Reading Room Document

Questions Arising During Vacancy of Chairmanship of Federal Home Loan Bank Board

This document discusses the selection of a new Chairman of the Federal Home Loan Bank Board following the resignation of the previous Chairman. It addresses the questions of whether the President is required to name an Acting Chairman, whether the Board can operate without a Chairman for a short period of time, and the ability of the Board to meet in special or emergency sessions in the absence of a Chairman. The conclusion reached is that the President is not required to name an Acting Chairman, the Board can operate without a Chairman for a short period of time, and the remaining members of the Board have the authority to call a special meeting if necessary. The document also suggests that any action taken at a meeting held by the other two board members may not be challenged on the ground that the calling of the meeting was not in conformance with the reorganization plan.

July 9, 1979