Sec. 202. Governance
564 words·~3 min read·
/bill/114/s/495/is/section-202·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The MFA shall be headed, on a day-to-day basis, by a Director, appointed by the President, by and with the advice and consent of the Senate. Such appointment shall be made not later than 6 months after the date of enactment of this Act. The Director shall have general regulatory authority over the MFA, and shall exercise such general regulatory authority as necessary to carry out this Act. The Director shall serve for a term of 5 years. An individual may serve as Director after the expiration of the term for which appointed, until a successor has been appointed and qualified.
A vacancy in the office of the Director shall be filled in the same manner as the original appointment. The Director shall be compensated at the rate prescribed for level II of the Executive Schedule under section 5313 of title 5, United States Code. The operations of the MFA shall be directed by a 5-member Board of Directors, including the Director, who shall serve as the chairperson of the Board of Directors, a Vice Chairman, who shall be appointed by the President, the Chairman of the Securities and Exchange Commission, or a designee thereof, the Secretary of Housing and Urban Development, or a designee thereof, and the Chairman of the Board of Governors of the Federal Reserve System, or a designee thereof.
A majority vote of all members of the Board of Directors is necessary to resolve all voting issues of the MFA. The Board of Directors shall meet at the call of the Director, but in no event less frequently than once in each calendar quarter. The members of the Board of Directors shall serve without additional pay (or benefits in the nature of compensation) for service as a member of the Board of Directors. Members of the Board of Directors shall be entitled to receive travel expenses, including per diem in lieu of subsistence, equivalent to those set forth in subchapter I of chapter 57 of title 5, United States Code.
The Board of Directors may prescribe, amend, and repeal such bylaws as may be necessary for carrying out the functions of the Board of Directors. A majority of the Board of Directors shall constitute a quorum. There shall be appointed by the President a 10-member privatization advisory board. To the extent practicable, the President shall seek at all times to have advisory board members with expertise in— single family housing finance; multifamily housing finance; residential real estate development and sales; secondary market structuring and pricing; private mortgage insurance; privatization structuring and execution; and macroeconomic policy.
The roles of the advisory board shall be— to advise the Board of Directors on the privatization of the MFA upon termination of its authority under this Act, including how best to facilitate a smooth, efficient, and orderly transition of the guarantee business; to review and opine on the status of the planning for privatization; and concurrently with the plan and annual and quarterly reports presented by the MFA to Congress under section 304(c), to present to Congress its own independent reports on the plan for privatization and the status thereof.
There shall be within the MFA an Inspector General, who shall be appointed by the President in accordance with section 3(a) of the Inspector General Act of 1978 (5 U.S.C. App.) not later than 6 months after the date of enactment of this Act.