((a)) ** Appointment; duties** The Administrator shall appoint a flood insurance advisory committee without regard to the provisions of title 5 governing appointments in the competitive service, and such committee shall advise the Administrator in the preparation of any regulations prescribed in accordance with this chapter and with respect to policy matters arising in the administration of this chapter, and shall perform such other responsibilities as the Administrator may, from time to time, assign to such committee.

((b)) ** Membership** Such committee shall consist of not more than fifteen persons and such persons shall be selected from among representatives of—

((1)) the insurance industry,

((2)) State and local governments,

((3)) lending institutions,

((4)) the homebuilding industry, and

((5)) the general public.

((c)) ** Compensation and travel expenses** Members of the committee shall, while attending conferences or meetings thereof, be entitled to receive compensation at a rate fixed by the Administrator but not exceeding $100 per day, including traveltime, and while so serving away from their homes or regular places of business they may be allowed travel expenses, including per diem in lieu of subsistence, as is authorized under for persons in the Government service employed intermittently.section 5703 of title 5