; and (B) the management and daily business operations of which are controlled by 1 or more minority individuals. (b) Minority Business Development Administration (1) Establishment (A) In general The Minority Business Development Administration is hereby established. (B) Transfer of functions All functions that, immediately before the date of enactment of this Act, were functions of the Minority Business Development Agency of the Department of Commerce shall be functions of the Administration. (C) Transfer of assets So much of the personnel, property, records, and unexpended balances of appropriations, allocations, and other funds employed, used, held, available, or to be made available in connection with a function transferred under subparagraph (B) shall be available to the Administration for use in connection with the functions transferred. (D) References Any reference in any other Federal law, Executive order, rule, regulation, or delegation of authority, or any document of or pertaining to the Minority Business Development Agency of the Department of Commerce is deemed to refer to the Administration. (2) Administrator (A) Appointment and duties The Administration shall be headed by an Administrator, who shall be— (i) appointed by the President, by and with the advice and consent of the Senate