§ 38–731.04. Members of the Financial Literacy Council.

(a) The Financial Literacy Council shall consist of 9 members, as follows:

(1) One member shall be appointed by the Chairman of the Council.

(2) One member shall be appointed by the chairperson of the Council committee with oversight of the Department of Insurance, Securities, and Banking.

(3) One member shall be appointed by the Chief Financial Officer.

(4) Six members shall be appointed by the Mayor and shall be comprised of:

(A) One member who shall represent the Department of Insurance, Securities, and Banking;

(B) One member who shall represent the District of Columbia Public Schools; and

(C) Four members who shall be District residents with extensive knowledge of financial institutions, personal finance, and financial literacy programs.

(b) Members shall not be compensated for their service on the Financial Literacy Council.

(c) Members shall serve for terms of 4 years; provided, that of the initial members appointed:

(1) Members appointed under subsection (a)(4)(C) of this section shall serve initial terms of 2 years; and

(2) Members appointed under subsections (a)(1), (a)(2), (a)(3), (a)(4)(A), and (a)(4)(B) of this section shall serve initial terms of 4 years.

(d) The Mayor shall designate one member as the chairperson. The designated member shall serve as chairperson until the conclusion of his or her current term of membership.