Political Quotes

“this amendment is drawn for the purposes of clarifying the process used by the new regulator's advisory committee to recommend candidates to serve as independent directors on the boards of each of the Federal Home Loan Banks. This proposal is a simple, yet important, corporate governance reform. Today, the Federal Home Loan Banks benefit from the service and the guidance of individuals appointed by the regulator to serve on the boards of each of the Federal Home Loan Banks in addition to those board directors elected by member financial institutions. Because the public-private partnership in guiding and monitoring the activities of a Federal Home Loan Bank is an important one, H.R. 1427 would preserve the election and appointment systems for constituting the Federal Home Loan Bank boards. Under the bill the advisory committee would recommend a list of individuals to serve as appointed independent directors to the head of the new regulatory agency. This individual would then make the final determination about whom to appoint to the independent director seats on the boards of each of the Federal Home Loan Banks. Independent directors help to focus a Federal Home Loan Bank on its statutory mission. These public appointees also help to ensure that each board has the knowledge, skills, and expertise needed to properly direct and supervise the management of the Federal Home Loan Bank.”