; and (7) by inserting after subsection (e) the following: (f) Advisory board (1) Establishment and purpose Not later than one year after the date of the enactment of the PROSPER Act , the Secretary shall establish an Advisory Board (referred to in this subsection as the Board ) for the PBO. The purpose of such Board shall be to conduct oversight over the PBO and the Chief Operating Officer and senior managers described under subsection (e) to ensure that the PBO is meeting the purposes described in this section and the goals in the performance plan described under such section. (2) Membership (A) Board members The Board shall consist of 7 members, one of whom shall be the Secretary. (B) Chairman A Chairman of the Board shall be elected by the Board from among its members for a 2-year term. (C) Secretary as an ex officio member The Secretary, ex officio— (i) shall— (I) serve as a member of the Board; (II) be a voting member of the Board; and (III) be eligible to be elected by the Board to serve as chairman or vice chairman of the Board