124 STAT. 1823 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(iii) are knowledgeable about investment issues and decisions; and ‘‘(iv) have reputations of integrity. ‘‘(2) TERM.—Each member of the Committee appointed under paragraph (1)(B) shall serve for a term of 4 years. ‘‘(3) MEMBERS NOT COMMISSION EMPLOYEES.—Members appointed under paragraph (1)(B) shall not be deemed to be employees or agents of the Commission solely because of mem- bership on the Committee. ‘‘(c) CHAIRMAN; VICE CHAIRMAN; SECRETARY; ASSISTANT SEC- RETARY.— ‘‘(1) IN GENERAL.—The members of the Committee shall elect, from among the members of the Committee— ‘‘(A) a chairman, who may not be employed by an issuer; ‘‘(B) a vice chairman, who may not be employed by an issuer; ‘‘(C) a secretary; and ‘‘(D) an assistant secretary. ‘‘(2) TERM.—Each member elected under paragraph (1) shall serve for a term of 3 years in the capacity for which the member was elected under paragraph (1). ‘‘(d) MEETINGS.— ‘‘(1) FREQUENCY OF MEETINGS.—The Committee shall meet— ‘‘(A) not less frequently than twice annually, at the call of the chairman of the Committee; and ‘‘(B) from time to time, at the call of the Commission. ‘‘(2) NOTICE.—The chairman of the Committee shall give the members of the Committee written notice of each meeting, not later than 2 weeks before the date of the meeting. ‘‘(e) COMPENSATION AND TRAVEL EXPENSES.—Each member of the Committee who is not a full-time employee of the United States shall— ‘‘(1) be entitled to receive compensation at a rate not to exceed the daily equivalent of the annual rate of basic pay in effect for a position at level V of the Executive Schedule under section 5316 of title 5, United States Code, for each day during which the member is engaged in the actual perform- ance of the duties of the Committee; and ‘‘(2) while away from the home or regular place of business of the member in the performance of services for the Committee, be allowed travel expenses, including per diem in lieu of subsist- ence, in the same manner as persons employed intermittently in the Government service are allowed expenses under section 5703(b) of title 5, United States Code. ‘‘(f) STAFF.—The Commission shall make available to the Com- mittee such staff as the chairman of the Committee determines are necessary to carry out this section. ‘‘(g) REVIEW BY COMMISSION.—The Commission shall— ‘‘(1) review the findings and recommendations of the Com- mittee; and ‘‘(2) each time the Committee submits a finding or rec- ommendation to the Commission, promptly issue a public state- ment— ‘‘(A) assessing the finding or recommendation of the Committee; and Deadline.
