The conference report on this legislation passed both Houses of Congress without opposition. Presidential appointees are subject to Senate confirmation.
Board members serve staggered terms.
The statute provides that the initial members of the Board serve terms that expire over the course of the first 6-year period. The Board currently has two vacancies. The Chairman of the Board is appointed by the President for a 4-year term, coincident with the term of the President, or until the designation of a successor.