There is established the LOCAL Television Loan Guarantee Board (in this chapter referred to as the "Board").
Subject to paragraph (2), the Board shall consist of the following members:
(A) The Secretary of the Treasury, or the designee of the Secretary.
(B) The Chairman of the Board of Governors of the Federal Reserve System, or the designee of the Chairman.
(C) The Secretary of Agriculture, or the designee of the Secretary.
(D) The Secretary of Commerce, or the designee of the Secretary.
An individual may not be designated a member of the Board under paragraph (1) unless the individual is an officer of the United States pursuant to an appointment by the President, by and with the advice and consent of the Senate.
The Board shall determine whether or not to approve loan guarantees under this chapter. The Board shall make such determinations consistent with the purpose of this chapter and in accordance with this subsection and section 1103 1 of this title.
In carrying out its functions under this chapter, the Board shall consult with such departments and agencies of the Federal Government as the Board considers appropriate, including the Department of Commerce, the Department of Agriculture, the Department of the Treasury, the Department of Justice, the Department of the Interior, the Board of Governors of the Federal Reserve System, the Federal Communications Commission, the Federal Trade Commission, and the National Aeronautics and Space Administration.
A department or agency consulted by the Board under subparagraph (A) shall provide the Board such expertise and assistance as the Board requires to carry out its functions under this chapter.
The determination of the Board to approve a loan guarantee under this chapter shall be by an affirmative vote of not less than 3 members of the Board.
(Pub. L. 106–553, §1(a)(2) [title X, §1003], Dec. 21, 2000, 114 Stat. 2762, 2762A–128.)
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