Establishment; chairperson; membership; bylaws

(a) Establishment There is established an entity to be known as the National Catastrophe Risk Consortium (in this title referred to as the Consortium). (b) Chairperson The Secretary of the Treasury, or the designee of the Secretary, shall serve as the chairperson of the Consortium. (c) Membership Any State shall be eligible to participate in the Consortium. (d) Considerations In selecting members of the Consortium, the States shall— (1) select members who have a background and expertise relevant to the functions of the Consortium; and (2) ensure the participation of one individual or representative of an organization that represents consumers, minorities, and low- and moderate-income housing persons by reflecting the communities that are being affected by catastrophic natural disasters. (e) Bylaws The Consortium may prescribe, amend, and repeal such bylaws as necessary to carry out the functions of the Consortium.