INDEPENDENCE OF THE FUND.

SEC. 6602. INDEPENDENCE OF THE FUND. Section 714 of the Communications Act of 1934 (47 U.S.C. 614) is amended— (1) by striking subsection (c) and inserting the following: “(c) Independent Board of Directors. The Fund shall have a Board of Directors consisting of 5 people with experience in areas including finance, investment banking, government banking, communications law and administrative practice, and public policy. The Board of Directors shall select annually a Chair from among the directors. A nominating committee, comprised of the Chair and 2 other directors selected by the Chair, shall appoint additional directors. The Fund’s bylaws shall regulate the other aspects of the Board of Directors, including provisions relating to meetings, quorums, committees, and other matters, all as typically contained in the bylaws of a similar private investment fund.” ; (2) in subsection (d)— (A) by striking “(after consultation with the Commission and the Secretary of the Treasury)”; (B) by striking paragraph (1); and (C) by redesignating paragraphs (2) through (4) as paragraphs (1) through (3), respectively; and (3) in subsection (g), by striking “subsection (d)(2)” and inserting “subsection (d)(1)”.