; and (C) the 2 members appointed by the President shall be appointed for a term of 2 years. (2) Vacancies Vacancies shall be filled according to the following: (A) A vacancy shall be filled in the manner in which the original appointment was made. (B) Any Board member elected to fill a vacancy occurring before the expiration of the term for which the direct predecessor of the member was appointed shall be appointed only for the remainder of that term. (C) In accordance with subparagraph (B), a Board member may serve after the expiration of the term of the direct predecessor of the Board member until a successor has taken office. (g) Responsibilities of the Board The responsibilities of the Board are as follows: (1) Provide low-cost loans and loan guarantees to eligible applicants under section 5. (2) Develop strategic goals for the Corporation based on the purpose of the Corporation. (3) Monitor and assess the effectiveness of the Corporation in achieving such strategic goals. (4) Review and approve the annual business plans, annual budgets, and long-term strategies of and for infrastructure projects financed through the Corporation. (5) Develop, review, and approve annual reports for the Corporation. (6) Employ at least 1 external auditor to conduct an annual audit of such infrastructure projects. (7) Employ individuals as necessary to carry out the provisions of this Act. (8) Determine the operations and internal policies of the Corporation. (h) Inspector General The Board shall appoint an employee of the Corporation to be known as the Inspector General whose duties shall include the following: (1) Conduct audits under section 6(b). (2) Carry out, with respect to the Corporation, duties and responsibilities established under the Inspector General Act of 1978 (5 U.S.C. App.). (3) Establish, maintain, and oversee such audits as the Inspector General considers appropriate under this Act. 5. Loans, loan guarantees, and bonding (a) General authority The Corporation shall provide loans, loan guarantees, and bonds to