Sec. 246. Voting members of the Board of Directors
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/bill/113/hr/2821/ih/section-246A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
AIFA shall have a Board of Directors consisting of 7 voting members appointed by the President, by and with the advice and consent of the Senate, not more than 4 of whom shall be from the same political party. One of the voting members of the Board of Directors shall be designated by the President to serve as Chairperson thereof. Not later than 30 days after the date of enactment of this Act, the majority leader of the Senate, the minority leader of the Senate, the Speaker of the House of Representatives, and the minority leader of the House of Representatives shall each submit a recommendation to the President for appointment of a member of the Board of Directors, after consultation with the appropriate committees of Congress.
Each voting member of the Board of Directors shall have an equal vote in all decisions of the Board of Directors. Each voting member of the Board of Directors shall— be a citizen of the United States; and have significant demonstrated expertise in— the management and administration of a financial institution relevant to the operation of AIFA; or a public financial agency or authority; the financing, development, or operation of infrastructure projects; or analyzing the economic benefits of infrastructure investment.
Except as otherwise provided in this Act, each voting member of the Board of Directors shall be appointed for a term of 4 years. Of the voting members first appointed to the Board of Directors— the initial Chairperson and 3 of the other voting members shall each be appointed for a term of 4 years; and the remaining 3 voting members shall each be appointed for a term of 2 years. The initial nominations for the appointment of all voting members of the Board of Directors shall be made not later than 60 days after the date of enactment of this Act.
The term of each of the initial voting members appointed under this section shall commence immediately upon the date of appointment, except that, for purposes of calculating the term limits specified in this subsection, the initial terms shall each be construed as beginning on January 22 of the year following the date of the initial appointment. A vacancy in the position of a voting member of the Board of Directors shall be filled by the President, and a member appointed to fill a vacancy on the Board of Directors occurring before the expiration of the term for which the predecessor was appointed shall be appointed only for the remainder of that term.
Except as provided in paragraph (3), all meetings of the Board of Directors shall be— open to the public; and preceded by reasonable public notice. The Board of Directors shall meet not later than 60 days after the date on which all members of the Board of Directors are first appointed, at least quarterly thereafter, and otherwise at the call of either the Chairperson or 5 voting members of the Board of Directors. The voting members of the Board of Directors may, by majority vote, close a meeting to the public if, during the meeting to be closed, there is likely to be disclosed proprietary or sensitive information regarding an infrastructure project under consideration for assistance under this Act.
The Board of Directors shall prepare minutes of any meeting that is closed to the public, and shall make such minutes available as soon as practicable, not later than 1 year after the date of the closed meeting, with any necessary redactions to protect any proprietary or sensitive information. For purposes of meetings of the Board of Directors, 5 voting members of the Board of Directors shall constitute a quorum. Each voting member of the Board of Directors shall be compensated at a rate equal to the daily equivalent of the annual rate of basic pay prescribed for level III of the Executive Schedule under section 5314 of title 5, United States Code, for each day (including travel time) during which the member is engaged in the performance of the duties of the Board of Directors.
A voting member of the Board of Directors may not participate in any review or decision affecting an infrastructure project under consideration for assistance under this Act, if the member has or is affiliated with an entity who has a financial interest in such project.