A bill to amend the Tennessee Valley Authority Act of 1933 to modify provisions relating to the Board of Directors of the Tennessee Valley Authority, and for other purposes.

Amends the Tennessee Valley Authority Act of 1933 to: (1) expand from 3 to 7 the membership of the Board of Directors; (2) grant permanent membership to the States of Alabama, Georgia, Kentucky, Mississippi; North Carolina, Tennessee, and Virginia; (3) confer chief executive officer status upon the chairperson selected from among board members; and (4) revise compensation guidelines.