To amend the Tennessee Valley Authority Act of 1933.

[AI summary unavailable — showing source text] Amends the Tennessee Valley Authority Act of 1933 to increase the membership of the board of directors of the Tennessee Valley Authority (Corporation) from three members to nine members. Requires that: (1) two members be residents of any State; (2) three be residents of Tennessee; (3) one each be a resident of Alabama, Kentucky, and Mississippi; and (4) one be a resident of either Georgia, North Carolina, or Virginia. Requires the President, in making appointments to the Corporation, to consider recommendations of individuals in the service area and seek directors from such area. Provides that the terms of office of directors shall be three years. Provides that directors shall receive: (1) a stipend, if not otherwise employed by the Corporation or the Federal Government; (2) compensation at level V of the Executive Schedule for each day of actual performance, limited to 60 days a year (80 days for the Chairman); and (3) travel expenses. Directs the board to appoint a person to serve as chief executive officer for the conduct of management duties not specifically reserved to the board. Directs the board to create an electric rate review committee, composed of board members, to hold …