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12 U.S.C. § 2244 — Farm Credit Administration Board
Federal law — U.S. Code and appendices · legal_authorities
**(a) Appointment** The management of the Farm Credit Administration shall be vested in a Farm Credit Administration Board (referred to in this part as “the Board”). The Board shall consist of three members, who shall be citizens of the United States and broadly representative of the public interest. Members of the Board shall be appointed by the President, by and with the advice and consent of the Senate. Not more than two members of the Board shall be members of the same political party. Of the persons thus appointed, one shall be designated by the President to serve as Chairman of the Board for the duration of the member’s term. The members of the Board shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any institution of the Farm Credit System.
**(b) Terms of office** The term of office of each member of the Board shall be six years, except that the terms of the two members, other than the Chairman, first appointed under subsection (a) shall expire, one on the expiration of two years after the date of appointment, and one on the expiration of four years after the date of appointment. Members of the Board shall not be appointed to succeed themselves, except that the members first appointed under subsection (a) for a term of less than six years may be reappointed for a full six-year term and members appointed to fill unexpired terms of three years or less may be reappointed for a full six-year term. Any vacancy shall be filled for the unexpired term on like appointment. Any member of the Board shall continue to serve as such after the expiration of the member’s term until a successor has been appointed and qualified.
**(c) Organization** Each member of the Board, within fifteen days afte
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Stable record: federal_law:legal_authorities:record_usc_c64f8e80a5e6f11c64d18e1e
Source file: Laws/federal/codes/united-states-code/title-12/section-2244-farm-credit-administration-board--f8ccdc2a3e.md
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Source location: Title 12, Chapter 23, § 2244; chapter-023-farm-credit-system.md
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**(a) Appointment** The management of the Farm Credit Administration shall be vested in a Farm Credit Administration Board (referred to in this part as “the Board”). The Board shall consist of three members, who shall be citizens of the United States and broadly representative of the public interest. Members of the Board shall be appointed by the President, by and with the advice and consent of the Senate. Not more than two members of the Board shall be members of the same political party. Of the persons thus appointed, one shall be designated by the President to serve as Chairman of the Board for the duration of the member’s term. The members of the Board shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any institution of the Farm Credit System.
**(b) Terms of office** The term of office of each member of the Board shall be six years, except that the terms of the two members, other than the Chairman, first appointed under subsection (a) shall expire, one on the expiration of two years after the date of appointment, and one on the expiration of four years after the date of appointment. Members of the Board shall not be appointed to succeed themselves, except that the members first appointed under subsection (a) for a term of less than six years may be reappointed for a full six-year term and members appointed to fill unexpired terms of three years or less may be reappointed for a full six-year term. Any vacancy shall be filled for the unexpired term on like appointment. Any member of the Board shall continue to serve as such after the expiration of the member’s term until a successor has been appointed and qualified.
**(c) Organization** Each member of the Board, within fifteen days after notice of appointment, shall subscribe to the oath of office. The Board may transact business if a vacancy exists, provided a quorum is present. A quorum shall consist of two members of the Board. The Board shall hold at least one meeting each month and such additional meetings at such times and places as it may fix and determine. Such meetings shall be held on the call of the Chairman or any two Board members. The Board shall adopt such rules as it deems appropriate for the transaction of business by the Board, and shall keep permanent and accurate records and minutes of the actions and proceedings of the Board.
**(d) Compensation** The members of the Board shall devote their full time and attention to the business of the Board. The Chairman of the Board shall receive compensation at the rate prescribed for level III of the Executive Schedule under [section 5314 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5314&num=0&edition=prelim). Each of the other members of the Board shall receive compensation at the rate prescribed for level IV of the Executive Schedule under [section 5315 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5315&num=0&edition=prelim). Each member of the Board shall be reimbursed for necessary travel, subsistence, and other expenses in the discharge of the member’s official duties without regard to other laws with respect to allowance for travel and subsistence of officers and employees of the United States. This subsection shall be subject to the provisions of [section 2245 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2245&num=0&edition=prelim).
**(e) Qualifications of Farm Credit Administration Board members** The President shall appoint members of the Board who—
(1) are experienced or knowledgeable in agricultural economics and financial reporting and disclosure;
(2) are experienced or knowledgeable in the regulation of financial entities; or
(3) have a strong financial, legal, or regulatory background.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 92–181, title VIII, § 8.38, as added Pub. L. 104–105, title I, § 117, Feb. 10, 1996, 110 Stat. 168, related to recapitalization of Corporation.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2001
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Federal law — U.S. Code and appendices · legal_authorities
Level IV of the Executive Schedule applies to the following positions, for which the annual rate of basic pay shall be the rate determined with respect to such level under chapter 11 of title 2, as adjusted by [section 5318 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5318&num=0&edition=prelim):
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Federal law — U.S. Code and appendices · legal_authorities
Level III of the Executive Schedule applies to the following positions, for which the annual rate of basic pay shall be the rate determined with respect to such level under chapter 11 of title 2, as adjusted by [section 5318 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5318&num=0&edition=prelim):
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 5314
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Federal law — U.S. Code and appendices · legal_authorities
The Board shall manage and administer, and establish policies for, the Farm Credit Administration. It—
(1) shall approve the rules and regulations for the implementation of this chapter not inconsistent with its provisions;
(2) shall provide for the examination of the condition of, and general regulation of the performance of the powers, functions, and duties vested in, each institution of the Farm Credit System;
(3) shall provide for the performance of all the powers and duties vested in the Farm Credit Administration; and
(4) may require such reports as it deems necessary from the institutions of the Farm Credit System.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) The General Schedule, the symbol for which is “GS”, is the basic pay schedule for positions to which this subchapter applies. Each employee to whom this subchapter applies is entitled to basic pay in accordance with the General Schedule.
(2) The General Schedule is a schedule of annual rates of basic pay, consisting of 15 grades, designated “GS–1” through “GS–15”, consecutively, with 10 rates of pay for each such grade. The rates of pay of the General Schedule are adjusted in accordance with section 5303.
**(b)** When payment is made on the basis of an hourly, daily, weekly, or biweekly rate, the rate is computed from the appropriate annual rate of basic pay named by subsection (a) of this section in accordance with the rules prescribed by [section 5504(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section5504/b&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section, Pub. L. 92–181, title V, § 5.0, Dec. 10, 1971, 85 Stat. 614; Pub. L. 96–592, title V, § 501, Dec. 24, 1980, 94 Stat. 3448; Pub. L. 99–205, title II, § 205(g)(1), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 100–233, title VIII, § 805(v), Jan. 6, 1988, 101 Stat. 1716; Pub. L. 100–399, title IX, § 901(q), (r), Aug. 17, 1988, 102 Stat. 1008, which related to creation of districts, was transferred to section 1.2(b) of Pub. L. 92–181 by section 901(r) of Pub. L. 100–399 and is classified to [section 2002(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2002/b&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
Page 1350
TITLE 12—BANKS AND BANKING
§ 2243
INTERIM IMPLEMENTATION OF 1985 AMENDMENT
For provisions authorizing interim implementation
by Governor of Farm Credit Administration of amend-
ments to this section by Pub. L. 99–205, see section 402
of Pub. L. 99–205, set out as a note under section 2241 of
this title.
§ 2243. Powers of Board
The Board shall manage and administer, and
establish policies for, the Farm Credit Adminis-
tration. It—
(1) shall approve the rules and regulations
for the implementation of this chapter not in-
consistent with its provisions;
(2) shall provide for the examination of the
condition of, and general regulation of the per-
formance of the powers, functions, and duties
vested in, each institution of the Farm Credit
System;
(3) shall provide for the performance of all
the powers and duties vested in the Farm
Credit Administration; and
(4) may require such reports as it deems nec-
essary from the institutions of the Farm Cred-
it System.
(Pub. L. 92–181, title V, § 5.9, Dec. 10, 1971, 85
Stat. 619; Pub. L. 99–205, title II, § 201(1), Dec. 23,
1985, 99 Stat. 1689; Pub. L. 100–233, title VIII,
§ 805(w), Jan. 6, 1988, 101 Stat. 1716.)
Editorial Notes
AMENDMENTS
1988—Pub. L. 100–233 struck out ‘‘; civil proceedings’’
in section catchline.
1985—Pub. L. 99–205 substituted requirement that the
Board manage and administer, and establish policies
for, the Farm Credit Administration for former re-
quirement that the Federal Farm Credit Board estab-
lish the general policy for the guidance of the Farm
Credit Administration, including matters of broad and
general supervisory, advisory, or policy nature; incor-
porated existing text in provisions designated cls. (1) to
(4); substituted in cl. (2) ‘‘general regulation’’ for ‘‘ge
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