SECTION 1. CHIEF FINANCIAL OFFICER OF THE VIRGIN ISLANDS.

    (a) Appointment of Chief Financial Officer.--
            (1) In general.--The Governor of the Virgin Islands shall 
        appoint a Chief Financial Officer, with the advice and consent 
        of the Legislature of the Virgin Islands, from the names on the 
        list required under section 2(d). If the Governor has nominated 
        a person for Chief Financial Officer but the Legislature of the 
        Virgin Islands has not confirmed a nominee within 90 days after 
        receiving the list pursuant to section 2(d), the Governor shall 
        appoint from such list a Chief Financial Officer on an acting 
        basis until the Legislature consents to a Chief Financial 
        Officer.
            (2) Acting chief financial officer.--If a Chief Financial 
        Officer has not been appointed under paragraph (1) within 180 
        days after the date of the enactment of this Act, the Virgin 
        Islands Chief Financial Officer Search Commission, by majority 
        vote, shall appoint from the names on the list submitted under 
        section 2(d), an Acting Chief Financial Officer to serve in 
        that capacity until a Chief Financial Officer is appointed 
        under the first sentence of paragraph (1). In either case, if 
        the Acting Chief Financial Officer serves in an acting capacity 
        for 180 consecutive days, without further action the Acting 
        Chief Financial Officer shall become the Chief Financial 
        Officer.
    (b) Duties of Chief Financial Officer.--The duties of the Chief 
Financial Officer shall include the following:
            (1) Develop and report on the financial status of the 
        Government of the Virgin Islands not later than 6 months after 
        appointment and quarterly thereafter. Such reports shall be 
        available to the public.
            (2) Each year prepare and certify spending limits of the 
        annual budget, including annual estimates of all revenues of 
        the territory without regard to sources, and whether or not the 
        annual budget is balanced.
            (3) Revise and update standards for financial management, 
        including inventory and contracting, for the Government of the 
        Virgin Islands in general and for each agency in conjunction 
        with the agency head.
    (c) Documents Provided.--The heads of each department of the 
Government of the Virgin Islands, in particular the head of the 
Department of Finance of the Virgin Islands and the head of the 
Internal Revenue Bureau of the Virgin Islands shall provide all 
documents and information under the jurisdiction of that head that the 
Chief Financial Officer considers required to carry out his or her 
functions to the Chief Financial Officer.
    (d) Conditions Related to Chief Financial Officer.--
            (1) Term.--The Chief Financial Officer shall be appointed 
        for a term of 5 years.
            (2) Removal.--The Chief Financial Officer shall not be 
        removed except for cause. An Acting Chief Financial Officer may 
        be removed for cause or by a Chief Financial Officer appointed 
        with the advice and consent of the Legislature of the Virgin 
        Islands.
            (3) Replacement.--If the Chief Financial Officer is unable 
        to continue acting in that capacity due to removal, illness, 
        death, or otherwise, another Chief Financial Officer shall be 
        selected in accordance with subsection (a).
            (4) Salary.--The Chief Financial Officer shall be paid at a 
        salary to be determined by the Governor of the Virgin Islands, 
        except such rate may not be less than the highest rate of pay 
        for a cabinet officer of the Government of the Virgin Islands 
        or a Chief Financial Officer serving in any government or 
        semiautonomous agency.
    (e) Referendum.--As part of the closest regularly scheduled, 
islands-wide election in the Virgin Islands to the expiration of the 
fourth year of the five-year term of the Chief Financial Officer, the 
Board of Elections of the Virgin Islands shall hold a referendum to 
seek the approval of the people of the Virgin Islands regarding whether 
the position of Chief Financial Officer of the Government of the Virgin 
Islands shall be made a permanent part of the executive branch of the 
Government of the Virgin Islands. The referendum shall be binding and 
conducted according to the laws of the Virgin Islands, except that the 
results shall be determined by a majority of the ballots cast.

SEC. 2. ESTABLISHMENT OF COMMISSION.

    (a) Establishment.--There is established a commission to be known 
as the ``Virgin Islands Chief Financial Officer Search Commission''.
    (b) Duty of Commission.--The Commission shall recommend to the 
Governor not less than 3 candidates for nomination as Chief Financial 
Officer of the Virgin Islands. Each candidate must have demonstrated 
ability in general management of, knowledge of, and extensive practical 
experience at the highest levels of financial management in 
governmental or business entities and must have experience in the 
development, implementation, and operation of financial management 
systems.
    (c) Membership.--
            (1) Number and appointment.--The Commission shall be 
        composed of 8 members appointed not later than 30 days after 
        the date of the enactment of this Act. Persons appointed as 
        members must have recognized business, government, or financial 
        expertise and experience and shall be appointed as follows:
                    (A) 1 individual appointed by the Governor of the 
                Virgin Islands.
                    (B) 1 individual appointed by the President of the 
                Legislature of the Virgin Islands.
                    (C) 1 individual, who is an employee of the 
                Government of the Virgin Islands, appointed by the 
                Central Labor Council of the Virgin Islands.
                    (D) 1 individual appointed by the Chamber of 
                Commerce of St. Thomas-St. John.
                    (E) 1 individual appointed by the Chamber of 
                Commerce of St. Croix.
                    (F) 1 individual appointed by the President of the 
                University of the Virgin Islands.
                    (G) 1 individual, who is a resident of St. John, 
                appointed by the At-Large Member of the Legislature of 
                the Virgin Islands.
                    (H) 1 individual appointed by the President of AARP 
                Virgin islands.
            (2) Terms.--
                    (A) In general.--Each member shall be appointed for 
                the life of the Commission.
                    (B) Vacancies.--A vacancy in the Commission shall 
                be filled in the manner in which the original 
                appointment was made. Any member appointed to fill a 
                vacancy shall be appointed for the remainder of that 
                term.
            (3) Basic pay.--Members shall serve without pay.
            (4) Quorum.--Five members of the Commission shall 
        constitute a quorum.
            (5) Chairperson.--The Chairperson of the Commission shall 
        be the Chief Justice of the Supreme Court of the United States 
        Virgin Islands or the designee of the Chief Justice. The 
        Chairperson shall serve as an ex officio member of the 
        Commission and shall vote only in the case of a tie.
            (6) Meetings.--The Commission shall meet at the call of the 
        Chairperson. The Commission shall meet for the first time not 
        later than 15 days after all members have been appointed under 
        this subsection.
            (7) Government employment.--Members may not be current 
        government employees, except for the member appointed under 
        paragraph (1)(C).
    (d) Report; Recommendations.--The Commission shall transmit a 
report to the Governor, the Committee on Natural Resources of the House 
of Representatives and the Committee on Energy and Natural Resources of 
the Senate not later than 60 days after its first meeting. The report 
shall name the Commission's recommendations for candidates for 
nomination as Chief Financial Officer of the Virgin Islands.
    (e) Termination.--The Commission shall terminate upon the 
nomination and confirmation of the Chief Financial Officer.

SEC. 3. DEFINITIONS.

    For the purposes of this Act, the following definitions apply:
            (1) Chief financial officer.--In sections 1 and 2, the term 
        ``Chief Financial Officer'' means a Chief Financial Officer or 
        Acting Chief Financial Officer, as the case may be, appointed 
        under section 1(a).
            (2) Commission.--The term ``Commission'' means the Virgin 
        Islands Chief Financial Officer Search Commission established 
        pursuant to section 2.
            (3) Governor.--The term ``Governor'' means the Governor of 
        the Virgin Islands.
            (4) Removal for cause.--The term ``removal for cause'' 
        means removal based upon misconduct, failure to meet job 
        requirements, or any grounds that a reasonable person would 
        find grounds for discharge.
.  Requires the Governor of the Virgin Islands to appoint a Chief Financial Officer, with the advice and consent of the Legislature of the Virgin Islands, from a list required by this Act. States that, if the Legislature has not confirmed a nominee within 90 days, the Governor shall appoint an Acting Chief Financial Officer until the Legislature consents to a Chief Financial Officer. Requires the Virgin Islands Chief Financial Officer Search Commission to appoint an Acting Chief Financial Officer from the list, until a Chief Financial Officer is appointed, if one has not been appointed within 180 days. Requires any Acting Chief Financial Officer serving in that capacity for 180 consecutive days to become the Chief Financial Officer.  Sets forth the Chief Financial Officer's duties.  Directs the Board of Elections of the Virgin Islands, as part of the regularly scheduled, islands-wide election in the Virgin Islands closest to the expiration of the fourth year of the five-year term of the Chief Financial Officer, to hold a referendum to determine whether the position of Chief Financial Officer shall be made a permanent part of the executive branch of the government of the Virgin Islands.  Establishes the Virgin Islands Chief Financial Officer Search Commission to recommend at least three candidates for the Chief Financial Officer position. Terminates the Commission upon the nomination and confirmation of the Chief Financial Officer.
To create the Office of Chief Financial Officer of the Government of the Virgin Islands, and for other purposes.