Members currently serve three-year terms.
The bill would also increase the number of appointments made by the General Assembly on both boards. The governor would retain the largest single number of appointments, but the House and Senate combined would have more. Currently, the governor appoints all members to both boards except for those reserved for House and Senate Finance Committee members or their designees. Under the bill, the General Assembly would make three appointments. 12 public members chosen by the governor, the chairmen of the Senate and House Finance Committees or their designees, and a member of the Board of Regents.