; (iii) shall be appointed for a term of 3 years and may be reappointed for one additional term; (iv) shall serve until the member’s successor is appointed and confirmed; (v) shall be compensated at a rate equivalent to that of level IV of the Executive Schedule under section 5315 of title 5, United States Code, when engaged in the business of the Corporation; and (vi) may be paid per diem in lieu of subsistence at the applicable rate under the Federal Travel Regulation under subtitle F of title 41, Code of Federal Regulations, from time to time, while away from the home or usual place of business of the member. (3) Chairperson The Secretary of State, or the designee of the Secretary under paragraph (2)(B)(i)(I), shall serve as the Chairperson of the Board. (4) Vice chairperson The Administrator of the United States Agency for International Development, or the designee of the Administrator under paragraph (2)(B)(i)(II), shall serve as the Vice Chairperson of the Board. (5) Quorum Five members of the Board shall constitute a quorum for the transaction of business by the Board. (c) Public hearings The Board shall hold at least 2 public hearings each year in order to afford an opportunity for any person to present views with respect to whether— (1) the Corporation is carrying out its activities in accordance with this division