to the Commission and to Congress.

Full Legal Text

Title 12, §2405

Banks and Banking, Source: USLM XML via OLRC

(a)The Commission—
(1)may appoint with the advice and consent of the Senate and fix the compensation of an Executive Director, and such additional staff personnel as he deems necessary, without regard to the provisions of title 5 governing appointments in the competitive service, and without regard to chapter 51 and subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates, but at rates not in excess of the maximum rate for GS–18 of the General Schedule under section 5332 of such title; and
(2)may procure temporary and intermittent services to the same extent as is authorized by section 3109 of title 5, but at rates not to exceed $150 a day for individuals.
(b)The Comptroller General is authorized to make detailed audits of the books and records of the Commission, and shall report the results of any such audit to the Commission and to the Congress.

Legislative History

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

References in Other Laws to GS–16, 17, or 18 Pay RatesReferences in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, § 101(c)(1)] of Pub. L. 101–509, set out in a note under section 5376 of Title 5.

Reference

Citations & Metadata

Citation

12 U.S.C. § 2405

Title 12, Banks and Banking

Last Updated

Aug 21, 2026

Release point: 119-102