There shall be a standing committee known as the planning committee. It shall have seven members elected by the faculty senate, serving two-year staggered terms. The chairperson of the university faculty shall annually appoint an individual who is both a member of the committee and a member of the faculty senate to serve as the chairperson of this committee. The committee on committees shall nominate, when feasible, two persons for every vacancy of the committee. The planning committee shall consider all aspects of planning, both curricular and physical. The committee shall make recommendations concerning the development of short-range, intermediate-range, and long-range plans. In addition, it shall examine, review, and make recommendations about proposals initiated by the administration or other parties. One or more of its members may serve as faculty senate representative and liaison to all university committees responsible for planning.