Sec. 102. Members; appointment; terms
270 words·~1 min read·
/bill/113/hr/3012/ih/section-102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Commission shall be composed of 5 commissioners appointed by the President, by and with the advice and consent of the Senate. One of the commissioners shall be designated by the President as chairperson. Not more than three of such commissioners shall be members of the same political party. Each commissioner shall be selected solely on the basis of integrity and demonstrated knowledge of the operations of the markets subject to the jurisdiction of the Commission. In appointing commissioners under subsection (a), the President shall— select persons who each have demonstrated knowledge of securities, futures, swaps, or other derivatives, the regulation of such instruments, or the markets for agricultural or other types of commodities underlying transactions subject to the oversight of the Commission under this Act; and seek to ensure that the demonstrated knowledge of the commissioners is balanced with respect to such areas, with at least one commissioner having knowledge of the agricultural commodities market.
Each commissioner shall be appointed for a term of 5 years, except that a commissioner may continue to serve after the expiration of such term until a successor is appointed and has qualified. The terms of office of the commissioners first taking office after the enactment of this Act shall expire, as designated by the President at the time of their appointment— one at the end of 1 year; two at the end of 3 years; and two at the end of 5 years. Any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which the predecessor was appointed shall be appointed for the remainder of such term.