cise of discretion in connection with the assets of the 
Savings Fund. 
‘‘(g) ADMINISTRATIVE PROVISIONS.—
‘‘(1) IN GENERAL.—The Board may—
‘‘(A) adopt, alter, and use a seal; 
‘‘(B) except as provided in paragraph (4), 
direct the Executive Director to take such ac-
tion as the Board considers appropriate to 
carry out the provisions of this part and the 
policies of the Board in accordance with delega-
tions under this part; 
‘‘(C) upon the concurring votes of 4 mem-
bers, remove the Executive Director from office 
for good cause shown; 
‘‘(D) provide to the Executive Director 
such resources as are necessary to carry out the 
duties of the Executive Director; and 
‘‘(E) take such other actions as may be 
necessary to carry out the functions of the 
Board. 
‘‘(2) MEETINGS.—The Board shall meet—
‘‘(A) not less than once during each 
month; and 
‘‘(B) at additional times at the call of the 
Chairman.
‘‘(3) EXERCISE OF POWERS.—
‘‘(A) IN GENERAL.—Except as provided in 
paragraph (1)(C), the Board shall perform the 
functions and exercise the powers of the Board 
on a majority vote of a quorum of the Board. 
Three members of the Board shall constitute a 
quorum for the transaction of business. 
‘‘(B) VACANCIES.—A vacancy on the 
Board shall not impair the authority of a 
quorum of the Board to perform the functions 
and exercise the powers of the Board. 
‘‘(4) LIMITATIONS
ON
INVESTMENTS.—The 
Board may not direct any person to invest or to 
cause to be invested any sums in the Tier II Invest-
ment Fund or any personal social security invest-
ment account in a specific asset or to dispose of or 
cause to be disposed of any specific asset of such 
Fund or any such account. 
‘‘(h) COMPENSATION.—
‘‘(1) IN GENERAL.—Each member of the Board 
who is not an officer or employee of the Federal 
Government shall be compensated at the daily rate 
of basic pay for level IV of the Executive Schedule 
for each day during which such member is engaged 
in performing a function of the Board.
‘‘(2) EXPENSES.—A member of the Board shall 
be paid travel, per diem, and other necessary ex-
penses under subchapter I of chapter 57 of title 5, 
United States Code, while traveling away from such 
member’s home or regular place of business in the 
performance of the duties of the Board. 
‘‘(3) SOURCE OF FUNDS.—Payments authorized 
under this subsection shall be paid from the Tier I 
Investment Fund or the Tier II Investment Fund, 
as determined appropriate by the Board. 
‘‘(i) DISCHARGE OF RESPONSIBILITIES.—The mem-
bers of the Board shall discharge their responsibilities 
solely in the interest of the participating individuals and 
their beneficiaries under this part. 
‘‘(j) ANNUAL INDEPENDENT AUDIT.—The Board 
shall annually engage an independent qualified public ac-
countant to audit the activities of the Board. 
‘‘(k) SUBMISSION OF BUDGET TO CONGRESS.—The 
Board shall prepare and submit to the President, and, at 
the same time, to the appropriate committees of Congress, 
an annual budget of the expenses and other items relating 
to the Board which shall be included as a separate item 
in the budget required to be transmitted to Congress 
under section 1105 of title 31, United States Code.