Page:United States Statutes at Large Volume 103 Part 1.djvu/442

 103 STAT. 414 PUBLIC LAW 101-73—AUG. 9, 1989 "(A) one shall be appointed for a term of 1 year;, "(B) one shall be appointed for a term of 3 years; and "(C) one shall be appointed for a term of 5 years. "(c) CHAIRPERSON; TRANSITIONAL PROVISIONS. — President of U.S. "(1) IN GENERAL. — The President shall designate 1 of the - ' appointed directors to be the Chairperson of the Board. The Chairperson shall designate another director to serve as Acting Chairperson during the absence or disability of the Chairperson. "(2) TRANSITIONAL PROVISION.—Beginning on the date of I, enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, until such time that at least 2 direc- tors are appointed and confirmed pursuant to subsection (b), the Secretary shall act for all purposes and with the full powers of the Board of Directors. The Secretary may utilize the services of employees from the Department of Housing and Urban Devel- j, opment to perform services for the Board of Directors during such transition period. "(d) VACANCIES. — "(1) IN GENERAL.— Any vacancy on the Board of Directors shall be filled in the manner in which the original appointment was made. Any director appointed to fill a vacancy occurring before the expiration of the term for which such director's predecessor was appointed shall be appointed only for the remainder of such term. Each director may continue to serve /; until a successor has been appointed and qualified. "(2) THE SECRETARY.— In the event of a vacancy in the office of Secretary or during the absence or disability of the Secretary, the Acting Secretary shall act as a director in place of the Secretary. . .^^ 12 USC 1422b. " SEC. 2B. POWERS AND DUTIES. "(a) GENERAL POWERS.— The Board shall have the following powers: "(1) To supervise the Federal Home Loan Banks and to promulgate and enforce such regulations and orders as are necessary from time to time to carry out the provisions of this , Act. "(2) To suspend or remove for cause a director, officer, em- ployee, or agent of any Federal Home Loan Bank or joint office. The cause of such suspension or removal shall be communicated in writing to such director, officer, employee, or agent and to such Bank or joint office. Notwithstanding any other provision of this Act, no officer, employee, or agent of a Bank or joint office shall be a Federal officer or employee under any defini- tion of either term in title 5, United States Code. "(3) To determine necessary expenditures of the Board under this Act and the manner in which such expenditures shall be incurred, allowed, and paid. "(4) To use the United States mails in the same manner and under the same conditions as a department or agency of the United States. "(b) STAFF.— "(1) BOARD STAFF.— Subject to title IV of the Financial Institu- tions Reform, Recovery, and Enforcement Act of 1989, the Board may employ, direct, and fix the compensation and number of employees, attorneys, and agents of the Federal Housing Finance Board, except that in no event shall the Board

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