U.S Code last checked for updates: Nov 22, 2024
All TitlesTitle 12Chapter 47Subchapter I
§ 4703.
Establishment of national Fund for community development banking
(a)
Establishment
(1)
In general
(2)
Wholly owned Government corporation
(b)
Management of Fund
(1)
Appointment of Administrator
(2)
Chief financial officer
(3)
Other officers and employees
(4)
Expedited hiring
During the 2-year period beginning on September 23, 1994, the Administrator may—
(A)
appoint and terminate the individuals referred to in paragraphs (2) and (3) without regard to the civil service laws and regulations; and
(B)
fix the compensation of the individuals referred to in paragraph (3) without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5 relating to classification of positions and General Schedule pay rates, except that the rate of pay for such individuals may not exceed the rate payable for level V of the Executive Schedule under section 5316 of such title.
(c)
General powers
In carrying out the functions of the Fund, the Administrator—
(1)
shall have all necessary and proper authority to carry out this subchapter and subchapter II of this chapter;
(2)
shall have the power to adopt, alter, and use a corporate seal for the Fund, which shall be judicially noticed;
(3)
may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which business of the Fund may be conducted and such rules and regulations as may be necessary or appropriate to implement this subchapter and subchapter II of this chapter;
(4)
may enter into, perform, and enforce such agreements, contracts, and transactions as may be deemed necessary or appropriate to the conduct of activities authorized under this subchapter and subchapter II of this chapter;
(5)
may determine the character of and necessity for expenditures of the Fund and the manner in which they shall be incurred, allowed, and paid;
(6)
may utilize or employ the services of personnel of any agency or instrumentality of the United States with the consent of the agency or instrumentality concerned on a reimbursable or nonreimbursable basis; and
(7)
may execute all instruments necessary or appropriate in the exercise of any of the functions of the Fund under this subchapter and subchapter II of this chapter and may delegate to the officers of the Fund such of the powers and responsibilities of the Administrator as the Administrator deems necessary or appropriate for the administration of the Fund.
(d)
Advisory Board
(1)
Establishment
(2)
Membership
The Board shall consist of 15 members, including—
(A)
the Secretary of Agriculture or his or her designee;
(B)
the Secretary of Commerce or his or her designee;
(C)
the Secretary of Housing and Urban Development or his or her designee;
(D)
the Secretary of the Interior or his or her designee;
(E)
the Secretary of the Treasury or his or her designee;
(F)
the Administrator of the Small Business Administration or his or her designee; and
(G)
9 private citizens, appointed by the President, who shall be selected, to the maximum extent practicable, to provide for national geographic representation and racial, ethnic, and gender diversity, including—
(i)
2 individuals who are officers of existing community development financial institutions;
(ii)
2 individuals who are officers of insured depository institutions;
(iii)
2 individuals who are officers of national consumer or public interest organizations;
(iv)
2 individuals who have expertise in community development; and
(v)
1 individual who has personal experience and specialized expertise in the unique lending and community development issues confronted by Indian tribes on Indian reservations.
(3)
Chairperson
(4)
Board function
(5)
Terms of private members
(A)
In general
(B)
Vacancies
(6)
Meetings
(7)
Reimbursement for expenses
(8)
Costs and expenses
(e)
Omitted
(f)
Government Corporation Control Act exemption
(g)
Limitation of Fund and Federal liability
(h)
Prohibition on issuance of securities
(i)
Omitted
(j)
Assisted institutions not United States instrumentalities
(k)
Transition period
(1)
In general
During the transition period, the Secretary of the Treasury may—
(A)
assist in the establishment of the administrative functions of the Fund listed in paragraph (2); and
(B)
hire not more than 6 individuals to serve as employees of the Fund during the transition period.
(2)
Continued service
(3)
Administrative functions
The administrative functions referred to in paragraph (1)(A) shall be limited to—
(A)
establishing accounting, information, and recordkeeping systems for the Fund; and
(B)
procuring office space, equipment, and supplies.
(4)
Expedited hiring
During the transition period, the Secretary of the Treasury may—
(A)
appoint and terminate the individuals referred to in paragraph (1)(B) without regard to the civil service laws and regulations; and
(B)
fix the compensation of the individuals referred to in paragraph (1)(B) without regard to the provisions of chapter 51 and subchapter III of chapter 53 of title 5 relating to classification of positions and General Schedule pay rates, except that the rate of pay for such individuals may not exceed the rate payable for level V of the Executive Schedule under section 5316 of such title.
(5)
Certain employees
(6)
Transition expenses
(7)
“Transition period” defined
(Pub. L. 103–325, title I, § 104, Sept. 23, 1994, 108 Stat. 2166; Pub. L. 112–166, § 2(w), Aug. 10, 2012, 126 Stat. 1289; Pub. L. 117–286, § 4(a)(57), Dec. 27, 2022, 136 Stat. 4311.)
cite as: 12 USC 4703
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