well-qualified individuals to covered positions pursuant to paragraph (1)(A), to maintain sufficient flexibility under the limitations of paragraph (2)(A)(i), the Chairman shall consider the future workforce needs of the Commission to carry out its responsibilities and activities in a timely, efficient, and effective manner. (b) Addressing insufficient compensation of employees and other personnel of the commission (1) In general Notwithstanding any other provision of law, the Chairman may fix the compensation for employees or other personnel serving in a covered position without regard to any provision of title 5, United States Code, governing General Schedule classification and pay rates. (2) Applicability The authority under this subsection to fix the compensation of employees or other personnel shall apply with respect to an employee or other personnel serving in a covered position regardless of when the employee or other personnel was hired. (3) Limitations on compensation (A) Annual rate The Chairman may not use the authority under paragraph (1) to fix the compensation of employees or other personnel— (i) at an annual rate of basic pay higher than the annual basic rate of pay for level III of the Executive Schedule under section 5314 of title 5, United States Code