Sec. 208. Executive committee
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The Board shall establish an Executive Committee consisting of 9 members, headed by the chief executive officer of the Bank. A majority of the Board shall have the authority to appoint and reappoint the chief executive officer with such executive functions, powers, and duties as may be prescribed by this Act, the bylaws of the Bank, or the Board. The CEO shall have responsibility for the development and implementation of the strategy of the Bank, including— the development and submission to the Board of the annual business plans and budget; the development and submission to the Board of a long-term strategic infrastructure development plan that is consistent with regional plans as presented to the Bank by Regional Economic Accelerator Planning Groups; and the development, revision, and submission to the Board of Directors of the Bank’s other internal policies.
The Board shall appoint, remove, fix the compensation, and define duties of 8 other executive officers to serve on the Executive Committee as the— chief risk officer; chief operations officer; chief loan origination officer; chief compliance officer; chief financial officer; chief treasury officer; chief asset and liability management officer; and general counsel. The CEO, as well as other executive officers, and all loan origination officers, shall have extensive experience and expertise in retail banking, and in one or more of the following:
Transportation infrastructure. Environmental infrastructure. Energy infrastructure. Telecommunications infrastructure. Public housing and urban or rural development. Economic development. Workforce development. Public finance. In order to carry out the purposes of the Bank as set forth in this Act, the Executive Committee shall— establish and submit to the Board disclosure and application procedures for entities nominating projects for assistance under this Act; establish and submit to the Board standardized terms and conditions, fee schedules, or legal requirements of a contract or program to carry out this Act; establish and submit to the Board guidelines for the selection and approval of projects and specific criteria for determining eligibility for project selection, subject to the general criteria provided in section 205; accept, for consideration, project proposals relating to the development of infrastructure projects, which meet the basic criteria established by this Act and by the Executive Committee, and which are submitted by an entity; provide recommendations to the Board and place project proposals accepted by the Executive Committee on a list for consideration for financial assistance from the Board; and establish a plan, and build capacity within the Bank, to provide technical assistance to State and local governments, regional economic accelerator planning groups established under section 204, joint ventures, regional economic accelerator agencies, and other borrowing entities on— the Bank’s borrowing procedures and selection criteria; development of a pipeline of projects suitable for financing, that meet the selection criteria developed by the Bank; development of specialized institutional structures, and cross-region planning, to help in the planning of complex projects; best design, construction, and management practices, including those identified in global infrastructure databases; contract evaluation methods, including procurement value-for-money options; and institution strengthening relating to the management of projects and work contracts, including through performance-based project delivery.
A vacancy in the position of CEO and other executive officers of the Executive Committee shall be filled in the manner in which the original appointment was made. The compensation of the CEO and other executive officers of the Executive Committee shall be determined by the Board. The CEO and other executive officers of the Executive Committee may be removed at the discretion of a majority of the Board. The CEO and other executive officers of the Executive Committee shall serve a 6-year term and may be reappointed in accordance with this section.
The CEO and other executive officers of the Executive Committee shall not— hold any other public office; have any interest in an infrastructure project considered by the Board; have any interest in an investment institution, commercial bank, or other entity seeking financial assistance for any infrastructure project from or investing in the Bank; and have any such interest during the 2-year period beginning on the date such officer ceases to serve in such capacity.