The Federal Energy Regulatory Commission (FERC) is an independent agency within the Department of Energy which regulates the interstate transmission of electricity, natural gas, and oil. FERC has retained many of the functions of the Federal Power Commission, such as setting rates and charges for the transportation and sale of natural gas and the transportation of oil by pipelines, as well the valuation of such pipelines. FERC also reviews proposals to build liquefied natural gas terminals and interstate natural gas pipelines as well as licensing hydropower projects. FERC is composed of five members appointed by the President of the United States with the advice and consent of the Senate. FERC Commissioners serve 5-year terms and have an equal vote on regulatory matters. One member is designated by the President to serve as both Chairman and FERC's administrative head.