22 U.S.C. § 7703 — Establishment and management of the Millennium Challenge Corporation

(a) Establishment This law creates a government corporation in the executive branch called the "Millennium Challenge Corporation," responsible for carrying out this chapter. It is a "government corporation" as defined in section 103 of title 5. (b) Chief Executive Officer (1) The Corporation has a Chief Executive Officer (CEO) responsible for managing it. (2) Appointment — (A) Normally, the President appoints the CEO with the Senate's consent. (B) But the Board members described in (c)(3)(A) may unanimously pick, in writing, a current federal officer (already Senate-confirmed to their own position) to act as an interim CEO until a permanent CEO is appointed. (3) The CEO reports to, and is under the direct authority of, the Board. (4) Compensation and rank — (A) The CEO is paid at level II of the Executive Schedule under section 5313 of title 5, and holds the equivalent rank of Deputy Secretary. (B) Omitted. (5) The CEO manages the Corporation and exercises its powers and duties. (6) With the Board's approval, the CEO appoints all the Corporation's officers. (c) Board of Directors (1) The Corporation has a Board of Directors. (2) The Board carries out the duties this chapter assigns it, and may make, amend, or repeal bylaws, rules, regulations, and procedures governing how the Corporation's business is conducted and its legal powers exercised. (3) Membership — The Board consists of: (A) the Secretary of State, the Secretary of the Treasury, the Administrator of USAID, the Corporation's CEO, and the U.S. Trade Representative; plus (B) four more members with relevant international experience, appointed by the President with Senate consent — one each from lists submitted by the House majority leader, House minority leader, Senate majority leader, and Senate minority leader. (4) Terms — (A) Members described in (3)(A) serve as long as they hold their other federal position. (B) Members described in (3)(B) serve 3-year terms, may be reappointed for one additional 2-year term, and may keep serving until the earlier of their successor being appointed or one year past the end of their term. (C) A vacancy is filled the same way the original appointment was made. (5) Chairperson — The Secretary of State serves as Chairperson of the Board. (6) Quorum — A majority of Board members forms a quorum, which — except during a 135-day period beginning January 23, 2004 — must include at least one member described in (3)(B). (7) The Board meets when the Chairperson calls a meeting. (8) Compensation — (A) Members described in (3)(A) may not receive extra pay, allowances, or benefits for Board service, but do receive travel expenses, including per diem, under standard federal travel rules. (B) Members described in (3)(B) are paid, from this chapter's funds, at the highest daily rate under section 5332 of title 5 for each day (including travel time) they actually perform Board duties, plus per diem, travel, and transportation expenses for necessary travel away from home — but may not be paid for more than 90 days of such service in any calendar year.