Page:United States Statutes at Large Volume 103 Part 1.djvu/392

 103 STAT. 364 PUBLIC LAW 101-73—AUG. 9, 1989 12 USC 1441a. "SEC. 21A. OVERSIGHT BOARD AND RESOLUTION TRUST CORPORATION. " (a) OVERSIGHT BOARD ESTABLISHED. — "(1) IN GENERAL.— T here is hereby established the Oversight Board as an instrumentality of the United States with the powers and authorities herein provided. "(2) STATUS.— The Oversight Board shall oversee and be accountable for the Resolution Trust Corporation (hereinafter referred to in this section as the 'Corporation'). The Oversight Board shall be an 'agency' of the United States for purposes of subchapter 11 of chapter 5 and chapter 7 of title 5, United States Code. " (3) MEMBERSHIP.— "(A) IN GENERAL.—The Oversight Board shall consist of 5 members— "(i) the Secretary of the Treasury; "(ii) the Chairman of the Board of Governors of the Federal Reserve System; "(iii) the Secretary of Housing and Urban Develop- ment; and "(iv) two independent members appointed by the President, with the advice and consent of the Senate. Such nominations shall be referred to the Committee on Banking, Housing, and Urban Affairs of the Senate. "(B) POLITICAL AFFILIATION. —The independent members shall not be members of the same political party. No independent member of the Oversight Board shall hold any other appointed office during his or her term as a member. "(C) CHAIRPERSON.—The Chairperson of the Oversight Board shall be the Secretary of the Treasury. "(D) TERM OF OFFICE. —The term of each member (other than the independent members) of the Oversight Board shall expire when such member has fulfilled all of his or her responsibilities under this section and section 21B. The term of each independent member shall be 3 years. "(E) QUORUM REQUIRED. — A quorum shall consist of 3 <; members of the Oversight Board and all decisions of the Board shall require an aftirmative vote of at least a major- ity of the members voting. " (4) COMPENSATION AND EXPENSES. — "(A) EXPENSES.—Members of the Oversight Board shall receive allowances in accordance with subchapter I of chap- ter 57 of title 5, United States Code, for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Oversight Board, as set forth in the bylaws issued by the Oversight Board. " (B) No ADDITIONAL COMPENSATION FOR UNITED STATES OFFICERS OR EMPLOYEES.— Members of the Oversight Board (other than independent members) shall receive no addi- tional pay by reason of service on such Board. " (C) COMPENSATION FOR INDEPENDENT MEMBERS. —The independent members of the Oversight Board shall be paid at a rate equal to the daily equivalent of the rate of basic pay for level II of the Executive Schedule for each day (including travel time) during which such member is en- gaged in the actual performance of duties of the Oversight Board.

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