22 U.S.C. § 286a — Appointments

(a) Governors and executive directors; term of office. The President, with Senate approval, appoints one governor who represents the U.S. at both the Fund and the Bank. The President also appoints a separate executive director for the Fund and one for the Bank; these two also act as provisional executive directors under each organization's Articles of Agreement. The governor serves a five-year term. Each executive director serves a two-year term but stays in office until a successor is appointed. (b) Alternates; term of office. The President, with Senate approval, appoints an alternate for the governor at the Fund and a separate alternate for the governor at the Bank. The President, again with Senate approval, appoints an alternate for each executive director — chosen from people the executive director recommends. All these alternates serve the same length of term as the official they back up. (c) Governor to serve as councillor; alternates and associates. If Schedule D of the Fund's Articles of Agreement applies, the Fund's governor also serves as "councillor." That governor must name an alternate for the councillor role, and may also name associates. (d) Compensation for services. No one gets a salary or other pay from the United States for serving as governor, executive director, councillor, alternate, or associate. The Fund itself can't pay the U.S. executive director more than the rate for a Level IV position on the Executive Schedule, or the U.S. alternate executive director more than the rate for a Level V position. The Secretary of the Treasury must direct the U.S. executive director to bring the Fund's governing board a full set of proposals. The goal: keep Fund employee pay from exceeding what similar positions pay in national government service or private industry, while still keeping Fund staff highly capable and following the Articles of Agreement. The Secretary had to report these proposals, plus whatever the Fund's board adopted, to Congress before February 1, 1979.