
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2244]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER V--FARM CREDIT ADMINISTRATION ORGANIZATION
 
             Part B--Farm Credit Administration Organization
 
Sec. 2244. Chairman; responsibilities; governing standards


(a) Chairman of Farm Credit Administration Board; power and authority

    (1) The Chairman of the Board shall be the chief executive officer 
of the Farm Credit Administration.
    (2) In carrying out the responsibilities of the chief executive 
officer, the Chairman shall be responsible for directing the 
implementation of policies and regulations adopted by the Board and, 
after consultation with the Board, the execution of the administrative 
functions and duties of the Farm Credit Administration.
    (3) In carrying out policies as directed by the Board, the Chairman 
shall act as spokesperson for the Board and represent the Board and the 
Farm Credit Administration in their official relations within the 
Federal Government.
    (4) Under policies adopted by the Board, the Chairman shall consult 
on a regular basis with--
        (A) the Secretary of the Treasury concerning the exercise, by 
    the System, of the powers conferred under section 2153 of this 
    title;
        (B) the Board of Governors of the Federal Reserve System 
    concerning the effect of System lending activities on national 
    monetary policy; and
        (C) the Secretary of Agriculture concerning the effect of System 
    policies on farmers, ranchers, and the agricultural economy.

(b) Governing standards

    In carrying out responsibilities under this chapter, the Chairman of 
the Board shall be governed by general policies adopted by the Board and 
by such regulatory decisions, findings, and determinations as the Board 
may by law be authorized to make and, as to third persons, all acts of 
the Chairman of the Board shall be conclusively presumed to be in 
compliance with such general policies and regulatory decisions, 
findings, and determinations.

(c) Enforcement of rules, regulations, and orders of Board; civil 
        proceedings; representation by attorneys

    The Chairman of the Board shall enforce the rules, regulations, and 
orders of the Board. Except as provided in section 518 of title 28, 
relating to litigation before the Supreme Court, attorneys designated by 
the Chairman shall represent the Farm Credit Administration in any civil 
proceeding or civil action brought in connection with the administration 
of conservatorships and receiverships. Attorneys designated by the 
Chairman may represent the Farm Credit Administration in any other civil 
proceedings or civil action when so authorized by the Attorney General 
under provisions of title 28.

(Pub. L. 92-181, title V, Sec. 5.10, Dec. 10, 1971, 85 Stat. 619; Pub. 
L. 96-592, title V, Sec. 504, Dec. 24, 1980, 94 Stat. 3449; Pub. L. 99-
205, title II, Sec. 201(1), Dec. 23, 1985, 99 Stat. 1689; Pub. L. 100-
233, title IV, Sec. 431(b), Jan. 6, 1988, 101 Stat. 1658.)


                               Amendments

    1988--Subsec. (a). Pub. L. 100-233 amended subsec. (a) generally. 
Prior to amendment, subsec. (a) read as follows: ``The Chairman of the 
Board shall be the executive officer of the Board and the chief 
executive officer of the Farm Credit Administration. The Chairman shall 
be responsible for directing the implementation of the policies and 
regulations adopted by the Board and the execution of all of the 
administrative functions and duties of the Farm Credit Administration. 
The Chairman shall be the spokesman for the Board and the Farm Credit 
Administration and shall represent the Board and the Farm Credit 
Administration in their official relations within the Government. Under 
policies adopted by the Board, the Chairman shall consult on a regular 
basis with the Secretary of the Treasury in connection with the exercise 
by the System of the powers conferred under section 2153 of this title, 
with the Board of Governors of the Federal Reserve System in connection 
with the effect of System lending activities on national monetary 
policy, and with the Secretary of Agriculture in connection with the 
effect of System policies on farmers and the agricultural economy.''
    1985--Pub. L. 99-205 substituted provisions relating to the Chairman 
of the Board, his responsibilities, and governing standards for 
provisions relating to the Governor of the Farm Credit Administration.
    1980--Pub. L. 96-592 inserted provisions relating to requirements of 
the Governor to consult with the Secretary of the Treasury and the 
Governors of the Federal Reserve System.


                    Effective Date of 1985 Amendment

    Amendment by Pub. L. 99-205 effective thirty days after Dec. 23, 
1985, see section 401 of Pub. L. 99-205, set out as a note under section 
2001 of this title.


                Interim Implementation of 1985 Amendment

    For provisions authorizing interim implementation by Governor of 
Farm Credit Administration of amendments to this section by Pub. L. 99-
205, see section 402 of Pub. L. 99-205, set out as a note under section 
2241 of this title.
