12 U.S.C. § 4512 : US Code - Section 4512: Director

Search 12 U.S.C. § 4512 : US Code - Section 4512: Director

(a) Appointment
The Office shall be under the management of a Director, who shall
be appointed by the President, by and with the advice and consent
of the Senate, from among individuals who are citizens of the
United States, have a demonstrated understanding of financial
management or oversight, and have a demonstrated understanding of
mortgage security markets and housing finance. An individual may
not be appointed as Director if the individual has served as an
executive officer or director of an enterprise at any time during
the 3-year period ending upon the nomination of such individual for
appointment as Director.
(b) Term
The Director shall be appointed for a term of 5 years.
(c) Vacancy
A vacancy in the position of Director shall be filled in the
manner in which the original appointment was made under subsection
(a) of this section.
(d) Service after end of term
A Director may serve after the expiration of the term for which
the Director was appointed until a successor Director has been
appointed.
(e) Deputy Director
(1) In general
The Office shall have a Deputy Director who shall be appointed
by the Director from among individuals who are citizens of the
United States, have a demonstrated understanding of financial
management or oversight, and have a demonstrated understanding of
mortgage security markets and housing finance. An individual may
not be appointed as Deputy Director if the individual has served
as an executive officer or director of an enterprise at any time
during the 3-year period ending upon the appointment of such
individual as Deputy Director.
(2) Functions
The Deputy Director shall have such functions, powers, and
duties as the Director shall prescribe. In the event of the
death, resignation, sickness, or absence of the Director, the
Deputy Director shall serve as acting Director until the return
of the Director or the appointment of a successor pursuant to
subsection (c) of this section.