; and (D) 1 member appointed by the Director of the Bureau of Consumer Financial Protection. (2) Deadline for appointment The appointments described under paragraph (1) shall be made not later than 1 year after the date of the enactment of this Act. (3) Limitation In making appointments under paragraph (1), the officials making such appointments shall coordinate to ensure that not more than 5 members of the same political party may serve on the Board at the same time. (4) Terms of office Each member of the Board shall hold office for a term of 5 years and shall continue in office until his successor is appointed in the same manner as the original appointment was made. The terms of office of the members of the Board first taking office after the date of the enactment of this Act shall expire as follows: one at the end of 1 year, two at the end of 2 years, two at the end of 3 years, two at the end of 4 years, and two at the end of 5 years. (5) Vacancies Each member of the Board shall continue in office until his successor is appointed in the same manner as the original appointment was made. Any vacancy on the Board shall be filled in the same manner as the initial appointment was made, and members of the Board appointed to fill vacancies shall be appointed for the remainder of such term. (c) Director (1) In general The Director shall be selected by the President from among the members of the Board. (2) Authority to issue regulations The Director is authorized to issue such regulations or other guidance as the Director determines are necessary to carry out the purposes of this Act. 3. Contracts to provide portable retirement and investment accounts (a) In general Not later than 1 year after the date of the enactment of this Act, the Director shall establish a program under which the Director shall award one contract each year on a competitive basis to an entity in the private sector to act as trustee of all portable retirement and investment accounts (as defined in section 223A of the Internal Revenue Code of 1986)