Page:United States Statutes at Large Volume 100 Part 1.djvu/614

 100 STAT. 578 5 USC 8472.

PUBLIC LAW 99-335—JUNE 6, 1986 "§ 8472. Federal Retirement Thrift Investment Board "(a) There is established in the Executive branch of the Government a Federal Retirement Thrift Investment Board. "(b) The Board shall be composed of— "(1) 3 members appointed by the President, of whom 1 shall be designated by the President as Chairman; and "(2) 2 members appointed by the President, of whom— "(A) 1 shall be appointed by the President after taking into consideration the recommendation made by the Speaker of the House of Representatives in consultation with the minority leader of the House of Representatives; and "(B) 1 shall be appointed by the President after taking into consideration the recommendation made by the majority leader of the Senate in consultation with the minority leader of the Senate. "(c) Except as provided in section 311 of the Federal Employees' Retirement System Act of 1986, appointments under subsection (a) shall be made by and with the advice and consent of the Senate. "(d) Members of the Board shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. "(e)(1) Except as provided in section 311 of the Federal Employees' Retirement System Act of 1986, a member of the Board shall be appointed for a term of 4 years, except that of the members first appointed (other than the members appointed under such section)— "(A) the Chairman shall be appointed for a term of 4 years; "(B) the members appointed under subsection (b)(2) shall be appointed for terms of 3 years; and "(C) the remaining members shall be appointed for terms of 2 years. "(2)(A) A vacancy on the Board shall be filled in the manner in which the original appointment was made and shall be subject to any conditions which applied with respect to the original appointment, "(B) An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced. "(3) The term of any member shall not expire before the date on which the member's successor takes office. "(f) The Board shall— "(1) establish policies for— "(A) the investment and management of the Thrift Savings Fund; and "(B) the administration of subchapter III of this chapter; "(2) review the performance of investments made for the Thrift Savings Fund; and "(3) review and approve the budget of the Board. "(g)(1) The Board may— "(A) adopt, alter, and use a seal; "(B) except as provided in paragraph (2), direct the Executive Director to take such action as the Board considers appropriate to carry out the provisions of this subchapter and subchapter III of this chapter and the policies of the Board; "(C) upon the concurring votes of four members, remove the Executive Director from office for good cause shown; and

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