12 2 STA T . 2 783PUBLIC LA W 11 0– 28 9—J UL Y 30 , 2008 ‘ ‘ (2)anyotherdif feren c e s that the D irector considers a p pro - priate .’ ’. SEC.120 2. DIR EC TO RS. S ection 7 of the F edera lH o m e L oan B an kA ct( 1 2 U .S. C . 1 4 27) is amended — (1) b y strikin g s u bsection (a) and inserting the follo w ing
‘‘(a) NUMBER;EL E CTION
Q U A LI F ICATION S
- CONFLICTS OF
I NTEREST.— ‘‘(1) IN G ENERAL.—Sub j ect to paragraphs (2) through (4) , the management of each Federal Home Loan Bank shall be v ested in a board of 1 3 directors, or such other number as the Director determines appropriate. ‘‘(2) BOAR D MA K EU P .— T he board of directors of each Bank shall be comprised of— ‘‘(A) member directors, who shall comprise at least the majority of the members of the board of directors; and ‘‘(B) independent directors, who shall comprise not fewer than 2⁄5 of the members of the board of directors. ‘‘(3) SELECTION CRITERIA.— ‘‘(A) IN GENERAL.—Each member of the board of direc- tors shall be— ‘‘(i) elected by plurality vote of the members, in accordance with procedures established under this sec- tion; and ‘‘(ii) a citi z en of the United States. ‘‘(B) INDEPENDENT DIRECTOR CRITERIA.— ‘‘(i) IN GENERAL.—Each independent director that is not a public interest director under clause (ii) shall have demonstrated knowledge of, or e x perience in, financial management, auditing and accounting, risk management practices, derivatives, project develop- ment, or organizational management, or such other knowledge or expertise as the Director may provide by regulation. ‘‘(ii) P UBLIC INTEREST.—Not fewer than 2 of the independent directors shall have more than 4 years of experience in representing consumer or community interests on banking services, credit needs, housing, or financial consumer protections. ‘‘(iii) CONFLICTS OF INTEREST.—No independent director may, during the term of service on the board of directors, serve as an officer of any Federal Home Loan Bank or as a director, officer, or employee of any member of a Bank, or of any person that receives advances from a Bank. ‘‘(4) DEFINITIONS.—For purposes of this section, the fol- lowing definitions shall apply: ‘‘(A) INDEPENDENT DIRECTOR.—The terms ‘independent director’ and ‘independent directorship’ mean a member of the board of directors of a Federal Home Loan Bank who is a bona fide resident of the district in which the Federal Home Loan Bank is located, or the directorship held by such a person, respectively. ‘‘(B) M EMBER DIRECTOR.—The terms ‘member director’ and ‘member directorship’ mean a member of the board
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