; (D) in the heading for subsection (f), by striking by Secretary ; and (E) by striking Secretary each place such term appears and inserting Administrator of the Association . (c) Management; Board of Directors (1) In general Section 308 of the National Housing Act ( 12 U.S.C. 1723(a) ) is amended by striking subsection (a) and inserting the following new subsection: (a) Management (1) Board of Directors (A) Number and appointment The Association shall be governed by a Board of Directors consisting of 5 members, who shall be appointed by the President, by and with the advice and consent of the Senate, from among individuals who— (i) are citizens of the United States; and (ii) have demonstrated technical expertise in the mortgage market and one of whom has technical expertise in the secondary mortgage market. (B) Political affiliation Not more than 3 members of the Board of Directors may be members of the same political party. (C) Terms (i) In general Each member of the Board of Directors shall be appointed for a term of 5 years, except as provided in clauses (ii) and (iii). (ii) Terms of initial appointees As designated by the President at the time of appointment, of the members first appointed to the Board of Directors pursuant to subparagraph (A)— (I) 1 shall be appointed for a term of 1 year; (II) 1 shall be appointed for a term of 2 years; (III) 1 shall be appointed for a term of 3 years; and (IV) 1 shall be appointed for a term of 4 years. (iii) Interim appointments Any member appointed to fill a vacancy occurring before the expiration of the term for which such member’s predecessor was appointed shall be appointed only for the remainder of such term. (iv) Continuation of service The Director and each member may continue to serve after the expiration of the term of office to which such member was appointed until a successor has been appointed and qualified. (2) Administrator; Chairperson (A) Designation