§ 2242. Farm Credit Administration Board

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1971

   Farm Credit Act of 1971

   Pub. L. 92–181 title V § 5 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2242

   Pub. L. 92–181, title V, § 5.8, Dec. 10, 1971, 85 Stat. 617

   Source evidence

   Code source credit
   Pub. L. 92–181, title V, § 5.8, Dec. 10, 1971, 85 Stat. 617

   Enacted provision · exact public law section
   (5) Acquire, hold, dispose, and otherwise exercise all the usual incidents of ownership of real and personal property necessary or convenient to its business.

2. 1980

   Farm Credit Act Amendments of 1980

   Pub. L. 96–592 title V § 503 · 94 Stat. 3437

   Substituted · 12 U.S.C. § 2242(h)

   Pub. L. 96–592 substituted provisions relating to applicability of compensation under section 5332 of title 5, for provisions setting forth compensation at the rate of $100 a day

   Source evidence

   Code amendment note
   Subsec. (h). Pub. L. 96–592 substituted provisions relating to applicability of compensation under section 5332 of title 5, for provisions setting forth compensation at the rate of $100 a day.

   Enacted provision · exact public law section
   Sec. 503. Section 5.8(h) of the Farm Credit Act of 1971 is amended 12 USC 2242. by striking out in the first sentence “the sum of $100 a day” and inserting in lieu thereof “compensation at a rate equal to the daily equivalent of the rate prescribed for grade GS–18 under section 5332 of title 5 of the United States Code”.

3. 1985

   Farm Credit Amendments Act of 1985

   Pub. L. 99–205 title II § 201(1) · 99 Stat. 1678

   1. Amended · 12 U.S.C. § 2242

      Pub. L. 99–205 amended section generally

   2. Substituted · 12 U.S.C. § 2242

      Pub. L. 99–205 substituting provisions of subsecs. (a) to (d) relating to the Farm Credit Administration Board for provisions of former subsecs. (a) to (i) which related to the Federal Farm Credit Board

   Source evidence

   Code amendment note
   Pub. L. 99–205 amended section generally, substituting provisions of subsecs. (a) to (d) relating to the Farm Credit Administration Board for provisions of former subsecs. (a) to (i) which related to the Federal Farm Credit Board.

   Enacted provision · exact public law section
   (1) amending sections 5.7 through 5.12 to read as follows: “Sec. 5.7. The Farm Credit Administration.— The Farm Credit Administration shall be an independent agency in the executive branch of the Government. It shall be composed of the Farm Credit Administration Board and such other personnel as are employed in carrying out the functions, powers, and duties vested in the Farm Credit Administration by this Act. “Sec. 5.8. The Farm Credit Administration Board; Appointment; Term of Office; Organization and Compensation.— (a) 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) 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) 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 Records. for the transaction of its business and shall keep permanent and accurate records and minutes of its acts and proceedings. “(d) 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 of the United States Code. 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 of the United States Code. 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 5.11 of this Act. Post, p. 1690. 12 USC 2243. “Sec. 5.9. Powers of the Board; Civil Proceedings.— 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 Act 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. “Sec. 5.10. Chairman; Responsibilities; Governing Standards.— (a) The Chairman of the Board shall be the executive 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 duties 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 adopted by the Board, the Chairman shall consult on a regular basis with the Secretary of the Treasury in connection with the exercise by the System of the powers conferred under section 4.2 of this Act, with 12 USC 2153. 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. “(b) In carrying out responsibilities under this Act, the Chairman of the Board shall be governed by general policies adopted by the Board and by such regulatory decisions, findings, and determinations as the Board may by law be authorized to make and, as to third persons, all acts of the Chairman of the Board shall be conclusively presumed to be in compliance with such general policies and regulatory decisions, findings, and determinations. “(c) The Chairman of the Board shall enforce the rules, regulations, and orders of the Board. Except as provided in section 518 of title 28 of the United States Code, relating to litigation before the Supreme Court, attorneys designated by the Chairman shall represent the Farm Credit Administration in any civil proceeding or civil action brought in connection 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. “Sec. 5.11. Organization of the Farm Credit Administration.— The Chairman of the Board, in carrying out the powers and duties now or hereafter vested in the Chairman by this Act and acts supplementary thereto, may establish and fix the powers and the duties of such divisions or other units as the Chairman may deem necessary to the efficient functioning of the Farm Credit Administration and the successful execution of the powers and duties vested in the Board and the Farm Credit Administration. The Chairman of the Board shall appoint such personnel as may be necessary to carry out the functions of the Farm Credit Administration. Officers and employees of the Farm Credit Administration shall be subject to the 2 USC 701 note. Ethics in Government Act of 1978 and shall be considered officers or employees of the United States for the purposes of sections 201 through 203, and sections 205 through 209, of title 18 of the United States Code. Officers and employees of the Farm Credit Administration shall be subject to section 5373 of title 5 of the United States Code. The powers of the Chairman as chief executive officer of the Farm Credit Administration may be exercised and performed by the Chairman through such other officers and employees of the Farm Credit Administration as the Chairman shall designate. The operations of the Farm Credit Administration, and the salaries of members of the Board and employees of the Administration, shall be Infra. funded and paid for from the fund created under section 5.15 of this Act. “Sec. 5.12. Advisory Committees.— The Chairman of the Board may establish one or more advisory committees in accordance with the Federal Advisory Committee Act and may appoint to such committee or committees individuals who are members of the Federal Farm Credit Board when such Board is terminated by the Farm Credit Amendments Act of 1985.”;

   Effective date note
   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.

4. 1988

   Agricultural Credit Act of 1987

   Pub. L. 100–233 title IV § 431(a) · 101 Stat. 1568

   1. Amended · 12 U.S.C. § 2242(c)

      Pub. L. 100–233 amended last sentence generally

   2. Substituted · 12 U.S.C. § 2242(c)

      Pub. L. 100–233 substituting “business by the Board,” for “its business”

   3. Substituted · 12 U.S.C. § 2242(c)

      Pub. L. 100–233 substituting “the actions and proceedings of the Board” for “its acts and proceedings”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 100–233 amended last sentence generally, substituting “business by the Board,” for “its business” and “the actions and proceedings of the Board” for “its acts and proceedings”.

   Enacted provision · exact public law section
   (a) Rules and Records.— Section 5.8(c) (12 U.S.C. 2242) is amended by striking out the last sentence and inserting in lieu thereof the following new sentence: “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.”.

5. 1992

   Farm Credit Banks and Associations Safety and Soundness Act of 1992

   Pub. L. 102–552 title I § 102 · 106 Stat. 4102

   Added · 12 U.S.C. § 2242(e)

   Pub. L. 102–552 added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 102–552 added subsec. (e).

   Enacted provision · exact public law section
   SEC. 102. QUALIFICATIONS OF FARM CREDIT ADMINISTRATION BOARD MEMBERS. Section 5.8 (12 U.S.C. 2242) is amended by adding at the end the following new subsection: “(e) The President shall appoint members of the Board who— President. “(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.”.

8 of 8 references resolved to an enrolled provision