§ 1812. — Management.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1812]
TITLE 12--BANKS AND BANKING
CHAPTER 16--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 1812. Management
(a) Board of Directors
(1) In general
The management of the Corporation shall be vested in a Board of
Directors consisting of 5 members--
(A) 1 of whom shall be the Comptroller of the Currency;
(B) 1 of whom shall be the Director of the Office of Thrift
Supervision; and
(C) 3 of whom shall be appointed by the President, by and
with the advice and consent of the Senate, from among
individuals who are citizens of the United States, 1 of whom
shall have State bank supervisory experience.
(2) Political affiliation
After February 28, 1993, not more than 3 of the members of the
Board of Directors may be members of the same political party.
(b) Chairperson and Vice Chairperson
(1) Chairperson
1 of the appointed members shall be designated by the President,
by and with the advice and consent of the Senate, to serve as
Chairperson of the Board of Directors for a term of 5 years.
(2) Vice Chairperson
1 of the appointed members shall be designated by the President,
by and with the advice and consent of the Senate, to serve as Vice
Chairperson of the Board of Directors.
(3) Acting Chairperson
In the event of a vacancy in the position of Chairperson of the
Board of Directors or during the absence or disability of the
Chairperson, the Vice Chairperson shall act as Chairperson.
(c) Terms
(1) Appointed members
Each appointed member shall be appointed for a term of 6 years.
(2) Interim appointments
Any member appointed to fill a vacancy occurring before the
expiration of the term for which such member's predecessor was
appointed shall be appointed only for the remainder of such term.
(3) Continuation of service
The Chairperson, Vice Chairperson, and each appointed member may
continue to serve after the expiration of the term of office to
which such member was appointed until a successor has been appointed
and qualified.
(d) Vacancy
(1) In general
Any vacancy on the Board of Directors shall be filled in the
manner in which the original appointment was made.
(2) Acting officials may serve
In the event of a vacancy in the office of the Comptroller of
the Currency or the office of Director of the Office of Thrift
Supervision and pending the appointment of a successor, or during
the absence or disability of the Comptroller or such Director, the
acting Comptroller of the Currency or the acting Director of the
Office of Thrift Supervision, as the case may be, shall be a member
of the Board of Directors in the place of the Comptroller or
Director.
(e) Ineligibility for other offices
(1) Postservice restriction
(A) In general
No member of the Board of Directors may hold any office,
position, or employment in any insured depository institution or
any depository institution holding company during--
(i) the time such member is in office; and
(ii) the 2-year period beginning on the date such member
ceases to serve on the Board of Directors.
(B) Exception for members who serve full term
The limitation contained in subparagraph (A)(ii) shall not
apply to any member who has ceased to serve on the Board of
Directors after serving the full term for which such member was
appointed.
(2) Restriction during service
No member of the Board of Directors may--
(A) be an officer or director of any insured depository
institution, depository institution holding company, Federal
Reserve bank, or Federal home loan bank; or
(B) hold stock in any insured depository institution or
depository institution holding company.
(3) Certification
Upon taking office, each member of the Board of Directors shall
certify under oath that such member has complied with this
subsection and such certification shall be filed with the secretary
of the Board of Directors.
(f) Status of employees
(1) In general
A director, member, officer, or employee of the Corporation has
no liability under the Securities Act of 1933 [15 U.S.C. 77a et
seq.] with respect to any claim arising out of or resulting from any
act or omission by such person within the scope of such person's
employment in connection with any transaction involving the
disposition of assets (or any interests in any assets or any
obligations backed by any assets) by the Corporation. This
subsection shall not be construed to limit personal liability 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 such person's employment.
(2) ``Employee of the Corporation'' defined
For purposes of this subsection, the term ``employee of the
Corporation'' includes any employee of the Office of the Comptroller
of the Currency or of the Office of Thrift Supervision who serves as
a deputy or assistant to a member of the Board of Directors of the
Corporation in connection with activities of the Corporation.
(3) Effect on other law
This subsection does not affect--
(A) any other immunities and protections that may be
available to such person under applicable law with respect to
such transactions, or
(B) any other right or remedy against the Corporation,
against the United States under applicable law, or against any
person other than a person described in paragraph (1)
participating in such transactions.
This subsection shall not be construed to limit or alter in any way
the immunities that are available under applicable law for Federal
officials and employees not described in this subsection.
(Sept. 21, 1950, ch. 967, Sec. 2[2], 64 Stat. 873; Pub. L. 86-230,
Sec. 19, Sept. 8, 1959, 73 Stat. 460; Pub. L. 98-181, title VII,
Sec. 702(a), Nov. 30, 1983, 97 Stat. 1267; Pub. L. 101-73, title II,
Sec. 203(a), Aug. 9, 1989, 103 Stat. 188; Pub. L. 102-18, title I,
Sec. 103(b), Mar. 23, 1991, 105 Stat. 60; Pub. L. 104-208, div. A, title
II, Sec. 2243, Sept. 30, 1996, 110 Stat. 3009-419.)
References in Text
The Securities Act of 1933, referred to in subsec. (f)(1), is act
May 27, 1933, ch. 38, title I, 48 Stat. 74, as amended, which is
classified generally to subchapter I (Sec. 77a et seq.) of chapter 2A of
Title 15, Commerce and Trade. For complete classification of this Act to
the Code, see section 77a of Title 15 and Tables.
Prior Provisions
Section is derived from subsec. (b) of former section 264 of this
title. See Codification note set out under section 1811 of this title.
Amendments
1996--Subsec. (a)(1)(C). Pub. L. 104-208 inserted ``, 1 of whom
shall have State bank supervisory experience'' before period at end.
1991--Subsec. (f). Pub. L. 102-18 added subsec. (f).
1989--Pub. L. 101-73 amended section generally, designating existing
provisions as subsecs. (a) to (e), and making other changes relating to
the make-up and operation of the Board.
1983--Pub. L. 98-181 inserted provision that each such appointive
member may continue to serve after the expiration of his term until a
successor has been appointed and qualified.
1959--Pub. L. 86-230 provided for membership of Acting Comptroller
of the Currency on Board of Directors during absence or disability of
Comptroller instead of only during his absence from Washington.
Transition Provision
Section 203(b) of Pub. L. 101-73 provided that:
``(1) Chairperson.--Notwithstanding any provision of section 2 of
the Federal Deposit Insurance Act [12 U.S.C. 1812], the Chairman of the
Board of Directors of the Federal Deposit Insurance Corporation on the
date of the enactment of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989 [Aug. 9, 1989] may continue to serve as the
Chairperson until the end of the term to which such Chairman was
appointed.
``(2) Members.--Notwithstanding any provision of section 2 of the
Federal Deposit Insurance Act, the appointed member of the Board of
Directors of the Federal Deposit Insurance Corporation on the date of
the enactment of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 who is not the Chairman shall continue to serve
in office until the earlier of--
``(A) the end of the term to which such member was appointed; or
``(B) February 28, 1993,
except that such member may continue to serve after the end of such term
until a successor has been appointed and qualified.
``(3) Appointments before march 1, 1993.--Notwithstanding any
provision of section 2 of the Federal Deposit Insurance Act, the term of
any member appointed to the Board of Directors of the Federal Deposit
Insurance Corporation before February 28, 1993 (including the term of
any Chairperson), shall end on such date.''
Compensation of Board of Directors
Compensation of Chairman and members of the Board, see sections 5314
and 5315 of Title 5, Government Organization and Employees.