Exhibit 782

Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, sections 1103, 1107 and 1109

Exhibit 782 · Statute

Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, sections 1103, 1107 and 1109

The president shall be the chief executive officer of the bank and shall be appointed by the Class B and Class C directors of the bank, with the approval of the Board of Governors of the Federal Reserve System, for a term of 5 years

Sec. 1107 amends Federal Reserve Act sec. 4 so a Reserve Bank president is appointed by the Class B and Class C directors only, with Board approval. Sec. 1103 requires disclosure of borrower names, amounts, rates and collateral for emergency credit facilities and discount window lending, one year after a facility ends. Sec. 1109(a) orders a one-time GAO audit of the 2007-2010 emergency facilities, including whether they favored particular participants and whether there were conflicts of interest; sec. 1109(b) orders the study of Reserve Bank governance.

Source: U.S. Congress
Date: 21 July 2010
Quoted from: Sec. 1107, 124 Stat. 2126
Grade: Primary record
Document: https://www.govinfo.gov/content/pkg/PLAW-111publ203/html/PLAW-111publ203.htm
Accessed: 2026-11-09
Cited by: Findings citing this exhibit
Note: Further quotation: “there are authorized to be appropriated to carry out the functions, powers, and duties of the Commission--” (Sec. 991(c), new Securities Exchange Act sec. 35, 124 Stat. 1954; the five paragraphs that follow list $1,300,000,000 (FY 2011), $1,500,000,000 (FY 2012), $1,750,000,000 (FY 2013), $2,000,000,000 (FY 2014) and $2,250,000,000 (FY 2015)). Authorization of appropriations, not an appropriation. Approved 21 July 2010. Sec. 915 (124 Stat. 1830) separately establishes within the Commission the Office of the Investor Advocate, and a section 932 subsection establishes an Office of Credit Ratings; the latter heading was located but its text was not read in full.

Cited by

Finding POL-8.2: Primary record Each Reserve Bank board has nine directors: three Class A chosen by and representing the stockholding banks, three Class B elected by the member banks to represent the public, and three Class C designated by the Board of Governors. Since the Dodd-Frank Act of 21 July 2010, the Class B and Class C directors appoint the Reserve Bank president, with Board approval, and the Class A directors take no part.
Finding POL-8.4: Primary record GAO's Table 8 totals $16,115 billion of loans across the Fed's broad-based emergency programs by adding every renewal of overnight loans without adjusting for term, and GAO found that loans outstanding peaked above $1 trillion in late 2008. Senator Sanders's release of 21 July 2011 described the audit as uncovering "$16 trillion in secret loans."