(a)
Number and appointment— The Board shall be composed of 7 members to be appointed as follows:
(1)
The majority leader of the Senate shall appoint 1 member.
(2)
The minority leader of the Senate shall appoint 1 member.
(3)
The Speaker of the House of Representatives shall appoint 1 member.
(4)
The minority leader of the House of Representatives shall appoint 1 member.
(5)
The President shall appoint 3 members.
(b)
Restriction on government employees— No individual may serve as a member of the Board while employed as an officer or employee of the Federal Government or any State or local government.
(c)
Membership criteria— The members of the Board shall include individuals—
(1)
recognized as having expertise in—
(D)
finance and economics; or
(E)
actuarial sciences; and
(2)
who represent different professional backgrounds.
(d)
Political affiliation— Not more than 3 of the 7 members shall be registered as members of the same political party.
(e)
Deadline To appoint members— All members of the Board shall be appointed not later than 90 days after the date of enactment of this Act.
(f)
Terms—
(1)
In general— Each member shall be appointed for a term of 3 years.
(2)
Reappointment— Each member may be reappointed for 1 additional term of 3 years.
(3)
Vacancies— A vacancy on the Board shall be filled in the manner in which the original appointment was made not later than 90 days after the date on which the member leaves the Board.
(g)
Co-Chairs—
(1)
Selection— Of the members appointed by the President under subsection (a)(5), 2 members shall serve as co-Chairpersons of the Board.
(2)
Political affiliation of Co-Chairpersons— The co-Chairpersons of the Board may not be members of the same political party.
(h)
Travel expenses— While away from their homes or regular places of business in the performance of services for the Board, members shall receive travel expenses, including per diem in lieu of subsistence, in accordance with applicable provisions under subchapter I of chapter 57 of title 5, United States Code.
(i)
Quorum— Four members shall constitute a quorum but a lesser number may hold hearings.
(j)
Meetings— The Board shall meet at the call of the co-Chairpersons or a majority of the members. Members may attend meetings via teleconference.
(k)
Termination— The Board shall terminate on September 30 of the sixth fiscal year beginning after the date of enactment of this Act.