; and (B) by striking Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after the enactment of this title shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after the date of the enactment of this title. . (2) Commodity exchange act Section 2(a) of the Commodity Exchange Act ( 7 U.S.C. 2a ) is amended by striking paragraphs (2), (3), and (4). (3) Dodd-Frank Section 111(b)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5321(b)(1) ) is amended— (A) by amending subparagraph (E) to read as follows: (E) the Chairperson of the Securities and Derivatives Commission; ; (B) by striking subparagraph (G); and (C) by redesignating subparagraphs (H), (I), and (J) as subparagraphs (G), (H), and (I), respectively. VI Effective date 601. Effective date The provisions of this Act shall take effect 1 year after the date of enactment of this Act, except that the President may nominate and the Senate confirm commissioners prior to such date.