---
kind: "section"
citation: "12 U.S.C. § 2284"
title: "12"
title_heading: "Banks and Banking"
number: "2284"
heading: "Board of Directors"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2284"
units:
  - "Chapter 24 — Federal Financing Bank"
---

# §2284. Board of Directors

- (a) The [Bank](/usc/12/2282.md?p=4) shall have a [Board](/usc/12/1861.md?p=b-3) of [Directors](/usc/12/5481.md?p=10) consisting of five [persons](/usc/12/5481.md?p=19), one of whom shall be the [Secretary](/usc/12/1715z–22a.md?p=4) of the Treasury as Chairman of the [Board](/usc/12/1861.md?p=b-3), and four of whom shall be appointed by the President from among the officers or employees of the [Bank](/usc/12/2282.md?p=4) or of any [Federal agency](/usc/12/2282.md?p=1). The Chairman and each other member of the [Board](/usc/12/1861.md?p=b-3) may designate some other officer or employee of the Government to serve in his place.
- (b) The [Board](/usc/12/1861.md?p=b-3) of [Directors](/usc/12/5481.md?p=10) shall meet at the call of its Chairman. The [Board](/usc/12/1861.md?p=b-3) shall determine the general policies which shall govern the operations of the [Bank](/usc/12/2282.md?p=4). The Chairman of the [Board](/usc/12/1861.md?p=b-3) shall select and effect the appointment of qualified [persons](/usc/12/5481.md?p=19) to fill such offices as may be provided for in the bylaws, and such [persons](/usc/12/5481.md?p=19) shall be the executive officers of the [Bank](/usc/12/2282.md?p=4) and shall discharge such executive functions, powers, and duties as may be provided for in the bylaws or by the [Board](/usc/12/1861.md?p=b-3) of [Directors](/usc/12/5481.md?p=10). The members of the [Board](/usc/12/1861.md?p=b-3) and their designees shall not receive compensation for their services on the [Board](/usc/12/1861.md?p=b-3).

## Source credit

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