§714g Board of Directors

Summary

A board of directors runs the Corporation, but the Secretary has overall supervision. The Secretary is a director by law and is the Board’s chair. The President appoints seven other members. Those appointees also do tasks the Secretary gives them. They are paid up to the maximum allowed under chapter 51 and subchapter III of chapter 53 of title 5, as set by the Secretary, but if a member holds another federal job that pays more they may take that pay instead. More than half the directors must be present to act, and decisions need a majority vote of those there. There is also an advisory board of five members the President appoints, who serve as long as the President wants. No more than three may be from the same political party. The Secretary calls its meetings and must have it meet at least once every 90 days. The advisory board reviews broad farm and business policies, including buying, storing, and selling commodities and how lending and price-support programs operate, and then advises the Secretary. Advisory members may be paid up to $50 per day when actually working and get necessary travel expenses to and from meetings.