; and (E) by inserting after subsection (a) the following new subsections: (b) AUTHORITY TO PRESCRIBE REGULATIONS The commission of the Bureau may prescribe such regulations and issue such orders in accordance with this title as the Bureau may determine to be necessary for carrying out this title and all other laws within the Bureau’s jurisdiction and shall exercise any authorities granted under this title and all other laws within the Bureau’s jurisdiction. (c) COMPOSITION OF THE COMMISSION (1) IN GENERAL The management of the Bureau shall be vested in a commission, which shall be composed of 5 members who shall be appointed by the President, by and with the advice and consent of the Senate, and at least 2 of whom shall have private sector experience in the provision of consumer financial products and services. (2) STAGGERING The members of the commission shall serve staggered terms, which initially shall be established by the President for terms of 1, 2, 3, 4, and 5 years, respectively. (3) TERMS (A) IN GENERAL Except with respect to the initial staggered terms described under paragraph (2), each member of the commission, including the Chair, shall serve for a term of 5 years. (B) REMOVAL The President may remove any member of the commission for inefficiency, neglect of duty, or malfeasance in office. (C) VACANCIES Any member of the commission appointed to fill a vacancy occurring before the expiration of the term to which that member’s predecessor was appointed (including the Chair) shall be appointed only for the remainder of the term. (D) CONTINUATION OF SERVICE Each member of the commission may continue to serve after the expiration of the term of office to which that member was appointed until a successor has been appointed by the President and confirmed by the Senate, except that a member may not continue to serve more than 1 year after the date on which the term of that member would otherwise expire. (E) OTHER EMPLOYMENT PROHIBITED No member of the commission shall engage in any other business, vocation,