MEMBERSHIP.

SEC. 403. MEMBERSHIP. (a) The Council shall be composed of nine members to be selected as follows: (1) the Administrator of the Small Business Administration, the Secretary of Commerce (or such Secretary’s deputy) and the Chairman of the Federal Reserve Board (or such Chairman’s designee, who shall be a member of the Board); (2) two members shall be appointed by the majority leader, and one member shall be appointed by the minority leader of the Senate; and (3) two members shall be appointed by the Speaker, and one member shall be appointed by the minority leader of the House of Representatives. (b) (1) Appointments under section (a) (2) and (3) shall be made from individuals who are specially qualified to serve on the Council by virtue of their education, training, and experience and who are 102 STAT. 2695not officers or employees of the Federal Government nor of the Congress. (2) (A) Of the individuals to be appointed under subsection (a) (2) and (3)— (i) no more than two members to be appointed under each such paragraph of such subsection shall be of the same political party; (ii) at least two members appointed under each such paragraph of such subsection shall be women; and (iii) at least two members to be appointed under each such paragraph of such subsection shall be owners of small business concerns as defined pursuant to section 3 of the Small Business Act and relevant regulations promulgated pursuant thereto. (B) Appointments made pursuant to subsection (a) (2) and (3) shall be made in the following sequence— (i) appointments under (a)(2) shall be made within ninety days of the effective date of this title; and (ii) appointments under (a)(3) shall be made within one hundred and twenty days of the effective date of this title. (3) In making appointments under subsection (a), the appointing authorities shall give due consideration to achieving balanced geographical representation. (C) Members appointed under subsection (a) (2) and (3) shall be appointed for a three-year term, except if any such appointee becomes an officer or employee of the Federal Government or of the Congress, such individual may continue as a member of the Council for not longer than the thirty-day period beginning on the date such individual becomes such an officer or employee. (D) A vacancy on the Council shall be filled in the manner in which the original appointment was made. (E) Members of the Council shall serve without pay for such membership, except members of the Council shall be entitled to reimbursement for travel, subsistence, and other necessary expenses incurred by them in carrying out the functions of the Council, in the same manner as persons employed intermittently in the Federal Government are allowed expenses under section 5703 of title 5, United States Code. (F) (1) Two members of the Council shall constitute a quorum for the receipt of testimony and other evidence. (2) A majority of the Council shall constitute a quorum for the approval of a recommendation or report submitted pursuant to section 402 or section 406. (G) The Chairperson and Vice Chairperson of the Council shall be designated by the President. The term of office of the Chairperson and Vice Chairperson shall be at the discretion of the President. (H) The Council shall meet not less than four times a year. Meetings shall be at the call of the Chairperson.