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

(a) Establishment. The executive branch has a corporation^* called the "Millennium Challenge Corporation." It is responsible for carrying out this chapter and is a government corporation as section 103 of title 5 defines that term.

(b) Chief Executive Officer^*. (1) The Corporation has a CEO responsible for its management. (2)(A) Unless (B) applies, the President appoints the CEO with the Senate's advice and consent. (B) The Board^* members listed in subsection (c)(3)(A) may unanimously designate in writing a Federal department or agency officer, appointed by the President with Senate advice and consent, to perform these duties until the CEO is appointed. (3) The CEO reports to and is directly controlled by the Board. (4)(A) The CEO receives the level-II Executive Schedule rate under section 5313 of title 5 and has the equivalent rank of Deputy Secretary. (B) Omitted. (5) The CEO manages the Corporation, exercises its powers, and performs its duties. (6) After consulting the Board and obtaining its approval, the CEO appoints all Corporation officers.

(c) Board of Directors. (1) The Corporation has a Board. (2) The Board performs the functions assigned to it by this chapter and may adopt, change, or repeal bylaws, rules, regulations, and procedures governing its business and legal powers. (3) The Board consists of (A) the Secretaries of State and the Treasury, the USAID Administrator, the CEO, and the United States Trade Representative; and (B) four other people with relevant international experience, appointed by the President with Senate advice and consent. One should be chosen from a list submitted by each of the House majority leader, House minority leader, Senate majority leader, and Senate minority leader. (4)(A) Each member listed in (3)(A) serves while serving as the relevant Federal officer. (B) Each other member serves three years, may be reappointed for two more years, and may continue until the earlier of a successor's appointment or one year after the appointment or reappointment expires. (C) A vacancy is filled the same way as the original appointment. (5) The Secretary of State is Board Chair. (6) A majority is a quorum. Except for meetings during the 135 days beginning January 23, 2004, the quorum must include at least one member listed in (3)(B). (7) The Board meets when the Chair calls it. (8)(A) A Federal officer Board member receives no extra pay, allowances, or benefits for Board service, but receives travel expenses, including per diem instead of subsistence, under title 5 chapter 57 subchapter I. (B)(i) Other members are paid from chapter funds at the daily equivalent of the highest section 5332 rate for each day, including travel time, they perform Board duties. When away from home or regular business for necessary Board travel, they receive per diem, travel, and transportation expenses under the same title 5 rules. (ii) A member may not receive the compensation described in clause (i)(II) for more than 90 days in a calendar year.