; (4) encourage the application of uniform principles and standards at each FSIO; and (5) facilitate collaboration with relevant State regulatory entities to provide information to the public with respect to financial innovations and agency regulations related to such financial innovations. (d) Meetings The FSIO Liaison Committee shall meet at least twice a year. (e) Chair (1) Establishment The first Chair of the FSIO Liaison Committee shall be elected by the members. The Chair shall serve for a term of 2 years and thereafter the chairmanship shall rotate among the members of the committee. (2) Powers of the Chair The Chair is authorized to carry out the internal administration of the FSIO Liaison Committee, including the appointment and supervision of employees and the distribution of tasks among members, employees, and administrative units. (f) Testimony Not later than 6 months after the date of the enactment of this Act, the Chair of the FSIO Liaison Committee shall present testimony to Congress on the activities of the FSIO Liaison Committee. (g) Funding (1) Compensation of members Each member of the FSIO Liaison Committee shall serve without additional compensation but shall be entitled to reasonable expenses incurred in carrying out official duties as such a member. (2) General expenses The costs and expenses of the FSIO Liaison Committee, including the salaries of employees, shall be split equally between, and paid by, each agency other than an agency that has eliminated the agency’s FSIO pursuant to section 4(g). 6. Petition to agency (a) In general A covered person may submit a petition to an agency, through the agency’s FSIO, in such form and in such manner as the agency’s FSIO may require, to request to enter into an enforceable compliance agreement containing a modification or waiver of an agency regulation of the agency or the Federal statute under which the agency has rulemaking authority with respect to— (1) the covered person