§1422b. Powers and duties
(a) General powers
The Board shall have the following powers:
(1) To supervise the Federal Home Loan Banks and to promulgate and enforce such regulations and orders as are necessary from time to time to carry out the provisions of this chapter.
(2) To suspend or remove for cause a director, officer, employee, or agent of any Federal Home Loan Bank or joint office. The cause of such suspension or removal shall be communicated in writing to such director, officer, employee, or agent and to such Bank or joint office. Notwithstanding any other provision of this chapter, no officer, employee, or agent of a Bank or joint office shall be a Federal officer or employee under any definition of either term in title 5.
(3) To determine necessary expenditures of the Board under this chapter and the manner in which such expenditures shall be incurred, allowed, and paid.
(4) To use the United States mails in the same manner and under the same conditions as a department or agency of the United States.
(b) Staff
(1) Board staff
Subject to title IV of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Board may employ, direct, and fix the compensation and number of employees, attorneys, and agents of the Federal Housing Finance Board, except that in no event shall the Board delegate any function to any employee, administrative unit of any Bank, or joint office of the Federal Home Loan Bank System. The prohibition contained in the preceding sentence shall not apply to the delegation of ministerial functions including issuing consolidated obligations pursuant to section 1431(b) of this title. In directing and fixing such compensation, the Board shall consult with and maintain comparability with the compensation at the Federal bank regulatory agencies. Such compensation shall be paid without regard to the provisions of other laws applicable to officers or employees of the United States, except the Chairperson and other Directors shall be compensated as prescribed in sections 5314 and 5315 of title 5, respectively.
(2) Abolition of joint offices
The joint or collective offices of the Federal Home Loan Bank System, except for the Office of Finance, are hereby abolished.
(c) Receipts of Board
Receipts of the Board derived from assessments levied upon the Federal Home Loan Banks and from other sources (other than receipts from the sale of consolidated Federal Home Loan Bank bonds and debentures issued under section 1431 of this title) shall be deposited in the Treasury of the United States. Salaries of the directors and other employees of the Board and all other expenses thereof may be paid from such assessments or other sources and shall not be construed to be Government Funds or appropriated monies, or subject to apportionment for the purposes of chapter 15 of title 31, or any other authority.
(d) Annual report
The Board shall make an annual report to the Congress.
(July 22, 1932, ch. 522, §2B, as added Aug. 9, 1989,
References in Text
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (b)(1), is
Section Referred to in Other Sections
This section is referred to in title 5 section 5373.