; (2) designate a Chair; and (3) appoint the Executive Director. (f) Duties and authorities The duties and authorities of the Committee are as follows: (1) Administrative duties The Committee shall establish administrative guidelines for the Committee, including— (A) establishing bylaws for the Committee that are published in the Federal Register and made available for public comment; (B) establishing policies for the selection of officers, employees, agents, and contractors of the Committee; (C) establishing policies that would subject all employees, fellows, and trainees of the Committee to the conflict of interest standards under subsection (c)(3)(D); (D) specifying a process for annual Board review of the operations of the Committee; (E) establishing specific duties of the Executive Director; (F) evaluating the performance of the Executive Director; and (G) carrying out other necessary activities regarding the functioning of the Committee. (2) Process, methodology, and timeline for determining reasonable prices (A) In general Not later than 2 years after receipt of the report of the National Academy of Medicine under section 4, the Committee shall— (i) outline the process and methodology by which the Committee will determine, based on such report, whether the manufacturer list price and retail price is reasonable for each applicable drug; (ii) outline the timeline under which the manufacturer, based on such report, is required to submit the information required under section 6(a)(2) to the Committee; (iii) outline the timeline under which the Committee is required to determine, based on such report, whether the manufacturer list price and retail price is reasonable for each applicable drug