Opinion ID: 469097
Heading Depth: 2
Heading Rank: 3

Heading: management of the fdic

Text: The FDIC is managed by a board of directors consisting of three members, one of whom is the Comptroller of the Currency and two of whom are United States citizens appointed by the President with the advice and consent of the Senate. 12 U.S.C. Sec. 1812. Except to the extent that authority has been granted to any other regulatory agency, the board of directors may issue such rules and regulations as are necessary to perform the regulation of the nation's banking system. 12 U.S.C. Sec. 1819. The board of directors of the FDIC operates without direct supervision of any cabinet member. With respect to the use of corporation monies, however, the board of directors is subject to some control from the Executive Branch. By statute, money of the corporation not otherwise employed must be invested in obligations of the United States or in obligations guaranteed as to interest and principal by the United States. 12 U.S.C. Sec. 1823(a). The Secretary of Treasury must approve any purchase or sales of any obligation for the FDIC's account in excess of $100,000; the Secretary of Treasury may choose to waive the necessity for this approval. 12 U.S.C. Sec. 1823(a). The FDIC's banking or checking account must be with the Treasurer of the United States or with a Federal Reserve Bank with the approval of the Secretary of the Treasury. 12 U.S.C. Sec. 1823(b). Again, the Secretary of the Treasury has the authority to waive the requirement of his approval under conditions that he may prescribe. 12 U.S.C. Sec. 1823(b). Although not subject to direct supervisory control from the Executive Branch, the FDIC's Board of Directors are appointed by the President with the Comptroller of the Currency serving on the Board. Management of the FDIC ultimately is under the indirect control of the Executive Branch and is inextricably intertwined in the federal government.