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Title 12 — Banks and BankingRelease 119-73not60

§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 Apr 3, 2026|Official source

Summary

The Commission can hire an Executive Director, but the Senate must approve that person. The Commission can also hire whatever staff it needs. Those hires do not have to follow the usual federal hiring and pay rules in Title 5 (including chapter 51 and subchapter III of chapter 53). However, pay for those jobs cannot be higher than the top rate for GS–18 under section 5332. The Commission can also get temporary or intermittent help like allowed under 5 U.S.C. 3109, but cannot pay more than $150 a day for any individual. The Comptroller General can examine the Commission’s books and records in detail. The Comptroller General must report 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

Apr 3, 2026

Release point: 119-73not60