; and (C) the performance of the Administrator in— (i) fulfilling contracts with contract holders; and (ii) complying with the mission plan; and (2) to review the annual management reports and financial statements submitted by the Administrator under section 505. (b) Members The Oversight Board shall be composed of 5 members appointed by the President, by and with the advice and consent of the Senate, from among prominent United States citizens of integrity and reputation who, based on the training, experience, and attainments of the individuals, are exceptionally well qualified to evaluate and oversee the administration of this Act. (c) Political affiliation Not more than 3 members of the Oversight Board may be members of the same political party. (d) Terms (1) In general Except as provided in paragraphs (2) and (3), each member shall serve a term of 5 years. (2) Initial terms (A) Starting date The term of the first 5 members appointed to the Oversight Board shall be treated as having started on the first July 1 after the date of enactment of this Act. (B) Staggered term Of the 5 members first appointed to the Board under subparagraph (A)— (i) 1 shall be appointed for a term of 1 year; (ii) 1 shall be appointed for a term of 2 years; (iii) 1 shall be appointed for a term of 3 years; (iv) 1 shall be appointed for a term of 4 years