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Code · BILL · 115th Congress · S. 2463 (Reported in Senate) — To establish the United States International Development Finance Corporation, and for other purposes. · Sec. 103

Sec. 103. Management of Corporation

1,449 words·~7 min read·/bill/115/s/2463/rs/section-103

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

There shall be in the Corporation a Board of Directors (in this Act referred to as the Board ), a Chief Executive Officer, a Deputy Chief Executive Officer, a Chief Risk Officer, and such other officers as the Board may determine. All powers of the Corporation shall vest in and be exercised by or under the authority of the Board. The Board— shall perform the functions specified to be carried out by the Board in this Act; and may prescribe, amend, and repeal bylaws, rules, regulations, and procedures governing the manner in which the business of the Corporation may be conducted and in which the powers granted to the Corporation by law may be exercised.
The Board shall consist of— the Chief Executive Officer of the Corporation; the officers specified in subparagraph (B); and four other individuals who shall be appointed by the President, by and with the advice and consent of the Senate, of which— one individual should be appointed from among a list of individuals submitted by the majority leader of the Senate after consultation with the chairman of the Committee on Foreign Relations of the Senate; one individual should be appointed from among a list of individuals submitted by the minority leader of the Senate after consultation with the ranking member of the Committee on Foreign Relations of the Senate; one individual should be appointed from among a list of individuals submitted by the Speaker of the House of Representatives after consultation with the chairman of the Committee on Foreign Affairs of the House of Representatives; and one individual should be appointed from among a list of individuals submitted by the minority leader of the House of Representatives after consultation with the ranking member of the Committee on Foreign Affairs of the House of Representatives.
The officers specified in this subparagraph are the following: The Secretary of State or a designee of the Secretary. The Administrator of the United States Agency for International Development or a designee of the Administrator. The Secretary of the Treasury or a designee of the Secretary. The Secretary of Commerce or a designee of the Secretary. A designee under clause
(i)shall be selected from among officers— appointed by the President, by and with the advice and consent of the Senate; whose duties relate to the programs of the Corporation; and who is designated by and serving at the pleasure of the President. A member of the Board described in subparagraph (A)(iii)— may not be an officer or employee of the United States Government; shall have relevant private sector experience to carry out the purposes of the Corporation; shall be appointed for a term of 3 years and may be reappointed for one additional term; shall serve until the member’s successor is appointed and confirmed; shall be compensated at a rate equivalent to that of level IV of the Executive Schedule under section 5315 of title 5, United States Code, when engaged in the business of the Corporation; and may be paid per diem in lieu of subsistence at the applicable rate under the Federal Travel Regulation under subtitle F of title 41, Code of Federal Regulations, from time to time, while away from the home or usual place of business of the member. There shall be a Chairperson of the Board designated by the President from among the individuals described in paragraph (2)(A). The Administrator of the United States Agency for International Development, or the designee of the Administrator under paragraph (2)(B)(i)(II), shall serve as the Vice Chairperson of the Board. Six members of the Board shall constitute a quorum for the transaction of business by the Board. The Board shall hold at least one public hearing each year in order to afford an opportunity for any person to present views with respect to whether— the Corporation is carrying out its activities in accordance with this Act; and any support provided by the Corporation under title II in any country should have been or should be extended. In conjunction with each meeting of the Board, the Corporation shall hold a public hearing in order to afford an opportunity for any person to present views regarding the activities of the Corporation. Such views shall be made part of the record. There shall be in the Corporation a Chief Executive Officer, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall serve at the pleasure of the President. The Chief Executive Officer shall be responsible for the management of the Corporation and shall exercise the powers and discharge the duties of the Corporation subject to the bylaws, rules, regulations, and procedures established by the Board. The Chief Executive Officer shall report to and be under the direct authority of the Board. Section 5313 of title 5, United States Code, is amended by adding at the end the following: Chief Executive Officer, United States International Development Finance Corporation. . There shall be in the Corporation a Deputy Chief Executive Officer, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall serve at the pleasure of the President. Subject to the approval of the Board, the Chief Executive Officer of the Corporation shall appoint a Chief Risk Officer, from among individuals with experience at a senior level in financial risk management, who— shall have as the officer’s sole function to serve as Chief Risk Officer of the Corporation; shall report directly to the Board; and shall be removable only by a majority vote of the Board. The Chief Risk Officer shall, in coordination with the audit committee of the Board established under 401, develop, implement, and manage a comprehensive process for identifying, assessing, monitoring, and limiting risks to the Corporation, including the overall portfolio of the Corporation. The Chief Executive Officer shall consult with the Administrator of the United States Agency for International Development and Chief Executive Officer of the Millennium Challenge Corporation to coordinate the activities of the Corporation with the activities of the United States Agency for International Development and the Millennium Challenge Corporation, such as by establishing in the Corporation a Chief Development Officer who shall have responsibility for coordinating development finance policy and implementation efforts of the Corporation with the United States Agency for International Development and the Millennium Challenge Corporation and their respective development missions. Except as otherwise provided in this section, officers, employees, and agents shall be selected and appointed by the Corporation, and shall be vested with such powers and duties as the Corporation may determine. Of officers and employees employed by the Corporation under paragraph (1), not to exceed 50 may be appointed, compensated, or removed without regard to title 5, United States Code. Under such regulations as the President may prescribe, officers and employees appointed to a position under subparagraph
(A)may be entitled, upon removal from such position (unless the removal was for cause), to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary. Positions authorized by subparagraph
(A)shall be in addition to those otherwise authorized by law, including positions authorized under section 5108 of title 5, United States Code. The Corporation may set and adjust rates of basic pay for officers and employees appointed under subparagraph
(A)without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code, relating to classification of positions and General Schedule pay rates, respectively. An individual who is a member of the Board or an officer or employee of the Corporation has no liability under this Act with respect to any claim arising out of or resulting from any act or omission by the individual within the scope of the employment of the individual in connection with any transaction by the Corporation. Subparagraph
(A)shall not be construed to limit personal liability of an individual for criminal acts or omissions, willful or malicious misconduct, acts or omissions for private gain, or any other acts or omissions outside the scope of the individual’s employment. This paragraph shall not be construed— to affect— any other immunities and protections that may be available to an individual described in subparagraph
(A)under applicable law with respect to a transaction described in that subparagraph; or any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than an individual described in subparagraph
(A)participating in such a transaction; or to limit or alter in any way the immunities that are available under applicable law for Federal officers and employees not described in this paragraph.
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