---
kind: "section"
citation: "12 U.S.C. § 2284"
title: "12"
title_heading: "Banks and Banking"
number: "2284"
heading: "Board of Directors"
release: "119-102"
url: "https://uscodex.org/usc/12/2284"
units:
  - "Chapter 24 — Federal Financing Bank"
---

# §2284. Board of Directors

- (a) The [Bank](/usc/12/1426a.md?p=g-1) shall have a [Board](/usc/12/221a.md?p=a) of [Directors](/usc/12/2279bb.md?p=3) consisting of five [persons](/usc/12/5481.md?p=19), one of whom shall be the Secretary of the Treasury as Chairman of the [Board](/usc/12/221a.md?p=a), and four of whom shall be appointed by the President from among the officers or employees of the [Bank](/usc/12/1426a.md?p=g-1) or of any [Federal agency](/usc/12/2282.md?p=1). The Chairman and each other [member](/usc/12/1426a.md?p=g-1) of the [Board](/usc/12/221a.md?p=a) may designate some other officer or employee of the Government to serve in his place.
- (b) The [Board](/usc/12/221a.md?p=a) of [Directors](/usc/12/2279bb.md?p=3) shall meet at the call of its Chairman. The [Board](/usc/12/221a.md?p=a) shall determine the general policies which shall govern the operations of the [Bank](/usc/12/1426a.md?p=g-1). The Chairman of the [Board](/usc/12/221a.md?p=a) shall select and effect the appointment of qualified [persons](/usc/12/5481.md?p=19) to fill such [offices](/usc/12/2279bb.md?p=4) as may be provided for in the bylaws, and such [persons](/usc/12/5481.md?p=19) shall be the [executive officers](/usc/12/1831o.md?p=b-2-H) of the [Bank](/usc/12/1426a.md?p=g-1) and shall discharge such executive functions, powers, and duties as may be provided for in the bylaws or by the [Board](/usc/12/221a.md?p=a) of [Directors](/usc/12/2279bb.md?p=3). The [members](/usc/12/1426a.md?p=g-1) of the [Board](/usc/12/221a.md?p=a) and their designees shall not receive compensation for their services on the [Board](/usc/12/221a.md?p=a).

## Source credit

(Pub. L. 93–224, § 5, Dec. 29, 1973, 87 Stat. 937.)