§286a Appointments

Summary

The President, with the Senate's approval, must appoint a governor who will serve for both the Fund and the Bank, and must appoint executive directors for each. The governor serves for five years. Executive directors serve for two years and stay on until a successor is named. The President must also appoint alternates for the governors and for each executive director; each executive director recommends candidates for their own alternate. If Schedule D applies, the Fund governor also acts as councillor, names an alternate for that councillor role, and may name associates. No one may be paid by the United States for serving as a governor, executive director, councillor, alternate, or associate. The Fund may pay the U.S. executive director up to the rate for level IV of the Executive Schedule (see 5 U.S.C. 5315) and the alternate up to the rate for level V (see 5 U.S.C. 5316). The Treasury Secretary must direct the U.S. executive director to propose ways to keep Fund pay similar to comparable government or private jobs and report those proposals and any actions taken to Congress by February 1, 1979.