PRESIDENTIAL OVERSIGHT.

SEC. 329. [15 U.S.C. 6759] PRESIDENTIAL OVERSIGHT. (a) Removal of Board.—If the President determines that the Association is acting in a manner contrary to the interests of the public or the purposes of this subtitle or has failed to perform its duties under this subtitle, the President may remove the entire existing Board for the remainder of the term to which the Board members were appointed and appoint, in accordance with section 324 and with the advice and consent of the Senate, in accordance with the procedures established under Senate Resolution 116 of the 112th Congress, new Board members to fill the vacancies on the Board for the remainder of the terms. (b) Removal of Board Member.—The President may remove a Board member only for neglect of duty or malfeasance in office. (c) Suspension of Bylaws and Standards and Prohibition of Actions.—Following notice to the Board, the President, or a person designated by the President for such purpose, may suspend the effectiveness of any bylaw or standard, or prohibit any action, of the Association that the President or the designee determines is contrary to the purposes of this subtitle.