§ 4703 — Establishment Of Barry Goldwater Scholarship And Excellence In Education Foundation

(a) There is established, as an independent establishment of the executive branch of the United States Government, the Barry Goldwater Scholarship and Excellence in Education Foundation. (b) The Foundation shall be subject to the supervision and direction of the Board of Trustees. The Board shall be composed of 13 members, as follows: (1) Two members from the Senate, one appointed by the majority leader and one appointed by the minority leader of the Senate. (2) Two members from the House of Representatives, one appointed by the majority leader and one appointed by the minority leader of the House of Representatives. (3) Eight members, not more than four of whom shall be of the same political party, to be appointed by the President, by and with the advice and consent of the Senate. (4) The Secretary of Education, or his designee, who shall serve ex officio as a member of the Board but shall not be eligible to serve as Chairman. (1) The term of office of each member of the Board shall be six years, except that— (A) the members first taking office shall serve as designated by the President, four for terms of two years, five for terms of four years, and four for terms of six years; (B) a member appointed to fill a vacancy shall serve for the remainder of the term for which his predecessor was appointed and shall be appointed in the same manner as the original appointment for that vacancy was made; and (C) notwithstanding the term limitation provided for under this paragraph, a member appointed under subsection (b) may continue to serve under such appointment until the successor to the member is appointed. (2) A Member of Congress appointed to the Board under clause (1) or (2) of subsection (b) may not serve as a member of the Board for more than a total of six years. (d) Members of the Board shall serve without pay, but shall be entitled to reimbursement for travel, subsistence, and other necessary expenses incurred in the performance of their duties.