((a)) ** Authorization of Federal Council on the Arts and Humanities** The Federal Council on the Arts and Humanities (hereinafter in this chapter referred to as the “Council”), established under , is authorized to make agreements to indemnify against loss or damage such items as may be eligible for such indemnity agreements under —
((1)) in accordance with the provisions of this chapter; and
((2)) on such terms and conditions as the Council shall prescribe, by regulation, in order to achieve the purposes of this chapter and, consistent with such purposes, to protect the financial interest of the United States.
((b)) ** Council as “agency”**
((1)) For purposes of this chapter, the Council shall be an “agency” within the meaning of the appropriate definitions of such term in title 5.
((2)) For purposes of this chapter, the Secretary of the Smithsonian Institution, the Director of the National Gallery of Art, the member designated by the Chairman of the Senate Commission of Art and Antiquities and the member designated by the Speaker of the House of Representatives shall not serve as members of the Council.