ADMINISTRATOR.

SEC. 3523. ADMINISTRATOR. (a) In General.— Section 1103 (22 U.S.C. 3613) is amended to read as follows: “administrator “Sec. 1103. (a) There shall be an Administrator of the Commission who shall be appointed by the President, by and with the advice and consent of the Senate, and shall hold office at the pleasure of the President. “(b) The Administrator shall be paid compensation in an amount, established by the Board, not to exceed level III of the Executive Schedule.” (b) Savings Provisions.— Nothing in this section (or section 3549(3)) shall be considered to affect— (1) the tenure of the individual serving as Administrator of the Commission on the day before subsection (a) takes effect; or (2) until modified under section 1103(b) of the Panama Canal Act of 1979, as amended by subsection (a), the compensation of the individual so serving.