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31 U.S.C. § 9105 — Audits

Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 9105 — Audits

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Stable record: federal_law:legal_authorities:record_usc_f6f2c89382a1bd4baa0ba85e
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Source location: Title 31, Chapter 91, § 9105; chapter-091-government-corporations.md

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**(a)** (1) The financial statements of Government corporations shall be audited by the Inspector General of the corporation appointed under chapter 4 of title 5, or under other Federal law, or by an independent external auditor, as determined by the Inspector General or, if there is no Inspector General, by the head of the corporation. (2) Audits under this section shall be conducted in accordance with applicable generally accepted government auditing standards. (3) Upon completion of the audit required by this subsection, the person who audits the statement shall submit a report on the audit to the head of the Government corporation, to the Chairman of the Committee on Government Operations of the House of Representatives, and to the Chairman of the Committee on Governmental Affairs of the Senate. (4) The Comptroller General of the United States— (A) may review any audit of a financial statement conducted under this subsection by an Inspector General or an external auditor; (B) shall report to the Congress, the Director of the Office of Management and Budget, and the head of the Government corporation which prepared the statement, regarding the results of the review and make any recommendation the Comptroller General of the United States considers appropriate; and (C) may audit a financial statement of a Government corporation at the discretion of the Comptroller General or at the request of a committee of the Congress. An audit the Comptroller General performs under this paragraph shall be in lieu of the audit otherwise required by paragraph (1) of this subsection. Prior to performing such audit, the Comptroller General shall consult with the Inspector General of the agency which prepared the statement. (5) A Government corporation shall reimburse the Comptroller General of the United States for the full cost of any audit conducted by the Comptroller General under this subsection, as determined by the Comptroller General. All reimbursements received under this paragraph by the Comptroller General of the United States shall be deposited in the Treasury as miscellaneous receipts. **(b)** Upon request of the Comptroller General of the United States, a Government corporation shall provide to the Comptroller General of the United States all books, accounts, financial records, reports, files, workpapers, and property belonging to or in use by the Government corporation and its auditor that the Comptroller General of the United States considers necessary to the performance of any audit or review under this section. **(c)** Activities of the Comptroller General of the United States under this section are in lieu of any audit of the financial transactions of a Government corporation that the Comptroller General is required to make under any other law.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2002 — Conservatorship; liquidation; receivership

**(a) Voluntary liquidation** The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm Credit Administration Board. **(b) Involuntary liquidation** (1) **In general** — The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim). (2) **Application** — In applying [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim) to the Corporation under paragraph (1)— (A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business; (B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and (C) a receiver may also be appointed for the Corporation if— (i) (I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or (II) the Corporation is classified under [section 2279bb–4 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279bb-4&num=0&edition=prelim) as within level III or IV and the alternative actions available under part B are not satisfactory; and (ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate. (3) **No effect on supervisory actions** — The grounds for appointment of a conservator for the Corporation

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Federal law — U.S. Code and appendices · legal_authorities

2 U.S.C. § 21 — Oath of Senators

The oath of office shall be administered by the President of the Senate to each Senator who shall be elected, previous to his taking his seat.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 12651 — Criminal history checks

**(a) In general** Each entity selecting individuals to serve in a position in which the individuals receive a living allowance, stipend, national service educational award, or salary through a program receiving assistance under the national service laws, shall, subject to regulations and requirements established by the Corporation, conduct criminal history checks for such individuals. **(b) Requirements** A criminal history check under subsection (a) shall, except in cases approved for good cause by the Corporation, include— (1) a name-based search of the National Sex Offender Registry established under the Adam Walsh Child Protection and Safety Act of 2006 ([42 U.S.C. 16901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section16901&num=0&edition=prelim) et seq.); 11 See References in Text note below. and (2) (A) a search of the State criminal registry or repository in the State in which the program is operating and the State in which the individual resides at the time of application; or (B) submitting fingerprints to the Federal Bureau of Investigation for a national criminal history background check. **(c) Eligibility prohibition** An individual shall be ineligible to serve in a position described under subsection (a) if such individual— (1) refuses to consent to the criminal history check described in subsection (b); (2) makes a false statement in connection with such criminal history check; (3) is registered, or is required to be registered, on a State sex offender registry or the National Sex Offender Registry established under the Adam Walsh Child Protection and Safety Act of 2006 ([42 U.S.C. 16901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section16901&num=0&edition=prelim) et seq.); 1 or (4) has b

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1431 — Powers and duties of banks

**(a) Borrowing money; issuing bonds and debentures; general powers** Each Federal Home Loan Bank shall have power, subject to rules and regulations prescribed by the Director, to borrow and give security therefor and to pay interest thereon, to issue debentures, bonds, or other obligations upon such terms and conditions as the Director may approve, and to do all things necessary for carrying out the provisions of this chapter and all things incident thereto. **(b) Issuance of consolidated Federal Home Loan Bank debentures; restrictions** The Office of Finance, as agent for the Banks, may issue consolidated Federal Home Loan Bank debentures which shall be the joint and several obligations of all Federal Home Loan Banks organized and existing under this chapter, in order to provide funds for any such bank or banks, and such debentures shall be issued upon such terms and conditions as such Office may prescribe. No such debentures shall be issued at any time if any of the assets of any Federal Home Loan Bank are pledged to secure any debts or subject to any lien, and neither the Office of Finance nor any Federal Home Loan Bank shall have power to pledge any of the assets of any Federal Home Loan Bank, or voluntarily to permit any lien to attach to the same while any of such debentures so issued are outstanding. The debentures issued under this section and outstanding shall at no time exceed five times the total paid-in capital of all the Federal Home Loan Banks as of the time of the issue of such debentures. It shall be the duty of the Office of Finance not to issue debentures under this section in excess of the notes or obligations of member institutions held and secured under [section 1430(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-ti

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1441 — Financing Corporation

**(a) Establishment** Notwithstanding any other provision of law, the Director shall charter a corporation to be known as the Financing Corporation. **(b) Management of Financing Corporation** (1) **Directorate** — The Financing Corporation shall be under the management of a directorate composed of 3 members as follows: (A) The Director of the Office of Finance of the Federal Home Loan Banks (or the head of any successor to such office). (B) 2 members selected by the Director from among the presidents of the Federal Home Loan Banks. (2) **Terms** — Each member appointed under paragraph (1)(B) shall be appointed for a term of 1 year. (3) **Vacancy** — If any member leaves the office in which such member was serving when appointed to the Directorate— (A) such member’s service on the Directorate shall terminate on the date such member leaves such office; and (B) the successor to the office of such member shall serve the remainder of such member’s term. (4) **Equal representation of banks** — No president of a Federal Home Loan Bank may be appointed to serve an additional term on the Directorate until such time as the presidents of each of the other Federal Home Loan Banks have served as many terms on the Directorate as the president of such bank (before the appointment of such president to such additional term). (5) **Chairperson** — The Director shall select the chairperson of the Directorate from among the 3 members of the Directorate. (6) **Staff** (A) *No paid employees* — The Financing Corporation shall have no paid employees. (B) *Powers* — The Directorate may, with the approval of the Director, authorize the officers, employees, or agents of the Federal Home Loan Banks to act for and on behalf of the Financing Corporation in such manner as m

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1441b — Resolution Funding Corporation established

**(a) Purpose** The purpose of the Resolution Funding Corporation is to provide funds to the Resolution Trust Corporation to enable the Resolution Trust Corporation to carry out the provisions of this chapter. **(b) Establishment** There is established a corporation to be known as the Resolution Funding Corporation. **(c) Management of Funding Corporation** (1) **Directorate** — The Funding Corporation shall be under the management of a Directorate composed of 3 members as follows: (A) The director of the Office of Finance of the Federal Home Loan Banks (or the head of any successor office). (B) 2 members selected by the Thrift Depositor Protection Oversight Board from among the presidents of the Federal Home Loan Banks. (2) **Terms** — Of the 2 members appointed under paragraph (1)(B), 1 shall be appointed for an initial term of 2 years and 1 shall be appointed for an initial term of 3 years. Thereafter, such members shall be appointed for a term of 3 years. (3) **Vacancy** — If any member leaves the office in which such member was serving when appointed to the Directorate— (A) such member’s service on the Directorate shall terminate on the date such member leaves such office; and (B) the successor to the office of such member shall serve the remainder of such member’s term. (4) **Equal representation of banks** — No president of a Federal Home Loan Bank may be appointed to serve an additional term on the Directorate until such time as the presidents of each of the other Federal Home Loan Banks have served as many terms as the president of such bank. (5) **Chairperson** — The Thrift Depositor Protection Oversight Board shall select the chairperson of the Directorate from among the 3 members of the Directorate. (6) **Staff** (A) *No paid employees

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1790 — Administrative provisions

**(a)** In carrying out the purposes of this subchapter, the Board may— (1) make contracts; (2) sue and be sued, complain and defend, in any court of law or equity, State or Federal. All suits of a civil nature at common law or in equity to which the Board shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount in controversy. The Board may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect, except that any such suit to which the Board is a party in its capacity as liquidating agent of a State-chartered credit union and which involves only the rights or obligations of members, creditors, and such State credit union under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Board or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board shall designate an agent upon whom service of process may be made in any State, territory, or jurisdiction in which any insured credit union is located; (3) pursue to final disposition by way of compromise or otherwise claims both for and against the United States (other than tort claims, claims involving administrative expenses, and claims in excess of $5,000 arising out of contracts for construction, repairs, and the purchase of supplies and materials) which are not in litigation and have not been referred to the Department of Justice;

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2013 — Establishment, charters, titles, branches

**(a) Establishment** The banks established pursuant to the merger of each District Federal Intermediate Credit Bank and Federal Land Bank (hereinafter referred to in this subchapter as “Farm Credit Banks”), as provided in section 410 of the Agricultural Credit Act of 1987, shall be Federally chartered instrumentalities of the United States. **(b) Charters** The Farm Credit Administration shall, consistent with this chapter, issue charters for, and approve amendments to charters of, the Farm Credit Banks. **(c) Title** Each Farm Credit Bank may include in its title the name of the city in which it is located or other geographical designation. **(d) Branches** Each Farm Credit Bank may establish such branches or other offices as may be appropriate for the effective operation of its business.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 226 — “Federal Reserve Act”

The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 2279aa–3 — Definitions

For purposes of this subchapter: (1) **Agricultural real estate** — The term “agricultural real estate” means— (A) a parcel or parcels of land, or a building or structure affixed to the parcel or parcels, that— (i) is used for the production of one or more agricultural commodities or products; and (ii) consists of a minimum acreage or is used in producing minimum annual receipts, as determined by the Corporation; or (B) a principal residence that is a single family, moderate-priced residential dwelling located in a rural area, excluding— (i) any community having a population in excess of 2,500 inhabitants; and (ii) any dwelling, excluding the land to which the dwelling is affixed, with a value exceeding $100,000 (as adjusted for inflation). (2) **Board** — The term “Board” means the board of directors established under [section 2279aa–2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-2&num=0&edition=prelim). (3) **Certified facility** — The term “certified facility” means— (A) an agricultural mortgage marketing facility that is certified under [section 2279aa–5 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-5&num=0&edition=prelim); or (B) the Corporation and any affiliate thereof. (4) **Corporation** — The term “Corporation” means the Federal Agricultural Mortgage Corporation established in [section 2279aa–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-1&num=0&edition=prelim). (5) **Guarantee** — The term “guarantee” means the guarantee of timely payment of the principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans, in acco

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