Establishment of Strategic Fertilizer Reserve Agency

(a) Establishment On approval by the Secretary under section 4(b), there is established as an independent agency of the United States Government a body corporate, to be known as the Strategic Fertilizer Reserve Agency, to develop and oversee the Reserve in accordance with this Act and informed by the findings of the study under section 4(a). (b) Board of Directors (1) In general There is established a Board of Directors, which shall be the head of the Agency. (2) Composition The Board shall be composed the following 9 voting members: (A) The Secretary. (B) 8 members, each of whom shall be appointed by the President, by and with the advice and consent of the Senate. (3) Recommendations Before the initial appointment of the members of the Board and before the appointment of any individual to fill a vacancy on the Board, the Majority Leader of the Senate and the Minority Leader of the Senate shall each submit to the President 2 candidate recommendations. (4) Qualifications (A) In general Members of the Board— (i) shall be individuals who, by reason of their education, experience, and attainments, are exceptionally qualified to serve; and (ii) shall collectively bring substantial expertise in agriculture, fertilizer markets and supply chains, agricultural finance, cooperative governance, labor, and rural economic development. (B) Sector representation In making appointments under this section, the President shall, to the maximum extent practicable, ensure representation from the following sectors: (i) Row crop farmers. (ii) Specialty crop producers. (iii) Livestock and dairy producers. (iv) Beginning and young farmers. (v) Small and mid-sized farmers. (vi) Agricultural creditors. (vii) Agricultural cooperatives. (viii) Agricultural economists and supply chain experts. (C) Geographic representation In making appointments under this section, the President shall, to the maximum extent practicable, ensure diverse geographic representation and make reasonable efforts to encourage racial, ethnic, and gender diversity on the Board. (5) Terms (A) In general Each voting member of the Board shall be appointed for a term of 4 years, and may be reappointed for not more than one additional consecutive term. (B) Staggered terms The terms of the members of the Board shall be staggered so that the terms of not more than 3 members expire in any single year. (C) Holdover A member may continue to serve after the expiration of the member’s term until a successor has been appointed and qualified. (6) Chair and vice chair (A) In general The Board shall elect a Chair and a Vice Chair from among the members of the Board for 2-year terms. (B) Acting Chair The Vice Chair shall act in place of the Chair in the absence of the Chair. (7) Quorum; voting (A) Quorum A majority of the voting members of the Board shall constitute a quorum. (B) Voting Any action of the Board shall require the affirmative vote of a majority of the members present and voting. (8) Removal (A) In general Not later than 5 days after removing a member of the Board from such position, the President shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a written statement of the reasons for removal of the member. (B) Hearings (i) In general If the President fails to timely submit a statement under subparagraph (A), or if the statement does not set forth specific, detailed reasons for removal of the member of the Board, the committees described in that subparagraph shall conduct joint oversight hearings on the removal of the member of the Board for which a statement was required not later than 60 days after the missed submission deadline. (ii) Witnesses Any member of the Board for which a statement was required under subparagraph (A) but was not submitted, or satisfactorily submitted, shall appear as a witness during a joint hearing. (iii) Rulemaking This subparagraph is enacted as an exercise of the rulemaking power of the House of Representatives and the Senate. (9) Personnel (A) In general The Board may appoint and fix the pay of such staff as the Board considers necessary to carry out the duties of the Board. (B) Limitation No staff appointed under subparagraph (A) may be compensated at an annual rate exceeding the daily equivalent of the annual rate of basic pay in effect for grade GS–15 of the General Schedule. (10) Compensation (A) In general Members of the Board shall receive compensation equivalent to the compensation paid for positions in level IV of the Executive Schedule described in section 5315 of title 5, United States Code, prorated on a daily basis for time spent engaged in the work of the Board. (B) Travel expenses While engaged in the work of the Board, a member of the Board shall be paid actual travel expenses and per diem in lieu of subsistence expenses when away from the member’s usual place of residence in accordance with subchapter I of chapter 57 of title 5, United States Code. (C) Persons otherwise in government service Each member of the Board who is otherwise in the service of the Federal Government shall serve without compensation in addition to that received for such other service, but while engaged in the work of the Board shall be paid expenses pursuant to subparagraph (B). (D) Prior approval for outside compensation (i) In general A member of the Board who wishes to engage in outside employment shall first obtain the approval, in writing, of the Designated Agency Ethics Official of the Board. (ii) Volunteer professional services The Designated Agency Ethics Official of the Board may generally approve in advance volunteer professional services. (iii) Standard for approval Approval shall be granted by the Designated Agency Ethics Official of the Board under this subparagraph only on a determination that the prospective outside employment is not expected to involve conduct prohibited by statute or Federal regulation, including part 2635 of title 5, Code of Federal Regulations (or successor regulations). (iv) Changes in nature or scope On a significant change in the nature or scope of the outside employment approved under this subparagraph or the official position of the member of the Board, the member shall submit a revised request for approval under this subparagraph. (v) Rulemaking Not later than 90 days after the date on which the members of the Board have been appointed, the Board shall promulgate regulations to carry out this subparagraph.