((a)) ** .—** The Federal Maritime Commission is an independent establishment of the United States Government.

((b)) ** .—**

((1)) ** .—** The Commission is composed of 5 Commissioners, appointed by the President by and with the advice and consent of the Senate. Not more than 3 Commissioners may be appointed from the same political party.

((2)) ** .—** The term of each Commissioner is 5 years. When the term of a Commissioner ends, the Commissioner may continue to serve until a successor is appointed and qualified, but for a period not to exceed 2 years. Except as provided in paragraph (3), no individual may serve more than 3 terms.

((3)) ** .—** A vacancy shall be filled in the same manner as the original appointment. An individual appointed to fill a vacancy is appointed only for the unexpired term to which such individual is appointed. An individual appointed to fill a vacancy may serve 3 terms in addition to the remainder of the term for which such individual was appointed.

((4))

((A)) ** .—** A Commissioner may not have a pecuniary interest in, hold an official relation to, or own stocks or bonds of any entity the Commission regulates under chapter 401 of this title.

((B)) ** .—** A Commissioner may not engage in another business, vocation, or employment.

((5)) ** .—** The President may remove a Commissioner for inefficiency, neglect of duty, or malfeasance in office.

((c)) ** .—**

((1)) ** .—** The President shall designate one of the Commissioners as Chairman.

((2)) ** .—** The Chairman is the chief executive and administrative officer of the Commission. In carrying out the duties and powers of the Commission (other than under paragraph (3)), the Chairman is subject to the policies, regulatory decisions, findings, and determinations of the Commission.

((3)) ** .—**

((A)) ** .—** The Chairman shall—

((i)) appoint and supervise officers and employees of the Commission;

((ii)) appoint the heads of major organizational units (with such appointments subject to the approval of the Commission);

((iii)) distribute the business of the Commission among personnel and organizational units;

((iv)) supervise the expenditure of money for administrative purposes;

((v)) assign Commission personnel, including Commissioners, to perform duties and powers delegated by the Commission under ; and

((vi)) prepare and submit to the President and the Congress requests for appropriations for the Commission (with such requests subject to the approval of the Commission).

((B)) ** .—** Subparagraph (A) (other than clause (v)) does not apply to personnel employed regularly and full-time in the offices of Commissioners other than the Chairman.

((4)) ** .—** The Chairman may designate officers and employees under the Chairman’s jurisdiction to perform duties and powers of the Chairman, subject to the Chairman’s supervision and direction.

((d)) ** .—** The Commission shall have a seal which shall be judicially recognized.