Applicability of Executive Order No. 12976 to the FDIC: Memorandum for the General Counsel, Office of Management and Budget [April 22, 1997]   [open pdf - 25KB]

"You have asked us to consider whether Executive Order No. 12976, 3 C.F.R. § 412, 'Compensation Practices of Government Corporations' ('EO 12976'), applies to the Federal Deposit Insurance Corporation ('FDIC'). EO 12976 provides that government corporations should not pay bonuses in excess of those authorized by section 4501 through section 4507 of Title 5 of the United States Code. It also directs government corporations to submit certain compensation information to the Office of Management and Budget ('OMB') and requires wholly owned government corporations to refrain from approving bonuses in excess of the statutory bonus ceilings until OMB has had an opportunity to review the information. The FDIC maintains that EO 12976 does not apply to it because it has statutorily vested broad discretion to determine the compensation of its employees and because it is an independent agency. As we explain below, neither of these premises supports the conclusion that EO 12976 is inapplicable to the FDIC. Accordingly, we believe that EO 12976 applies to the FDIC."

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