PRIA, Government Policy, Made Personal

Summary

A board of directors must run the corporation. The board has six members: top officials (or their designated members) from the Federal Home Loan Bank Board, the Department of Housing and Urban Development, the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration. The board picks one of its members as chair for a two-year term, and the Federal Home Loan Bank Board Chair is the first chair for the initial two years. Each director serves on the board only while they hold the federal office that gives them the seat. They are full-time U.S. officers, get no extra pay, but are paid back for travel and other necessary expenses. The board must create bylaws, policies, and administrative rules needed to run the corporation. If a director must miss a meeting, they can send a designated representative who holds a Senate-confirmed post in the same agency, or, for the Comptroller, a Deputy Comptroller. A majority of members or their representatives makes a quorum. The corporation must follow section 552 of title 5 and conduct meetings under section 552b of title 5.

Title 42, §8103

The Public Health and Welfare, Source: USLM XML via OLRC

(a)Membership

The corporation shall be under the direction of a board of directors made up of the following members:

(1)the Chairman of the Federal Home Loan Bank Board or a member of the Federal Home Loan Bank Board to be designated by the Chairman;

(2)the Secretary of Housing and Urban Development;

(3)the Chairman of the Board of Governors of the Federal Reserve System, or a member of the Board of Governors of the Federal Reserve System to be designated by the Chairman;

(4)the Chairman of the Federal Deposit Insurance Corporation or the appointive member of the Board of Directors of the Federal Deposit Insurance Corporation if so designated by the Chairman;

(5)the Comptroller of the Currency; and

(6)the Chairman of the National Credit Union Administration or a member of the Board of the National Credit Union Administration to be designated by the Chairman.

(b)Election of chairman

The Board shall elect from among its members a chairman who shall serve for a term of two years, except that the Chairman of the Federal Home Loan Bank Board shall serve as Chairman of the Board of Directors for the first such two-year term.

(c)Terms of office

Each director of the corporation shall serve ex officio during the period he holds the office to which he is appointed by the President.

(d)Compensation and expenses

The directors of the corporation, as full-time officers of the United States, shall serve without additional compensation but shall be reimbursed for travel, subsistence, and other necessary expenses incurred in the performance of their duties as directors of the corporation.

(e)Bylaws, policies and administrative provisions

The directors of the corporation shall adopt such bylaws, policies, and administrative provisions as are necessary to the functioning of the corporation and consistent with the provisions of this subchapter.

(f)Director absences; designated representatives

A director who is necessarily absent from a meeting of the board, or of a committee of the board, may participate in such meeting through a duly designated representative who is serving, pursuant to appointment by the President of the United States, by and with the advice and consent of the Senate, in the same department, agency, corporation, or instrumentality as the absent director, or in the case of the Comptroller of the Currency, through a duly designated Deputy Comptroller.

(g)Quorum

The presence of a majority of the board members, or their representatives as provided in subsection (f), shall constitute a quorum.

(h)Application of other laws

The corporation shall be subject to the provisions of section 552 of title 5.

(i)Meetings of board

All meetings of the board of directors will be conducted in accordance with the provisions of section 552b of title 5.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1988—Subsec. (a)(1). Pub. L. 100–242, § 520(a)(1), inserted “or a member of the Federal Home Loan Bank Board to be designated by the Chairman” before semicolon. Subsec. (a)(3). Pub. L. 100–242, § 520(a)(2), added par. (3) and struck out former par. (3) which read as follows: “a member of the Board of Governors of the Federal Reserve System, to be designated by the Chairman of the Board of Governors of the Federal Reserve System;”. Subsec. (a)(4). Pub. L. 100–242, § 520(a)(3), inserted “or the appointive member of the Board of Directors of the Federal Deposit Insurance Corporation if so designated by the Chairman” before semicolon. Subsec. (a)(6). Pub. L. 100–628 struck out second of the two periods at end. Pub. L. 100–242, § 520(a)(4), substituted “Chairman” for “Administrator” and inserted “or a member of the Board of the National Credit Union Administration to be designated by the Chairman.” before period. 1982—Subsecs. (f) to (i). Pub. L. 97–320 added subsec. (f), redesignated former subsecs. (f) to (h) as (g) to (i), respectively, and in subsec. (g) inserted “, or their representatives as provided in subsection (f),”.

Statutory Notes and Related Subsidiaries

Transfer of Functions

Federal Home Loan Bank Board abolished and functions transferred, see sections 401 to 406 of Pub. L. 101–73, set out as a note under section 1437 of Title 12, Banks and Banking.

§8103 Board of Directors