Section Text
A board is created and established, to be known as the "Library of Congress Trust Fund Board" (hereinafter referred to as the board), which shall consist of the Secretary of the Treasury (or an Assistant Secretary designated in writing by the Secretary of the Treasury), the chairman and the vice chair of the Joint Committee on the Library, the Librarian of Congress, two persons appointed by the President for a term of five years each (the first appointments being for three and five years, respectively), four persons appointed by the Speaker of the House of Representatives (in consultation with the minority leader of the House of Representatives) for a term of five years each (the first appointments being for two, three, four, and five years, respectively), and four persons appointed by the majority leader of the Senate (in consultation with the minority leader of the Senate) for a term of five years each (the first appointments being for two, three, four, and five years, respectively). Upon request of the chair of the Board, any member whose term has expired may continue to serve on the Trust Fund Board until the earlier of the date on which such member’s successor is appointed or the expiration of the 1-year period which begins on the date such member’s term expires. Seven members of the board shall constitute a quorum for the transaction of business, and the board shall have an official seal, which shall be judicially noticed. The board may adopt rules and regulations in regard to its procedure and the conduct of its business.
Editorial Notes
CODIFICATION Section is comprised of first par. of section 1 of act Mar. 3, 1925. Second par. of section 1 is classified to section 155 of this title.AMENDMENTS 2000—Pub. L. 106–481 inserted "and the vice chair" after "the chairman" and "Upon request of the chair of the Board, any member whose term has expired may continue to serve on the Trust Fund Board until the earlier of the date on which such member’s successor is appointed or the expiration of the 1-year period which begins on the date such member’s term expires." after first sentence and substituted "Seven members of the board" for "Nine members of the board". 1992—Pub. L. 102–246 struck out "and" after "Librarian of Congress," inserted ", four persons appointed by the Speaker of the House of Representatives (in consultation with the minority leader of the House of Representatives) for a term of five years each (the first appointments being for two, three, four, and five years, respectively), and four persons appointed by the majority leader of the Senate (in consultation with the minority leader of the Senate) for a term of five years each (the first appointments being for two, three, four, and five years, respectively)" after "respectively)", and substituted "Nine" for "Three". 1978—Pub. L. 95–277 inserted "(or an Assistant Secretary designated in writing by the Secretary of the Treasury)".EFFECTIVE DATE OF 2000 AMENDMENT Pub. L. 106–481, title II, §202, Nov. 9, 2000, 114 Stat. 2191, provided that: "The amendments made by this title [amending this section] shall take effect on the date of the enactment of this Act [Nov. 9, 2000]."SHORT TITLE Act Mar. 3, 1925, enacting sections 154 to 162 and 163 of this title, is popularly known as the "Library of Congress Trust Fund Board Act".
Citation
2 U.S.C. § 154 (2018)