Sec. 247. Chief executive officer of AIFA
675 words·~3 min read·
/bill/113/hr/2821/ih/section-247A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The chief executive officer of AIFA shall be a nonvoting member of the Board of Directors, who shall be responsible for all activities of AIFA, and shall support the Board of Directors as set forth in this Act and as the Board of Directors deems necessary or appropriate. The President shall appoint the chief executive officer, by and with the advice and consent of the Senate. The chief executive officer shall be appointed for a term of 6 years. Any vacancy in the office of the chief executive officer shall be filled by the President, and the person appointed to fill a vacancy in that position occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term.
The chief executive officer— shall have significant expertise in management and administration of a financial institution, or significant expertise in the financing and development of infrastructure projects, or significant expertise in analyzing the economic benefits of infrastructure investment; and may not— hold any other public office; have any financial interest in an infrastructure project then being considered by the Board of Directors, unless that interest is placed in a blind trust; or have any financial interest in an investment institution or its affiliates or any other entity seeking or likely to seek financial assistance for any infrastructure project from AIFA, unless any such interest is placed in a blind trust for the tenure of the service of the chief executive officer plus 2 additional years.
The chief executive officer shall have such executive functions, powers, and duties as may be prescribed by this Act, the bylaws of AIFA, or the Board of Directors, including— responsibility for the development and implementation of the strategy of AIFA, including— the development and submission to the Board of Directors of the investment prospectus, the annual business plans and budget; the development and submission to the Board of Directors of a long-term strategic plan; and the development, revision, and submission to the Board of Directors of internal policies; and responsibility for the management and oversight of the daily activities, decisions, operations, and personnel of AIFA, including— the appointment of senior management, subject to approval by the voting members of the Board of Directors, and the hiring and termination of all other AIFA personnel; requesting the detail, on a reimbursable basis, of personnel from any Federal agency having specific expertise not available from within AIFA, following which request the head of the Federal agency may detail, on a reimbursable basis, any personnel of such agency reasonably requested by the chief executive officer; assessing and recommending in the first instance, for ultimate approval or disapproval by the Board of Directors, compensation and adjustments to compensation of senior management and other personnel of AIFA as may be necessary for carrying out the functions of AIFA; ensuring, in conjunction with the general counsel of AIFA, that all activities of AIFA are carried out in compliance with applicable law; overseeing the involvement of AIFA in all projects, including— developing eligible projects for AIFA financial assistance; determining the terms and conditions of all financial assistance packages; monitoring all infrastructure projects assisted by AIFA, including responsibility for ensuring that the proceeds of any loan made, guaranteed, or participated in are used only for the purposes for which the loan or guarantee was made; preparing and submitting for approval by the Board of Directors the documents required under paragraph (1); and ensuring the implementation of decisions of the Board of Directors; and such other activities as may be necessary or appropriate in carrying out this Act.
Any compensation assessment or recommendation by the chief executive officer under this section shall be without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code. The compensation assessment or recommendation required under this subsection shall take into account merit principles, where applicable, as well as the education, experience, level of responsibility, geographic differences, and retention and recruitment needs in determining compensation of personnel.