; additional members Subparagraphs (B) and (C) of section 3(a)(2) of SIPA shall apply with respect to determinations of the FIPC in the same way the subparagraphs apply with respect to determinations of the SIPC and to brokers and dealers referred to in such subparagraph (D). (iii) Disclosure Section 3(a)(2)(D) of SIPA shall apply to futures commission merchants in the same way the section applies to brokers and dealers referred to in such section. (2) Powers The FIPC shall have all the powers conferred on the SIPC. (3) Board of directors (A) Functions The FIPC shall have a Board of Directors which, subject to the provisions of this Act, shall determine the policies which shall govern the operations of FIPC. (B) Number and appointment The Board of Directors shall consist of 7 persons as follows: (i) 1 director shall be appointed by the Secretary of the Treasury from among the officers and employees of the Department of the Treasury. (ii) 1 director shall be appointed by the Board of Governors of the Federal Reserve System from among the officers and employees of that Board. (iii) 5 directors shall be appointed by the President, by and with the advice and consent of the Senate, as follows: (I) 3 directors shall be selected from among persons who are associated with, and representative of different aspects of, the futures industry, not all of whom shall be from the same geographical area of the United States. (II) 2 directors shall be selected from the general public from among persons who are not associated with a futures commission merchant or a contract market, or similarly associated with any self-regulatory organization or other futures industry group, and who have not had any such association during the 2 years preceding appointment. (C) Chairman and vice chairman The President shall designate a Chairman and Vice Chairman from among those directors appointed under subparagraph (B)(iii)(II). (D) Terms (i) In general Except as provided in clauses (ii) and (iii), each director shall be appointed for a term of 3