party means a major party or a minor party as defined in section 9002 (3) or (4) of the Internal Revenue Code of 1986 ( 26 U.S.C. 9002 (3) or (4)). D Administrative provisions 531. Fair Elections Oversight Board (a) Establishment There is established within the Federal Election Commission an entity to be known as the Fair Elections Oversight Board . (b) Structure and membership (1) In general The Board shall be composed of 5 members appointed by the President by and with the advice and consent of the Senate, of whom— (A) 2 shall be appointed after consultation with the majority leader of the Senate