; and (2) to supplement existing funding to Federal agencies. 3. The Federal Institute of Technology (a) Establishment There is established in the executive branch of the Government an independent agency to be known as the Federal Institute of Technology (in this section referred to as the Institute ). (b) Headquarters The Institute shall be headquartered in the District of Columbia. (c) Board of Directors (1) In general The Institute shall have a Board of Directors (in this section referred to as the Board ). (2) Duties of the Board The duties of the Board shall include the following: (A) Not later than 2 years after the date of the enactment of this section, establish a minimum of 10 local boards in accordance with subsection (d), including— (i) appointing the members of each local board with consideration given to the recommendations provided pursuant to subsection (d)(1)(A)(iii); (ii) providing funding to local boards to support the local boards in achieving the duties under subsection (d)(3) and to carry out the comprehensive strategy under subsection (d)(2), including funds from amounts in the private endowment established under subsection (e); and (iii) annually evaluate the effectiveness of each local board based on the requirements developed pursuant to subsection (d)(1)(D). (B) Provide funds to Federal, State, and local agencies to support programs and research in the qualified subjects, including programs and research in certain technology sectors. (3) Local board limitation The Board may establish— (A) not more than 30 local boards in the 10-year period after the date of the enactment of this Act; and (B) not more than 3 local boards each fiscal year during such period. (4) New local board applications The Board may consider new applications on an annual basis each fiscal year for the 10-year period after the date of the enactment of this Act, and every 3 years thereafter. (5) Members; chair The President shall— (A) appoint 5 members of the Board by and with the advice and consent of the Senate