1. Short title This Act may be cited as the American Savings Act . 2. American Savings Accounts (a) In general The Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1001 et seq.) is amended by adding at the end the following: V American Savings Accounts A Administration 5001. American Savings Account Board of Directors (a) In general There is established an American Savings Account Board of Directors (hereafter referred to in this title as the Board ) as a federally chartered organization. Except as otherwise provided, such Board has perpetual existence. (b) Purpose The purpose of the Board is— (1) to establish policies for the investment and management of the American Savings Account Fund; and (2) to carry out the responsibilities of the Board under section 5002. (c) Membership The Board shall be composed of 9 members appointed by the President in consultation with the Secretary of Labor and with the advice and consent of the Senate, to include— (1) the Secretary of Labor or a delegate of the Secretary; (2) 1 representative of employers; (3) 1 representative of the private retirement savings investment industry; (4) 1 representative of employees; (5) 1 representative of retirees