Page:United States Statutes at Large Volume 124.djvu/529

124 STAT. 503 PUBLIC LAW 111–148—MAR. 23, 2010 of the Board of financial and other potential conflicts of interest relating to such members. Appointed members of the Board shall be treated as officers in the executive branch for purposes of applying title I of the Ethics in Government Act of 1978 (Public Law 95–521). ‘‘(D) CONFLICTS OF INTEREST.—No individual may serve as an appointed member if that individual engages in any other business, vocation, or employment. ‘‘(E) CONSULTATION WITH CONGRESS.—In selecting individuals for nominations for appointments to the Board, the President shall consult with— ‘‘(i) the majority leader of the Senate concerning the appointment of 3 members; ‘‘(ii) the Speaker of the House of Representatives concerning the appointment of 3 members; ‘‘(iii) the minority leader of the Senate concerning the appointment of 3 members; and ‘‘(iv) the minority leader of the House of Represent- atives concerning the appointment of 3 members. ‘‘(2) TERM OF OFFICE.—Each appointed member shall hold office for a term of 6 years except that— ‘‘(A) a member may not serve more than 2 full consecu- tive terms (but may be reappointed to 2 full consecutive terms after being appointed to fill a vacancy on the Board); ‘‘(B) a member appointed to fill a vacancy occurring prior to the expiration of the term for which that member’s predecessor was appointed shall be appointed for the remainder of such term; ‘‘(C) a member may continue to serve after the expira- tion of the member’s term until a successor has taken office; and ‘‘(D) of the members first appointed under this section, 5 shall be appointed for a term of 1 year, 5 shall be appointed for a term of 3 years, and 5 shall be appointed for a term of 6 years, the term of each to be designated by the President at the time of nomination. ‘‘(3) CHAIRPERSON.— ‘‘(A) IN GENERAL.—The Chairperson shall be appointed by the President, by and with the advice and consent of the Senate, from among the members of the Board. ‘‘(B) DUTIES.—The Chairperson shall be the principal executive officer of the Board, and shall exercise all of the executive and administrative functions of the Board, including functions of the Board with respect to— ‘‘(i) the appointment and supervision of personnel employed by the Board; ‘‘(ii) the distribution of business among personnel appointed and supervised by the Chairperson and among administrative units of the Board; and ‘‘(iii) the use and expenditure of funds. ‘‘(C) GOVERNANCE.—In carrying out any of the func- tions under subparagraph (B), the Chairperson shall be governed by the general policies established by the Board and by the decisions, findings, and determinations the Board shall by law be authorized to make. Appointment. President. President.