; and (B) have strong competencies and experiences related to consumer financial products and services. (2) Staggering The members of the Commission shall serve staggered terms, which initially shall be established by the President for terms of 1, 2, 3, 4, and 5 years, respectively. (3) Terms (A) In general Each member of the Commission, including the Chair, shall serve for a term of 5 years. (B) Removal The President may remove any member of the Commission for inefficiency, neglect of duty, or malfeasance in office. (C) Vacancies Any member of the Commission appointed to fill a vacancy occurring before the expiration of the term to which that member’s predecessor was appointed (including the Chair) shall be appointed only for the remainder of the term. (D) Continuation of service Each member of the Commission may continue to serve after the expiration of the term of office to which that member was appointed until a successor has been appointed by the President and confirmed by the Senate, except that a member may not continue to serve more than 1 year after the date on which that member’s term would otherwise expire. (E) Other employment prohibited No member of the Commission shall engage in any other business, vocation, or employment. (d) Affiliation Not more than 3 members of the Commission shall be members of any one political party. (e) Chair of the Commission (1) Initial Chair The first member and Chair of the Commission shall be the individual serving as Director of the Bureau of Consumer Financial Protection on the day before the date of the enactment of this subsection. Such individual shall serve until the President has appointed all 5 members of the Commission in accordance with subsection (c). (2) Subsequent Chair Of the 5 members appointed in accordance with subsection (c), the President shall appoint 1 member to serve as the subsequent Chair of the Commission. (3) Authority The Chair shall be the principal executive officer of the Commission, and shall exercise all of the executive and