The American Worker Retirement Investment Board

(a) Establishment There is established in the executive branch of the Government the American Worker Retirement Investment Board. (b) Composition The Board shall be composed of— (1) 3 members appointed by the President, of whom 1 shall be designated by the President as Chair; (2) 1 member appointed by the President after taking into consideration the recommendation made by the majority leader of the Senate in consultation with the minority leader of the Senate; and (3) 1 member appointed by the President after taking into consideration the recommendation made by the Speaker of the House of Representatives in consultation with the minority leader of the House of Representatives. (c) Senate confirmation Appointments under subsection (b) shall be made with the advice and consent of the Senate. (d) Qualifications (1) In general Members of the Board shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. (2) Disqualification No member of the Board may be an officer or employee of the Federal Government. (e) Terms; vacancies (1) Terms A member of the Board shall be appointed for a term of 4 years, except that of the members first appointed under subsection (b)— (A) the Chair shall be appointed for a term of 4 years; (B) the members appointed under paragraphs (2) and (3) of subsection (b) shall be appointed for terms of 3 years; and (C) the remaining members shall be appointed for terms of 2 years. (2) Vacancies (A) In general A vacancy on the Board shall be filled in the manner in which the original appointment was made and shall be subject to any conditions which applied with respect to the original appointment. (B) Term An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced. (C) Expiration The term of any member shall not expire before the date on which the member’s successor takes office. (f) Board duties The Board shall— (1) establish policies for— (A) the investment and management of the Fund; and (B) the administration of title I of this Act; (2) hire and set the compensation for the Executive Director; (3) review the performance of investments made for the Fund; (4) review and approve the budget of the Board; and (5) develop evidence-based financial literacy requirements for participants in the Fund, including requirements for financial literacy interventions to occur prior to a participant— (A) taking an early withdrawal from their account at the Fund pursuant to section 106(i); and (B) taking a loan from such account pursuant to section 106(h). (g) Board authorities; investment limitations (1) In general The Board may— (A) adopt, alter, and use a seal; (B) except as provided in paragraph (2), direct the Executive Director to take such action as the Board considers appropriate to carry out the provisions of this Act and the policies of the Board; (C) upon the concurring votes of 4 members, remove the Executive Director from office for good cause shown; and (D) take such other action as may be necessary to carry out the functions of the Board. (2) Exception Except in the case of investments under section 102(b)(2), the Board may not direct the Executive Director to invest or to cause to be invested any sums in the Fund in a specific asset or to dispose of or cause to be disposed of any specific asset of such Fund. (h) Board responsibilities The members of the Board shall discharge their responsibilities under this Act solely in the interest of participants and beneficiaries. (i) Budget 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 the Congress under section 1105 of title 31, United States Code. (j) Legislative recommendations The Board may submit to the President, and, at the same time, shall submit to each House of the Congress, any legislative recommendations of the Board relating to any of its functions under this title.