; appointment; terms (a) Composition of commission The Commission shall be composed of 5 commissioners appointed by the President, by and with the advice and consent of the Senate. One of the commissioners shall be designated by the President as chairperson. Not more than three of such commissioners shall be members of the same political party. Each commissioner shall be selected solely on the basis of integrity and demonstrated knowledge of the operations of the markets subject to the jurisdiction of the Commission. (b) Qualifications In appointing commissioners under subsection (a), the President shall— (1) select persons who each have demonstrated knowledge of securities, futures, swaps, or other derivatives, the regulation of such instruments, or the markets for agricultural or other types of commodities underlying transactions subject to the oversight of the Commission under this Act; and (2) seek to ensure that the demonstrated knowledge of the commissioners is balanced with respect to such areas, with at least one commissioner having knowledge of the agricultural commodities market. (c) Terms Each commissioner shall be appointed for a term of 5 years, except that a commissioner may continue to serve after the expiration of such term until a successor is appointed and has qualified. (1) The terms of office of the commissioners first taking office after the enactment of this Act shall expire, as designated by the President at the time of their appointment— (A) one at the end of 1 year; (B) two at the end of 3 years