Board of Directors and Inspector General

(a) Establishment The management of the Corporation shall be vested in a board of directors (in this Act referred to as the Board). (b) Membership The Board shall be composed of 7 members that meet the qualifications under subsection (c), consisting of— (1) 3 members appointed by the President, by and with the advice and consent of the Senate; (2) 1 member appointed by the majority leader of the Senate; (3) 1 member appointed by the minority leader of the Senate; (4) 1 member appointed by the Speaker of the House of Representatives; and (5) 1 member appointed by the minority leader of the House of Representatives. (c) Qualifications Each member of the Board shall— (1) be a citizen of the United States; (2) have significant demonstrated experience or expertise in— (A) infrastructure, and with respect to infrastructure, experience or expertise in— (i) heavy construction; (ii) labor; or (iii) government policy; (B) the financing, development, or operation of infrastructure projects, including the evaluation and selection of eligible projects; or (C) the management and administration of a financial institution that provides financing for infrastructure projects; and (3) represent different geographic regions of the United States to ensure rural areas and small communities are represented. (d) Initial appointments Not later than 30 days after the date of enactment of this Act, the President and congressional leadership shall appoint the members of the Board in accordance with subsections (b) and (c). (e) Chair The Chair of the Board shall be designated by the President from among the members appointed under subsection (b). (f) Terms Each member of the Board shall hold office for a term of 5 years, except as provided in the following paragraphs: (1) Terms of initial appointees As designated by the President and congressional leadership at the time of appointment— (A) the Chair shall be appointed for a term of 5 years; (B) the 4 members appointed by congressional leadership shall be appointed for a term of 4 years; and (C) the 2 members appointed by the President shall be appointed for a term of 2 years. (2) Vacancies Vacancies shall be filled according to the following: (A) A vacancy shall be filled in the manner in which the original appointment was made. (B) Any Board member elected to fill a vacancy occurring before the expiration of the term for which the direct predecessor of the member was appointed shall be appointed only for the remainder of that term. (C) In accordance with subparagraph (B), a Board member may serve after the expiration of the term of the direct predecessor of the Board member until a successor has taken office. (g) Responsibilities of the Board The responsibilities of the Board are as follows: (1) Provide low-cost loans and loan guarantees to eligible applicants under section 5. (2) Develop strategic goals for the Corporation based on the purpose of the Corporation. (3) Monitor and assess the effectiveness of the Corporation in achieving such strategic goals. (4) Review and approve the annual business plans, annual budgets, and long-term strategies of and for infrastructure projects financed through the Corporation. (5) Develop, review, and approve annual reports for the Corporation. (6) Employ at least 1 external auditor to conduct an annual audit of such infrastructure projects. (7) Employ individuals as necessary to carry out the provisions of this Act. (8) Determine the operations and internal policies of the Corporation. (h) Inspector General The Board shall appoint an employee of the Corporation to be known as the Inspector General whose duties shall include the following: (1) Conduct audits under section 6(b). (2) Carry out, with respect to the Corporation, duties and responsibilities established under the Inspector General Act of 1978 (5 U.S.C. App.). (3) Establish, maintain, and oversee such audits as the Inspector General considers appropriate under this Act.