Sec. 403. TERMS OF COMMISSIONERS
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## SEC. 403 TERMS OF COMMISSIONERS ###
(a)In General Section 301(b) of title 46, United States Code, is amended— ####
(1)by amending paragraph
(2)to read as follows: > > #### “(2) Terms > > The term of each Commissioner is 5 years. When the term of a Commissioner ends, the Commissioner may continue to serve until a successor is appointed and qualified, but for a period not to exceed one year. Except as provided in paragraph (3), no individual may serve more than 2 terms.” > ; and ####
(2)by redesignating paragraph
(3)as paragraph (5), and inserting after paragraph
(2)the following: > > #### “(3) Vacancies > > A vacancy shall be filled in the same manner as the original appointment. An individual appointed to fill a vacancy is appointed only for the unexpired term of the individual being succeeded. An individual appointed to fill a vacancy may serve 2 terms in addition to the remainder of the term for which the predecessor of that individual was appointed. > > > #### “(4) Conflicts of interest > > > ##### “(A) Limitation on relationships with regulated entities > > A Commissioner may not have a pecuniary interest in, hold an official relation to, or own stocks or bonds of any entity the Commission regulates under chapter 401 of this title. > > > ##### “(B) Limitation on other activities > > A Commissioner may not engage in another business, vocation, or employment.” > . ###
(b)Applicability **[**[46 U.S.C. 301 note](/us/usc/t46/s301)**]** The amendment made by subsection (a)(1) does not apply with respect to a Commissioner of the Federal Maritime Commission appointed and confirmed by the Senate before the date of the enactment of this Act. # TITLE V ARCTIC MARITIME TRANSPORTATION
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Sec. 403
TERMS OF COMMISSIONERS
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