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Resolution 2002-03

Resolution 2002-03
of the Meeting of the Board of Directors of
the Federal Financing Bank
September 12, 2002

FEDERAL FINANCING BANK
WASHINGTON, D.C. 20220

RESOLUTION OF THE BOARD OF DIRECTORS          

             WHEREAS, Section 4.01 of the Bylaws of the Federal Financing Bank (the "Bylaws") provides that in addition to the principal officers of the Bank, there shall also be such additional officers as may be deemed necessary by the Board of Directors (the "Board"); and

          WHEREAS, Section 4.02 of the Bylaws provides in part that officers or agents of the Bank shall have such authority and perform such duties in the management and conduct of the business of the Bank as may be established by resolution of the Board not inconsistent with the Bylaws; and

          WHEREAS, the Congress has recognized the importance of effective financial management practices to the Federal Government in enacting the Chief Financial Officers Act of 1990; and

          WHEREAS, as described in a memorandum dated March 19, 2002, from the Secretary of the Treasury to all Department of the Treasury bureau heads, the Secretary of the Treasury has instituted a plan to ensure that material weaknesses and audit recommendations are addressed in an expedited manner, part of which involves formalizing the reporting relationship between bureau chief financial officers and the chief financial officer; and

          WHEREAS, while the Bank is not a "bureau" of the Department of the Treasury, the Bank is subject to the general supervision and direction of the Secretary of the Treasury under Section 4 of the Federal Financing Bank Act of 1973;

          NOW, THEREFORE, BE IT RESOLVED, that the Board hereby establishes the position of Chief Financial Officer as an additional officer of the Bank.

          BE IT FURTHER RESOLVED, that the Chief Financial Officer of the Bank shall, in general, perform all financial management duties and such other duties as the Treasurer of the Bank shall prescribe.


BOARD RESOLUTION NO. 2002-03


Last Updated: July 30, 2006