PUBLIC LAW 106-102—NOV. 12, 1999 113 STAT. 1453 ", and each of whom shall be either a bona fide resident of the district in which such bank is located or an officer or director of a member of such bank located in that district"; (2) in subsection (d), by striking the first sentence and inserting the following: "The term of each director, whether elected or appointed, shall be 3 years. The board of directors of each Federal home loan bank and the Finance Board shall adjust the terms of members first elected or appointed after the date of the enactment of the Federal Home Loan Bank System Modernization Act of 1999 to ensure that the terms of the members of the board of directors are staggered with approximately Vs of the terms expiring each year."; and (3) by striking subsection (g) and inserting the following: " (g) CHAIRPERSON AND VICE CHAIRPERSON.— "(1) ELECTION. — The Chairperson and Vice Chairperson of the board of directors of each Federal home loan bank shall be elected by a majority of all the directors of such bank from among the directors of the bank. "(2) TERMS.— The term of office of the Chairperson and the Vice Chairperson of the board of directors of a Federal home loan bank shall be 2 years. "(3) ACTING CHAIRPERSON.— In the event of a vacancy in the position of Chairperson of the board of directors or during the absence or disability of the Chairperson, the Vice Chairperson shall act as Chairperson. "(4) PROCEDURES.— The board of directors of each Federal home loan hank shall establish procedures, in the bylaws of such board, for designating an acting chairperson for any period during which the Chairperson and the Vice Chairperson are not available to carry out the requirements of that position for any reason and removing any person from any such position for good cause.". (b) COMPENSATION.— Section 7(i) of the Federal Home Loan Bank Act (12 U.S.C. 1427(i)) is amended— (1) by striking "(i) Each bank may pay its directors" and inserting "(i) DIRECTORS' COMPENSATION.— "(1) IN GENERAL.—Subject to paragraph (2), each bank may pay its directors"; and (2) by adding at the end the following new paragraph: " (2) LIMITATION.— "(A) IN GENERAL.—The annual salary of each of the following members of the board of directors of a Federal home loan bank may not exceed the amount specified: "In the case of the— The annual compensation ^' may not exceed— Chairperson $25,000 Vice Chairperson $20,000 All other members $15,000. "(B) ADJUSTMENT. —Beginning January 1, 2001, each Effective date. dollar amount referred to in the table in subparagraph (A) shall be adjusted annually by the Finance Board, based on the annual percentage increase, if any, in the Consumer Price Index for all urban consumers, as published by the Department of Labor. "(C) EXPENSES. —Subparagraph (A) shall not be construed as prohibiting the reimbursement of expenses
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