APPOINTMENTS; EFFECTIVE DATE; TRANSITION.

SEC. 604. APPOINTMENTS; EFFECTIVE DATE; TRANSITION.(a) Appointments.—(1) In general.—As soon as practicable after the date of enactment of this Act, the President shall submit to the Senate nominations of six persons to serve as members of the Board of Directors of the Tennessee Valley Authority in addition to the members serving on the date of enactment of this Act.(2) Initial terms.—Notwithstanding section 2(d) of the Tennessee Valley Authority Act of 1933 (as amended by this title), in making the appointments under paragraph (1), the President shall appoint—(A) two members for a term to expire on May 18, 2007;(B) two members for a term to expire on May 18, 2009; and(C) two members for a term to expire on May 18, 2011.(b) Effective Date.—The amendments made by this title take effect on the later of—(1) the date on which at least three persons nominated under subsection (a) take office; or(2) May 18, 2005.(c) Selection of Chairman.—The Board of Directors of the Tennessee Valley Authority shall select one of the members to act as chairman of the Board not later than 30 days after the effective date specified in subsection (b).(d) Conflict-of-Interest Policy.—The Board of Directors of the Tennessee Valley Authority shall adopt and submit to Congress a conflict-of-interest policy, as required by section 2(g)(1)(E) of the Tennessee Valley Authority Act of 1933 (as amended by this title), as soon as practicable after the effective date specified in subsection (b).(e) Transition.—A person who is serving as a member of the board of directors of the Tennessee Valley Authority on the date of enactment of this Act—(1) shall continue to serve until the end of the current term of the member; but(2) after the effective date specified in subsection (b), shall serve under the terms of the Tennessee Valley Authority Act of 1933 (as amended by this title).