1. (a) Appointment The President shall appoint a Governor and an Alternate Governor of the Bank—

   1. (1) by and with the advice and consent of the Senate; or
   2. (2) from among individuals serving as officials required by law to be appointed by and with the advice and consent of the Senate.
2. (b) Term; termination and reappointment The term of office for the Governor and the Alternate Governor shall be five years, subject at any time to termination of appointment or to reappointment. The Governor and Alternate Governor shall remain in office until a successor has been appointed.
3. (c) Compensation and expenses No person shall be entitled to receive any salary or other compensation from the United States for services as a Governor or Alternate Governor, except for reasonable expenses to attend meetings of the Board of Governors.
4. (d) Voting The Governor, or in the Governor’s absence the Alternate Governor, on the instructions of the President, shall cast the votes of the United States for the Director to represent the United States in the Bank.

(Pub. L. 97–35, title XIII, § 1333, Aug. 13, 1981, 95 Stat. 741; Pub. L. 101–513, title V, § 562(b)(3), Nov. 5, 1990, 104 Stat. 2034; Pub. L. 112–166, § 2(z)(1), Aug. 10, 2012, 126 Stat. 1289.)

Amendments 2012—Pub. L. 112–166 substituted “The President shall appoint a Governor and an Alternate Governor of the Bank—” and pars. (1) and (2) for “The President, by and with the advice and consent of the Senate, shall appoint a Governor, an Alternate Governor, and a Director of the Bank.” in subsec. (a), redesignated second and third sentences of subsec. (a) as (b), and redesignated former subsecs. (b) and (c) as (c) and (d), respectively.

1990—Subsec. (a). Pub. L. 101–513 substituted “Governor, an Alternate Governor, and a Director” for “Governor and an Alternate Governor”.

Effective Date of 2012 Amendment Amendment by Pub. L. 112–166 effective 60 days after Aug. 10, 2012, and applicable to appointments made on and after that effective date, including any nomination pending in the Senate on that date, see section 6(a) of Pub. L. 112–166, set out as a note under section 113 of Title 6, Domestic Security.

Delegation of Functions Functions of President under subsec. (c) delegated to Secretary of the Treasury, see Ex. Ord. No. 12403, Feb. 8, 1983, 48 F.R. 6087.