Which of the Following Statements Is Incorrect with Respect to the Structure

Which of the following statements is incorrect with respect to the structure of the SEC?

A) It is composed of seven commissioners appointed by the president of the United States.
B) The president selects one commissioner to chair the commission.
C) Each commissioner serves a five-year term.
D) Commissioners' terms are staggered.
E) Commissioners meet to assess whether existing regulations are successfully preventing abuses and to revise the regulations as needed.