§286a Appointments

Summary

The President must appoint, with the Senate’s approval, a governor for the Fund who will also be governor of the Bank, and must appoint executive directors for the Fund and the Bank. The governor serves for five years. The executive directors serve for two years but stay on until their successors are named. The President must also appoint alternates for the governors and for each executive director. An alternate for an executive director must come from people the executive director recommends. If a certain rule (Schedule D) applies, the Fund’s governor also acts as councillor, names an alternate for that role, and may name associates. People who serve as governor, executive director, councillor, alternate, or associate get no pay from the United States. The Fund cannot pay the U.S. executive director more than the Level IV rate in the Executive Schedule (5 U.S.C. 5315) or pay the U.S. alternate executive director more than the Level V rate (5 U.S.C. 5316). The Treasury Secretary must tell the U.S. executive director to propose pay rules to the Fund’s Executive Board and must report those proposals and any Board actions to Congress by February 1, 1979.