97 STAT. 1256 PUBLIC LAW 98-181—NOV. 30, 1983 (1) by redesignating the first sentence through the seventh sentence of such section as paragraphs (1) through (7), respectively; (2) in the fifth paragraph of such section, as so redesignated by paragraph (1), by striking out "Terms of the directors shall be at the pleasure of the President of the United States, and the" and inserting in lieu thereof "The"; and (3) by adding at the end thereof the following: "(SKA) The terms of the directors, including the President and the First Vice President of the Bank, appointed under this section shall be four years, except that— "(i) during their terms of office, the directors shall serve at the pleasure of the President of the United States; "(ii) the term of any director appointed after the date of enactment of this paragraph to serve before January 20, 1985, shall expire on January 20, 1985; "(iii) of the directors first appointed to serve beginning on or after January 21, 1985, two directors (other than the President and First Vice President of the Bank) shall be appointed for terms of two years, as designated by the President of the United States at the time of their appointment; and "(iv) any director first appointed to serve for a term beginning on any date after January 21, 1985, shall serve only for the remainder of the period for which such director would have been appointed if such director's term had begun on January 21, 1985. If such term would have expired before the date on which such director's term actually begins, the term of such director shall be the four-year period, or remainder thereof, as if such director had been preceded by a director whose term had begun on January 21, 1985. "(B) Of the five members of the Board appointed by the President, not less than one such member shall be selected from among the small business community and shall represent the interests of small business. Vacancy. "(C) Any person chosen to fill a vacancy shall be appointed only for the unexpired term of the director whom such person succeeds. "(D) Any director whose term has expired may be reappointed.". 12 USC 635a (b) In order to carry out the amendment made by subsection (a) note. regarding section 3(c)(8)(B) of the Export-Import Bank Act of 1945, Ante, p. 1255. ^^le first member, other than a member who will serve as Chairman or Vice Chairman of the Bank, appointed by the President of the United States to the Board of Directors of the Export-Import Bank of the United States after the date of the enactment of this section shall be selected from among the small business community and shall represent the interests of small business. REPORT ON AUTHORITY SEC. 615. Section 7(a)(2) of the Export-Import Bank Act of 1945 (12 U.S.C. 635e(a)(2)) is amended to read as follows: "(2)(A)(i) Not later than March 31 of each fiscal year, the Presi- dent of the United States shall determine whether the authority available to the Bank for such fiscal year will be sufficient to meet the Bank's needs, particularly those needs arising from— "(I) increases in the level of exports unforeseen at the time of the original budget request for such fiscal year; "(II) any increased foreign export credit subsidies; or
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