Central Bank of Nigeria Act 2007

# Federal Republic of Nigeria
## Official Gazette

**No. 55**

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(d) is disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally;

(e) becomes bankrupt;

(f) is removed by the President:

Provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.

(3) The Governor or any Deputy Governor may resign his office by giving at least three months’ notice in writing to the President of his intention to do so and any Director may similarly resign by giving at least one month’s notice in writing to the President of his intention to do so.

(4) If the Governor, any Deputy Governor or Director of the Bank dies, resigns or otherwise vacates his office before the expiry of the term for which he has been appointed, there shall be appointed a fit and proper person to take his place on the Board for the unexpired period of the term of appointment in the first instance if the vacancy is that of—

(a) the Governor or a Deputy Governor, the appointment shall be made in the manner prescribed by section 8 (1) and (2) of this Act; and

(b) any Director, the appointment shall be made in the manner prescribed by section 10 (1) and (2) of this Act.

12.—(1) In order to facilitate the attainment of the objective of price stability and to support the economic policy of the Federal Government, there shall be a Committee of the Bank known as the Monetary Policy Committee (in this Act referred to as “the MPC”).

(2) The MPC shall consist of—

(a) the Governor of the Bank who shall be the Chairman;

(b) the four Deputy Governors of the Bank;

(c) two members of the Board of Directors of the Bank;

(d) three members appointed by the President; and

(e) two members appointed by the Governor.

(3) The MPC shall have responsibility within the Bank for formulating monetary and credit policy.

(4) The appointment of a member of the MPC pursuant to Sub-section 2 (d) and (e) of this section, the remuneration, filling of temporary vacancies, qualification, tenure of office and disqualification shall be subject to the same terms as are stipulated for a Director under sections 10 and 11 of this Act.

(5) The provisions of the Second Schedule to this Act shall have effect with respect to the proceedings of the MPC.

Establishment of Monetary Policy Committee.  
Second Schedule.

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Meetings of the Board.

13.—(1) Meetings of the Board shall take place as often as may be required, but not less than six times in every financial year of the Bank.

(2) The Governor shall preside at every meeting of the Board and in his absence, a Deputy Governor designated by him, shall preside at such meeting.

(3) Five members of the Board, three of whom shall be Directors other than the Governor or the Deputy Governors, shall form a quorum at any meeting.

(4) Unless otherwise provided in this Act, decisions shall be by a simple majority of the votes of the members present, but in case of any equality of votes, the person presiding shall have a casting vote.

Appointment of Secretary to the Board and other employees.

14.—(1) There shall be for the Board a Secretary who shall be—

(a) appointed by the Board; and

(b) be responsible to the Board through the Governor.

(2) The Secretary shall be responsible for—

(a) convening, on the authority of the Chairman, meetings of the Board;

(b) recording the minutes of all meetings of the Board and such other meetings as the Board may direct;

(c) acting as Secretary to any Committee of the Board;

(d) maintaining and keeping minute books and a register of the Directors of the Bank;

(e) keeping in safe custody the common seal of the Bank;

(f) keeping in safe custody all title documents relating to the Bank’s properties;

(g) keeping in safe custody all agreements entered into by the Bank with any third party; and

(h) carrying out such other duties and responsibilities as may be assigned to him, from time to time, by the Governor.

(3) The Secretary to the Board shall be a lawyer, with at least, 10 years cognate experience.

(4) Appointment of employees of the Bank shall only be in respect of positions created by the Bank and on such terms and conditions as may be laid down by the Board:

Provided that the appointment and removal of staff of the grade of Assistant Director and above shall be with the approval of the Board.

(5) A salary, fee, wage, allowance or other remuneration paid by the Bank shall not be computed by reference to the operating surplus of the Bank.

(6) The salaries, fees, wages, or other remuneration payable to or in respect of employees of the Bank, other than the Governor or Deputy Governors, shall be as stipulated, from time to time, by the Board.

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Currency of Nigeria.

15. The unit of currency in Nigeria shall be the Naira which shall be divided into one hundred kobo.

Determination of exchange rate of the Naira.

16. The exchange rate of the Naira shall be determined, from time to time, by a suitable mechanism devised by the Bank for that purpose.

Sole right of issuing notes and coins.

17. The Bank shall have the sole right of issuing currency notes and coins throughout Nigeria and neither the Federal Government nor any State Government, Local Government, other person or authority shall issue currency notes, bank notes or coins or any documents or tokens payable to bearer on demand being document or token which are likely to pass as legal tender.

Power to print notes and mint coins.

18. The Bank shall—

(a) arrange for the printing of currency notes and the minting of coins;

(b) issue, re-issue and exchange currency notes and coins at the Bank’s offices and at such agencies as it may, from time to time, establish or appoint;

(c) arrange for the safe custody of un-issued stocks of currency notes and for the preparation, safe custody and destruction of plates and paper for the printing of currency notes and disc for the minting of coins; and

(d) arrange for the destruction of currency notes and coins withdrawn from circulation under the provisions of section 20 (3) of this Act or otherwise found by the Bank to be unfit for use.

Denomination and form of currency notes and coins.

19.—(1) The Currency notes and coins issued by the Bank shall be—

(a) in such denominations of the Naira or fractions thereof as shall be approved by the President on the recommendation of the Board; and

(b) of such forms and designs and bear such devices as shall be approved by the President on the recommendation of the Board.

(2) The standard weights and composition of coins issued by the Bank and the amount of remedy and variation shall be determined by the President on the recommendation of the Board.

Bank’s currency notes and coins to be legal tender.

20.—(1) The currency notes issued by the Bank shall be legal tender in Nigeria at their face value for the payment of any amount.

(2) The coins issued by the Bank shall, if such coins have not been tampered with, be legal tender in Nigeria at their face value up to such amount or amounts as may be determined, from time to time, by the Bank.

(3) Notwithstanding Sub-sections (1) and (2) of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this Sub-section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand.

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Tampering with or trading in notes and coins.

(4) It shall be an offence punishable by a term of imprisonment of not less than 5 years for any person to falsify, make or counterfeit any bank note or coin issued by the Bank which is legal tender in Nigeria.

(5) A person who refuses to accept the Naira as a means of payment is guilty of an offence and liable on conviction to a fine of ₦50,000 or 6 months imprisonment:

Provided that the Bank shall have powers to prescribe the circumstances and conditions under which other currencies may be used as medium of exchange in Nigeria.

21.—(1) A person who tampers with a coin or note issued by the Bank is guilty of an offence and shall on conviction be liable to imprisonment for a term not less than six months or to a fine not less than ₦50,000 or to both such fine and imprisonment.

(2) A coin or note shall be deemed to have been tampered with if the coin or note has been impaired, diminished or lightened otherwise than by fair wear and tear or has been defaced by stumping, engraving, mutilating, piercing, stapling, writing, tearing, soiling, squeezing or any other form of deliberate and wilful abuse whether the coin or note has or has not been thereby diminished or lightened.

(3) For the avoidance of doubt, spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute an abuse and defacing of the Naira or such note and shall be punishable under Sub-section (1) of this section.

(4) It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.

(5) In this section—

(i) “Matching” includes spreading, scattering or littering of any surface with any Naira notes or coins and stepping thereon, regardless of the value, volume, occasion or intent.

(ii) “Spraying” includes adorning, decorating or spraying anything or any person or any part of any person or the person of another with Naira notes or coins or sprinkling or sticking of the Naira notes or coins in a similar manner regardless of the amount, occasion or the intent.

Lost and damaged notes and coins.

22.—(1) A person shall not be entitled to recover from the Bank the value of any lost, stolen, mutilated or imperfect note or coin.

(2) The circumstances in which, and the conditions and limitations subject to which, the value of the lost, stolen, mutilated or imperfect notes or coins may be refunded ex gratia shall be within the absolute discretion of the Bank.

Exemption from stamp duty.

23. The Bank shall not be liable for the payment of any stamp duty under the Stamp Duties Act in respect of its notes issued as currency.

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Composition of external reserves.

24. The Bank shall at all times maintain a reserve of external assets consisting of all or any of the following—

(a) gold coin or bullion;

(b) balance at any bank outside Nigeria where the currency is freely convertible and in such currency, notes, coins, money at call and any bill of exchange bearing at least two valid and authorised signatures and having a maturity not exceeding ninety days exclusive of days of grace;

(c) treasury bills having a maturity not exceeding one year issued by the Government of any country outside Nigeria whose currency is freely convertible;

(d) securities of, or guarantees by, a government of any country outside Nigeria whose currency is freely convertible provided such securities shall mature in a period not exceeding ten years from the date of acquisition and are of such investment grade as may be determined by the Board from time to time;

(e) securities of, or guarantees by, international financial institutions if such securities are expressed in currency freely convertible, in the form of investment grade assets as may be determined by the Board and maturity of the securities shall not exceed five years;

(f) Nigeria’s gold tranche in the International Monetary Fund;

(g) allocation of Special Drawing Rights made to Nigeria by the International Monetary Fund;

(h) investment by way of loans or debenture in an investment bank or development financial institutions within or outside Nigeria for a maximum period of five years in so far as—

(i) the amount invested is not more than 5% of the total foreign reserves,

(ii) the reserve level at the time of investment is more than such amount as will sustain twenty-four months of import, and

(iii) the loan or debenture is denominated in foreign currency:

Provided the investment bank or development financial institution referred to in paragraph (h) of this section carries such a rating by rating agencies as may be prescribed from time to time by the Bank; and

(i) such other securities and investment as may be approved from time to time by the Board:

Provided they are liquid foreign currency assets that are of investment grade and in the form of freely convertible currencies.

Maintenance of external reserves.

25. The Bank shall use its best endeavour to maintain external reserves at levels considered by the Bank to be appropriate for the economy and the monetary system of Nigeria.

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Power to buy and sell Nigeria currency.

26. The Bank shall issue and redeem on demand at its Head Office, Nigerian currency against other currencies eligible for inclusion in the reserve of external asset under this Act.

Banking operations.

27. The Bank may—

(a) issue demand drafts and effect other kinds of remittance payable at its own offices or at the offices of agencies or correspondents;

(b) open accounts for and accept deposits from the Federal, State and Local Governments, and from funds, institutions and corporations of all such Governments, banks and other credit or financial institutions;

(c) maintain accounts with central banks and other banks outside Nigeria;

(d) act as correspondent, banker or agent for any central bank or other monetary authority established under government auspices;

(e) accept from customers, for custody, securities and other articles of value; and

(f) undertake on behalf of customers and correspondents, the purchase, sale, collection and payment of securities, currencies and credit instruments in Nigeria or abroad and the purchase or sale of gold or silver.

Treasury operations.

28. The Bank may—

(a) purchase and sell gold coin or bullion;

(b) purchase, sell, discount and rediscount inland bills of exchange and promissory notes arising out of bona fide commercial transactions bearing two or more valid and authorized signatures and maturing within ninety days exclusive of days of grace, from the date of acquisition;

(c) purchase, sell, discount and rediscount inland bills of exchange and promissory notes bearing two or more valid and authorized signatures drawn or issued for the purpose of financing seasonal agricultural operation or the marketing of crops, semi-manufacturing or manufacturing operation designed for export, or the marketing of these products and maturing within 180 days, exclusive of days of grace, from the date of acquisition;

(d) purchase, sell, discount or rediscount treasury bills of the Federal Government which have been publicly offered for sale and are to mature within 364 days;

(e) purchase, sell, discount or rediscount treasury certificates maturing within such a period as may be determined by the Federal Government and specified by an instrument made by the Federal Government;

(f) discount and rediscount project-tied bonds issued by State Governments, Local Governments, corporations owned by the Federal or State Governments, being bonds which have been publicly offered for sale and with maturity not exceeding three years;

(g) purchase and sell securities of the Federal Government maturing in not more than twenty-five years which have been publicly offered for sale or form part of an

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issue which is being made to the public at the time of acquisition, so that the total amount of such securities at maturity exceeding two years in the ownership of the Bank other than securities held in terms of paragraph (h) of this section or held by the Bank as collateral under section 29(1)(b) shall not together at any time exceed seventy-five per cent of the total demand liabilities of the Bank ;

(h) invest in securities of the Federal Government for any amount and to mature at any time, on behalf of staff pension funds and other internal funds of the Bank ;

(i) purchase and sell foreign currencies and purchase, sell, discount and rediscount bills of exchange and treasury bills drawn in or on places abroad and maturing within 184 days exclusive of days of grace from the date of acquisition ;

(j) purchase and sell securities of or guaranteed by any government whose currency is freely convertible or securities issued by international financial institutions, of which Nigeria is a member, which are also expressed in currencies which are freely convertible and are of investment grade ; and

(k) hold redeemable bonds for the purpose of regularizing any currency exchange exercise.

29.—(1) The Bank may—

(a) grant advances for fixed periods not exceeding three months against publicly issued treasury bills of the Federal Government ;

(b) grant advances for fixed periods not exceeding one year at a minimum rate of interest of at least one per cent above the Bank’s monetary policy rate against—

(i) gold coin or bullion,

(ii) securities of the Federal Government which have been publicly offered for sale and are to mature within a period of twenty-five years :

Provided that no advance so secured shall at any time exceed seventy-five per cent of the market value of the security pledged and that the total of such securities held by the Bank is within the limitation imposed by section 28(g),

(iii) such bills of exchange and promissory notes as are eligible for purchase, discount or rediscount by the Bank up to seventy-five per cent of their nominal value,

(iv) warehouse warrants or their equivalent (securing possession of goods), in respect of staple commodities or other goods duly insured and with a letter of hypothecation from the owner :

Provided that no such advances shall exceed seventy-five per cent of the current market value of the commodities in question, or

(v) treasury certificates issued by the Federal Government :

Provided that no advances so secured shall at any time exceed seventy five per cent of the market value of the certificates pledged ;

(c) notwithstanding the provisions of section 34(d) of this Act, grant temporary advances to banks within the meaning of the Banks and Other Financial Institutions

Credit operations.

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Act which participate in bank clearing in respect of temporary debit balances on their accounts at such rate of interest and under such terms as the Bank may, from time to time determine ;

(d) grant advances to any authority—

(i) for fixed periods not exceeding one year at a rate of interest which shall be at least one per cent above the Bank’s monetary policy rate, and

(ii) except as prescribed in Sub-section (1)(e) of this section, upon such conditions as the Bank may specify or as prescribed to ensure payment thereof with interest ;

(e) grant advances referred to in Sub-section (1)(d) of this section in any particular case where a guarantee in writing is given by the Federal Government to the Bank on behalf of any such authority so that—

(i) the total advances which may, subject to the provisions of this section, be granted shall not exceed an amount considered by the Bank to be adequate for the authority to commence its operations at the beginning of the crop or produce season,

(ii) such advances shall be secured so soon after the advances have been granted as may be agreed by the Bank (either in part or in whole) as prescribed in sub-section (1)(a) and (b) of this section and the said provisions shall be so construed ;

(f) any advance which may be granted by virtue of the provisions of Subsection (1)(d) and (e) of this section shall be used solely for the purpose of financing—

(i) the purchasing and marketing operations authorized to be undertaken by any such authority by the law under which the authority was established or as may be approved by the Bank, and

(ii) with the approval of the Bank, other operations as may be incidental thereto :

Provided that any such authority may, if it so wishes, make advances to any licensed buying agent (within the meaning of any law under which the authority was established) for the purchase of produce for sale to the said authority, and provided also that the quantity of produce to be so purchased is included in the estimated tonnage of crops against which total advances are to be made by the Bank.

(2) Paragraphs (d) to (f) of Sub-section (1) of this section relate to any authority of the Federal Government, State Government, Local Government or two or more State Governments including an interim authority established for such purpose by any law in operation in Nigeria.

(3) The reference in paragraphs (d) to (f) of Sub-section (1) of this section to the granting of advances includes a reference to the provision of credit facilities.

Liquidity management

30. The Bank shall have power—

(a) to carry out open market operations for the purpose of maintaining monetary stability in the economy of the country, and without prejudice to the generality of

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the foregoing, the Bank may also for that purpose issue, place, sell, repurchase, amortise or redeem securities (which shall constitute its obligations) and the securities shall be issued at such rate of interest and under such conditions of maturity, amortization, negotiability and redemption as the Bank may deem appropriate ;

(b) to issue other forms of securities including treasury bills as it may deem necessary for purposes of liquidity management ;

(c) to sell or place by allocation to each bank any securities issued under paragraphs(a) or (b) of this section ; and

(d) to repurchase, amortise or redeem in such manner as the Bank may deem appropriate, any such securities.

31. The Bank may subscribe to, hold and sell shares of any Corporation or company or debentures thereof set up with the approval of or under the authority of the Federal Government for the purposes of promoting the development of money or capital markets in Nigeria or of stimulating financial or economic development so however that in any such case, the total value of the holdings of shares or, as the case may be, debentures to which this section applies shall not at any time exceed ten times the aggregate of the Bank’s paid up capital and the general reserve fund of the Bank.

32.—(1) The Bank may, subject as is expressly provided in this Act generally conduct business as a bank, and do all such things as are incidental to or consequential upon the exercise of its power or the discharge of its duties under this Act.

(2) The Governor may, at any time in his discretion and by previous notice in writing lodged with the Board, decide that the powers conferred by sections 28(d), (g), 29(1)(b) and 30 of this Act be extended to the treasury bills and treasury certificates or the securities, as the case may be, of any State Government with which the Bank appears substantially to have established relationship of banker, or to any specified treasury bills and treasury certificates or securities of such a State Government subject to the same conditions as specified in those paragraphs and subject to limitations specified in section 28(g) which limitations shall then apply to the aggregate value of the Federal and State Government securities so dealt with.

33.—(1) In addition to any of its powers under this Act, the Bank may—

(a) require persons and institutions having access thereto, at all reasonable times, to supply, in such forms as the Bank may from time to time direct, information relating to or touching or concerning matters affecting the economy of Nigeria ; and

(b) issue guidelines to any person and any institution under its supervision.

(2) The Bank shall take account of matters of confidential nature supplied to the Bank under this section, but where the Bank is satisfied that it is in the national interest and that the person supplying the information does not object to a proposal to publish it within a reasonable time of becoming aware of it, the Bank may, from any

Developmental Function.

Incidental Powers.

Power to require or share information

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information in its possession, compile and publish statistical data, and anything relevant thereto, on the national economy.

(3) Where any person lawfully required to supply information for the purpose of this section—

(a) supplies information which he knows to be false or supplies the information recklessly as to its truth or falsity ; or

(b) without reasonable excuse (the proof of the reasonableness to lie on him) fails to comply with any requirement of the Bank under Sub-section (1)(a) of this section the supply or failure to supply, as the case may be, as provided, shall be an offence under this section.

(4) An offence under this section is punishable on conviction by—

(a) imprisonment not exceeding three years or with a fine not exceeding ₦10,000,000 for every false information or with both such imprisonment and fine ;

(b) a fine not exceeding ₦2,000,000 for failure to comply with any requirement of the Bank.

(5) A person or institution that fails to comply with any guideline issued under Sub-section (1)(b) of this section shall be liable on conviction—

(a) in the case of an institution, to a fine not exceeding ₦10,000,000 ; and

(b) in the case of a person, to imprisonment for a term not exceeding three years or to a fine of not less than ₦50,000 and not exceeding ₦2,000,000 or to both such imprisonment and fine.

(6) The Bank may, in the exercise of its powers and on the basis of reciprocity, enter into agreement or arrangements with other regulatory authorities in Nigeria or in other countries exercising similar responsibilities for—

(a) the promotion of mutual co-operation ; and

(b) the exchange of information for purposes of enhancing the supervision and regulation of financial institutions :

Provided that the exchange of such information shall be conditional upon assurances of confidential treatment of the information so given or received.

Prohibited activities.

34. The Bank shall not—

(a) engage in trade or otherwise have a direct interest in any commercial, agricultural or industrial undertaking, except as provided in sections 27 to 32 of this Act, or in any other undertaking, except such interest which the Bank may in any way acquire in the course of the satisfaction of debts due to it, and provided that all such interests so acquired shall be disposed of at the earliest suitable time ;

(b) except as provided in section 31 of this Act, purchase the shares of any corporation or company including the shares of any banking institution ;

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(c) grant loan upon the security of any shares ;

(d) subject to the provisions of section 38 of this Act, grant secured advances or advances secured otherwise than as laid down in section 29 (1)(a) and (b) of this Act :

Provided that in the event of any debts due to the Bank becoming in the opinion of the Bank endangered, the Bank may secure such debts on any real or other property of the debtor and may acquire such property which shall be re-sold at the earliest suitable time ;

(e) purchase, acquire or lease real property except in accordance with the provision of paragraph (d) of this section and except so far as the Bank shall consider necessary or expedient for the provision or future provision of business premises for the Bank and its agencies and any clearing houses set up as provided in section 47 of this Act and residences for the Governor of the Bank ;

(f) draw or accept bills payable otherwise than on demand ;

(g) pay interest on deposits except deposits in respect of cash reserve and special deposits as stipulated in section 45 (1)(a) and (c) of this Act ;

(h) accept for discount or as security for an advance made by the Bank bills or notes signed by members of the Board or by officers and other employees of the Bank ; and

(i) open accounts for or accept deposits from persons other than as provided in section 27 (b) and (c) of this Act.

35. The Bank shall make public, at all times, its monetary policy rate.

36.—(1) The Bank shall be entrusted with Federal Government banking and foreign exchange transactions.

(2) The Bank shall receive and disburse Federal Government moneys and keep account thereof.

(3) In any place where the Bank has no branch, it may appoint another bank to act as its agent for the collection and payment of Federal Government moneys.

37. Notwithstanding the provisions of section 36 of this Act, the Federal Government may—

(a) maintain accounts in Nigeria with other banks in such cases and on such conditions as the Bank may determine ; and

(b) use the services of the State Treasuries for the collection and payment of Federal Government moneys in places where it may be appropriate or convenient to do so.

38.—(1) Notwithstanding the provisions of section 34 (d) of this Act, the Bank may grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue at such rate of interest as the Bank may determine.

Publication of monetary policy rate.

Services to the Federal Government.

Federal Government's usage of other banks and state Treasuries.

Advances to Federal Government.

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(2) The total amount of such advances outstanding shall not at any time exceed five per cent of the previous year’s actual revenue of the Federal Government.

(3) All Advances made pursuant to this section shall be repaid—

(a) as soon as possible and shall in any event be repayable by the end of the Federal Government financial year in which they are granted and if such advances remain unpaid at the end of the year, the power of the Bank to grant such further advances in any subsequent year shall not be exercisable, unless the outstanding advances have been repaid ; and

(b) in such form as the Bank may determine provided that no repayment shall take the form of a promissory note or such other promise to pay at a future date or securitization by way of issuance of treasury bills, bonds, certificates or other forms of security which is required to be underwritten by the Bank.

Power to Act as banker to State Governments, etc.

39. The Bank may act as banker to States and Local Governments and to funds, institutions or corporations established by Federal, State and Local Governments.

Power to Act as agent for Federal, State or Local Governments.

40. The Bank may act generally as agent for the Federal Government, State Governments, or Local Governments—

(a) where the Bank can do so appropriately and consistently with the provisions of this Act and with its duties and functions as a Central Bank ; and

(b) on such terms and conditions as may be agreed between the Bank and the Government concerned.

Banker to other banks.

41. The Bank shall act as banker to other banks in Nigeria and may also provide banking services to banks outside Nigeria.

Co-operation with banks in Nigeria.

42.—(1) The Bank shall wherever necessary seek the co-operation of and co-operate with other banks in Nigeria to—

(a) promote and maintain adequate and reasonable financial service for the public ;

(b) ensure high standards of conduct and management throughout the banking system ; and

(c) further such policies not inconsistent with this Act as shall in the opinion of the Bank be in the national interest.

(2) Notwithstanding the provision of sections 29 (1) (c) and 34 (d) of this Act, the Bank may grant loans and other accommodation facilities at such rate of interest and on such terms as the Bank may determine to any bank which may be having liquidity problems.

Establishment of Financial Services Regulation Coordinating Committee.

43.—(1) There is hereby established for the purpose of co-ordinating the supervision of financial institutions, a Financial Services Regulation Co-ordinating Committee (in this Act referred to as “the Committee”).

(2) The Committee shall consist of—