12 U.S.C. § 2244 — Untitled legal text

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 ‘‘gen- eral supervision’’; and struck out last sentence which read as follows: ‘‘The Board shall function as a unit without delegating any of its functions to individual members, but may appoint committees and subcommit- tees for studies and reports for consideration by the Board. It shall not operate in an administrative capac- ity.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. 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. § 2244. Chairman; responsibilities; governing standards (a) Chairman of Farm Credit Administration Board; power and authority (1) The Chairman of the Board shall be the chief executive officer of the Farm Credit Ad- ministration. (2) In carrying out the responsibilities of the chief executive officer, the Chairman shall be re- sponsible for directing the implementation of policies and regulations adopted by the Board and, after consultation with the Board, the exe- cution of the administrative functions and du- ties of the Farm Credit Administration. (3) In carrying out policies as directed by the Board, the Chairman shall act as spokesperson for the Board and represent the Board and the Farm Credit Administration in their official re- lations within the Federal Government. (4) Under policies adopted by the Board, the Chairman shall consult on a regular basis with— (A) the Secretary of the Treasury con- cerning the exercise, by the System, of the powers conferred under section 2153 of this title; (B) the Board of Governors of the Federal Reserve System concerning the effect of Sys- tem lending activities on national monetary policy; and (C) the Secretary of Agriculture concerning the effect of System policies on farmers, ranchers, and the agricultural economy. (b) Governing standards In carrying out responsibilities under this chapter, the Chairman of the Board shall be gov- erned by general policies adopted by the Board and by such regulatory decisions, findings, and determinations as the Board may by law be au- thorized to make and, as to third persons, all acts of the Chairman of the Board shall be con- clusively presumed to be in compliance with such general policies and regulatory decisions, findings, and determinations. (c) Enforcement of rules, regulations, and orders of Board; civil proceedings; representation by attorneys The Chairman of the Board shall enforce the rules, regulations, and orders of the Board. Ex- cept as provided in section 518 of title 28, relat- ing to litigation before the Supreme Court, at- torneys designated by the Chairman shall rep- resent the Farm Credit Administration in any civil proceeding or civil action brought in con- nection with the administration of conservatorships and receiverships. Attorneys designated by the Chairman may represent the Farm Credit Administration in any other civil proceedings or civil action when so authorized by the Attorney General under provisions of title 28. (Pub. L. 92–181, title V, § 5.10, Dec. 10, 1971, 85 Stat. 619; Pub. L. 96–592, title V, § 504, Dec. 24, 1980, 94 Stat. 3449; Pub. L. 99–205, title II, § 201(1), Dec. 23, 1985, 99 Stat. 1689; Pub. L. 100–233, title IV, § 431(b), Jan. 6, 1988, 101 Stat. 1658.) Editorial Notes AMENDMENTS 1988—Subsec. (a). Pub. L. 100–233 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as fol- lows: ‘‘The Chairman of the Board shall be the execu- tive officer of the Board and the chief executive officer of the Farm Credit Administration. The Chairman shall be responsible for directing the implementation of the policies and regulations adopted by the Board and the execution of all of the administrative functions and du- Page 1351 TITLE 12—BANKS AND BANKING § 2245 ties of the Farm Credit Administration. The Chairman shall be the spokesman for the Board and the Farm Credit Administration and shall represent the Board and the Farm Credit Administration in their official relations within the Government. Under policies adopt- ed by the Board, the Chairman shall consult on a reg- ular basis with the Secretary of the Treasury in con- nection with the exercise by the System of the powers conferred under section 2153 of this title, with the Board of Governors of the Federal Reserve System in connection with the effect of System lending activities on national monetary policy, and with the Secretary of Agriculture in connection with the effect of System policies on farmers and the agricultural economy.’’ 1985—Pub. L. 99–205 substituted provisions relating to the Chairman of the Board, his responsibilities, and governing standards for provisions relating to the Gov- ernor of the Farm Credit Administration. 1980—Pub. L. 96–592 inserted provisions relating to re- quirements of the Governor to consult with the Sec- retary of the Treasury and the Governors of the Fed- eral Reserve System. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title. 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. § 2245. Organization of Farm Credit Administra- tion (a) Policies of Board The Chairman of the Farm Credit Administra- tion Board, in carrying out the powers and du- ties vested in the Chairman by this chapter, and Acts supplementary thereto, shall be governed by policies of the Board and by such regulatory decisions, findings, and determinations as the Board may by law be authorized to make. (b) Appointments The Chairman of the Board shall appoint such personnel as may be necessary to carry out the functions of the Farm Credit Administration. The appointment by the Chairman of the heads of major administrative divisions under the Board shall be subject to the approval of the Board. (c) Personnel (1) Appointments by Board members Personnel employed regularly and full-time in the immediate offices of Board members shall be appointed by each such Board mem- ber. (2) Officers and employees (A) Appointment, compensation, and benefits The Chairman shall fix the compensation and number of, and appoint and direct, em- ployees of the Administration. The Chair- man may set and adjust the rates of basic pay for employees of the Administration without regard to the provisions of chapter 51, or subchapter III of chapter 53, of title 5. The Chairman may provide such additional compensation and benefits to employees of the Administration as is necessary to main- tain comparability with the total amount of compensation and benefits provided by other Federal bank regulatory agencies. In setting and adjusting the total amount of compensa- tion and benefits for employees of the Ad- ministration, the Chairman shall consult with, and seek to maintain comparability with, other Federal bank regulatory agen- cies. (B) ‘‘Other Federal bank regulatory agencies’’ defined For purposes of this subsection, the term ‘‘other Federal bank regulatory agencies’’ has the same meaning given to the term ‘‘appropriate Federal banking agency’’ in section 1813(q) of this title. (C) Ethics in Government The officers and employees of the agency shall be— (i) subject to chapter 131 of title 5; and (ii) considered officers or employees of the United States for the purposes of sec- tions 201 through 203, and sections 205 through 209, of title 18. (3) Delegation The powers of the Chairman as chief execu- tive officer necessary for day to day manage- ment may be exercised and performed by the Chairman through such other officers and em- ployees of the Administration as the Chair- man shall designate, except that the Chairman may not delegate powers specifically reserved to the Chairman by this chapter without Board approval. (d) Funding The operations of the Farm Credit Adminis- tration, and the salaries of members of the Board and employees of the Administration, shall be funded and paid for from the fund cre- ated under section 2250 of this title. (Pub. L. 92–181, title V, § 5.11, Dec. 10, 1971, 85 Stat. 620; Pub. L. 99–205, title II, § 201(1), Dec. 23, 1985, 99 Stat. 1690; Pub. L. 100–233, title IV, § 431(c), title VIII, § 805(x), Jan. 6, 1988, 101 Stat. 1659, 1716; Pub. L. 100–399, title IV, § 415(a), title VII, § 702(b), Aug. 17, 1988, 102 Stat. 1004, 1006; Pub. L. 101–73, title XII, § 1210, Aug. 9, 1989, 103 Stat. 523; Pub. L. 117–286, § 4(c)(23), Dec. 27, 2022, 136 Stat. 4357.) Editorial Notes AMENDMENTS 2022—Subsec. (c)(2)(C)(i). Pub. L. 117–286 substituted ‘‘chapter 131 of title 5;’’ for ‘‘the Ethics in Government Act of 1978;’’. 1989—Subsec. (c)(2). Pub. L. 101–73 amended par. (2) generally. Prior to amendment, par. (2) read as follows: ‘‘The officers and employees of the agency shall be— ‘‘(A) subject to the Ethics in Government Act of 1978 (2 U.S.C. 701 et seq.); ‘‘(B) considered officers or employees of the United States for the purposes of sections 201 through 203, and sections 205 through 209, of title 18; and ‘‘(C) subject to section 5373 of title 5.’’ 1988—Pub. L. 100–233, § 805(x), which directed the amendment of this section by striking out the last sen-