; and (ii) operational guidelines; and (E) approve or disapprove a 1-year business plan and budget for IFA; (3) ensure that IFA is at all times operated in a manner that is consistent with this Act, by— (A) monitoring and assessing the effectiveness of IFA in achieving its strategic goals; (B) reviewing and approving internal policies, annual business plans, annual budgets, and long-term strategies submitted by the Chief Executive Officer; (C) reviewing and approving annual reports submitted by the Chief Executive Officer; (D) engaging one or more external auditors, as set forth in this Act; and (E) reviewing and approving all changes to the organization of senior management; (4) appoint and fix, by a vote of not less than 5 of the 7 voting members of the Board of Directors, and without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code, the compensation and adjustments to compensation of all IFA personnel, provided that in appointing and fixing any compensation or adjustments to compensation under this paragraph, the Board shall— (A) consult with, and seek to maintain comparability with, other comparable Federal personnel, as the Board of Directors may determine to be appropriate; (B) consult with the Office of Personnel Management; and (C) carry out those duties consistent with merit principles, where applicable, as well as the education, experience, level of responsibility, geographic differences, comparability to private sector positions, and retention and recruitment needs in determining compensation of personnel; (5) serve as the primary liaison for IFA in interactions with Congress, the Secretary of Transportation and other executive branch officials, and State and local governments, and to represent the interests of IFA in those interactions and others; (6) approve by a vote of not less than 5 of the 7 voting members of the Board of Directors any changes to the bylaws or internal policies of IFA