(

a) The Independent Emissions Market Advisory Committee is hereby established within the California Environmental Protection Agency. (b) (1) (

A) The committee shall be composed of at least five experts on emissions trading market design appointed according to the following: (

i) Three members appointed by the Governor. (ii) One member appointed by the Senate Committee on Rules. (iii) One member appointed by the Speaker of the Assembly. (B) (

i) The committee shall include a representative from the Legislative Analyst’s Office. (ii) The representative from the Legislative Analyst’s Office shall be a nonvoting committee member.

(2) The committee members shall meet all of the following requirements: (

A) Have academic, nonprofit, and other relevant backgrounds. (

B) Lack financial conflicts of interest with entities subject to the regulation adopted by the state board pursuant to subdivision (

c) of

Section 38562.

(3) Notwithstanding any other law, committee members shall be considered designated employees, as defined in

Section of the Government Code, of the California Environmental Protection Agency for the purposes of

Section of the Government Code. (

c) The committee, at least annually, shall hold a public meeting and report to both the state board and the Joint Legislative Committee on Climate Change Policies on the environmental and economic performance of the regulation adopted by the state board pursuant to subdivision (

c) of

Section and other relevant climate policies. (

d) The activities of the committee pursuant to this

section shall not be subject to subdivision (

b) of

Section 11122.5 of the Government Code. (

e) This

section shall remain in effect only until January 1, 2046, and as of that date is repealed.