115 STAT. 604 PUBLIC LAW 107-71—NOV. 19, 2001 payment of adequate compensation to parties to the contract, if any. (3) ASSIGNMENT OF CONTRACTS. — (A) IN GENERAL.—Upon request of the Under Secretary, an air carrier or foreign air carrier carrying out a screening or security function under chapter 449 of title 49, United States Code, may enter into an agreement with the Under Secretary to transfer any contract the carrier has entered into with respect to carrying out the function, before the Under Secretary assumes responsibility for the function. (B) SCHEDULE.— The Under Secretary may enter into an agreement under subparagraph (A) as soon as possible, but not later than 90 days after the date of enactment of this Act. The Under Secretary may enter into such an agreement for one 180-day period and may extend such agreement for one 90-day period if the Under Secretary determines it necessary. (4) TRANSFER OF OWNERSHIP.—In recognition of the assumption of the financial costs of security screening of passengers and property at airports, and as soon as practical after the date of enactment of this Act, air carriers may enter into agreements with the Under Secretary to transfer the ownership, at no cost to the United States Government, of any personal property, equipment, supplies, or other material associated with such screening, regardless of the source of funds used to acquire the property, that the Secretary determines to be useful for the performance of security screening of passengers and property at airports. (5) PERFORMANCE OF UNDER SECRETARY'S FUNCTIONS DURING INTERIM PERIOD. — Until the Under Secretary takes office, the functions of the Under Secretary that relate to aviation security may be carried out by the Secretary or the Secretary's designee. SEC. 102. TRANSPORTATION SECURITY OVERSIGHT BOARD. (a) IN GENERAL. —Chapter 1 of title 49, United States Code, is amended by adding at the end the following: "§ 115. Transportation Security Oversight Board Establishment. "(a) IN GENERAL.— There is established in the Department of Transportation a board to be known as the 'Transportation Security Oversight Board'. " (b) MEMBERSHIP. — "(1) NUMBER AND APPOINTMENT.—The Board shall be composed of 7 members as follows: "(A) The Secretary of Transportation, or the Secretary's designee. "(B) The Attorney General, or the Attorney General's designee. "(C) The Secretary of Defense, or the Secretary's designee. "(D) The Secretary of the Treasury, or the Secretary's designee. "(E) The Director of the Central Intelligence Agency, or the Director's designee. "(F) One member appointed by the President to represent the National Security Council.
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