29, Code of Federal Regulations (as in effect on the date of enactment of this subtitle). (2) Mediation period The mediation period under paragraph (1) may not exceed 60 days unless extended by written agreement of the parties. (b) Binding arbitration for term bargaining (1) Three member private arbitration board If the mediation services of the Service under subsection (a)(1) do not lead to the resolution of issues in controversy arising from the negotiation of a term collective-bargaining agreement, the parties shall submit their issues in controversy to a private arbitration board consisting of 3 members. (2) Appointment of arbitration board (A) Preparation of list of arbitrators The Director of the Service shall provide for the appointment of the 3 members of an arbitration board by— (i) preparing a list of not fewer than 15 names of arbitrators of nationwide reputation and professional stature with at least 20 years of experience in labor-management arbitration and considerable experience in interest arbitration in major industries