12 U.S.C. § 2285 — Functions

Page 1435 TITLE 12—BANKS AND BANKING § 2286 Executive Documents EXECUTIVE ORDER NO. 11782 Ex. Ord. No. 11782, May 6, 1974, 39 F.R. 15991, which es- tablished the Federal Financing Bank Advisory Council and provided for its membership, functions, etc., was revoked by Ex. Ord. No. 12379, § 15, Aug. 17, 1982, 47 F.R. 36099, formerly set out as a note under section 1013 of Title 5, Government Organization and Employees. § 2282. Definitions For the purposes of this chapter— (1) The term ‘‘Federal agency’’ means an exec- utive department, an independent Federal estab- lishment, or a corporation or other entity estab- lished by the Congress which is owned in whole or in part by the United States. (2) The term ‘‘obligation’’ means any note, bond, debenture, or other evidence of indebted- ness, but does not include Federal Reserve notes or stock evidencing an ownership interest in the issuing Federal agency. (3) The term ‘‘guarantee’’ means any guar- antee, insurance, or other pledge with respect to the payment of all or part of the principal or in- terest on any obligation, but does not include the insurance of deposits, shares, or other withdrawable accounts in financial institutions, or any guarantee or pledge arising out of a stat- utory obligation to insure such deposits, shares, or other withdrawable accounts. (4) The term ‘‘Bank’’ means the Federal Fi- nancing Bank established by section 2283 of this title. (Pub. L. 93–224, § 3, Dec. 29, 1973, 87 Stat. 937.) § 2283. Creation of Federal Financing Bank There is hereby created a body corporate to be known as the Federal Financing Bank, which shall have succession until dissolved by an Act of Congress. The Bank shall be subject to the general supervision and direction of the Sec- retary of the Treasury. The Bank shall be an in- strumentality of the United States Government and shall maintain such offices as may be nec- essary or appropriate in the conduct of its busi- ness. (Pub. L. 93–224, § 4, Dec. 29, 1973, 87 Stat. 937.) § 2284. Board of Directors (a) The Bank shall have a Board of Directors consisting of five persons, one of whom shall be the Secretary of the Treasury as Chairman of the Board, and four of whom shall be appointed by the President from among the officers or em- ployees of the Bank or of any Federal agency. The Chairman and each other member of the Board may designate some other officer or em- ployee of the Government to serve in his place. (b) The Board of Directors shall meet at the call of its Chairman. The Board shall determine the general policies which shall govern the oper- ations of the Bank. The Chairman of the Board shall select and effect the appointment of quali- fied persons to fill such offices as may be pro- vided for in the bylaws, and such persons shall be the executive officers of the Bank and shall discharge such executive functions, powers, and duties as may be provided for in the bylaws or by the Board of Directors. The members of the Board and their designees shall not receive com- pensation for their services on the Board. (Pub. L. 93–224, § 5, Dec. 29, 1973, 87 Stat. 937.) § 2285. Functions (a) Purchase and sale of obligations issued, sold, or guaranteed by Federal agencies The Bank is authorized to make commitments to purchase and sell, and to purchase and sell on terms and conditions determined by the Bank, any obligation which is issued, sold, or guaran- teed by a Federal agency. Any Federal agency which is authorized to issue, sell, or guarantee any obligation is authorized to issue or sell such obligations directly to the Bank. (b) Yield Any purchase by the Bank shall be upon such terms and conditions as to yield a return at a rate not less than a rate determined by the Sec- retary of the Treasury taking into consideration (1) the current average yield on outstanding marketable obligations of the United States of comparable maturity, or (2) whenever the Bank’s own obligations outstanding are suffi- cient, the current average yield on outstanding obligations of the Bank of comparable maturity. (c) Fees The Bank is authorized to charge fees for its commitments and other services adequate to cover all expenses and to provide for the accu- mulation of reasonable contingency reserves. (Pub. L. 93–224, § 6, Dec. 29, 1973, 87 Stat. 938.) § 2285a. Acquisition of obligations involving loan guarantees for New York City Nothing in any provision of law shall be con- strued to authorize the Federal Financing Bank to acquire any obligation the payment of inter- est or principal of which has at any time been guaranteed in whole or in part under title I of the New York City Loan Guarantee Act of 1978. (Pub. L. 95–339, title II, § 201(b), Aug. 8, 1978, 92 Stat. 467.) Editorial Notes REFERENCES IN TEXT Title I of the New York City Loan Guarantee Act of 1978, referred to in text, is title I of Pub. L. 95–339, Aug. 8, 1978, 92 Stat. 460, which was classified generally to subchapter II (§ 1521 et seq.) of chapter 27 of former Title 31, and was omitted from the Code in the general revision and reenactment of Title 31, Money and Fi- nance, by Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 877. CODIFICATION Section was enacted as part of the New York City Loan Guarantee Act of 1978, and not as part of the Fed- eral Financing Bank Act of 1973 which comprises this chapter. § 2286. Approval of financing plans by Secretary of the Treasury (a) Method, source, timing, terms, and conditions of sale of obligations issued or sold by Fed- eral agencies To insure the orderly and coordinated mar- keting of Treasury and Federal agency obliga-