5 U.S.C. § 8472 — Federal Retirement Thrift Investment Board

(a) The Executive Branch has a Federal Retirement Thrift Investment Board^*.

(b) The Board is made up of: (1) 3 members appointed by the President, one of whom the President names Chairman; and (2) 2 more members appointed by the President — (A) one appointed after the President considers a recommendation from the Speaker of the House, made in consultation with the House minority leader; and (B) one appointed after the President considers a recommendation from the Senate majority leader, made in consultation with the Senate minority leader.

(c) Except as section 311 of the Federal Employees' Retirement System^* Act of 1986 provides, appointments under (a) must be confirmed by the Senate.

(d) Board members must have substantial experience, training, and expertise managing financial investments and pension benefit plans.

(e)(1) Except as section 311 provides, a Board member^* is appointed for a 4-year term, except that among the first members (other than those appointed under section 311): (A) the Chairman is appointed for 4 years; (B) the members appointed under (b)(2) are appointed for 3 years; and (C) the rest are appointed for 2 years.
(2)(A) A vacancy on the Board is filled the same way the original appointment was made, subject to the same conditions.
(B) Someone chosen to fill a vacancy is appointed for the rest of the unexpired term.
(3) No member's term ends before that member's successor takes office^*.

(f) The Board must: (1) set policy for (A) investing and managing the Thrift Savings Fund^*, and (B) administering subchapter III of this chapter; (2) review how the Fund's investments are performing; and (3) review and approve the Board's own budget.

(g)(1) The Board may: (A) adopt, alter, and use a seal; (B) — except as (2) limits — direct the Executive Director^* to take whatever action the Board considers appropriate to carry out this subchapter, subchapter III, and Board policy; (C) with four members voting yes, remove the Executive Director^* for good cause; and (D) take any other action needed to carry out the Board's functions.
(2) Except for investments under section 8438(c)(2)(B), the Board may not direct the Executive Director to invest, cause to be invested, or dispose of any specific asset of the Thrift Savings Fund^*.

(h) Board members must carry out their responsibilities solely in the interest of participants and beneficiaries under this subchapter and subchapter III.

(i) The Board must prepare and submit to the President, and at the same time to the appropriate congressional committees, an annual budget of the Board's expenses, to be included as a separate item in the budget transmitted to Congress under section 1105 of title 31.

(j) The Board may submit to the President, and at the same time to each House of Congress, any legislative recommendations relating to the Board's functions under this title or any other law.