The President may, for cause, remove the name of any officer from a list of selectees established under section 3740 of this title.

If the Senate, where required, does not consent to the appointment of an officer whose name is on a list of selectees established under section 3740 of this title, that officer’s name shall be removed from the list.

An officer whose name is removed from a list of selectees under subsection (a) or (b) continues to be eligible for consideration for promotion. If selected for promotion by the next selection board and promoted, that officer shall be assigned the date of rank and precedence that would have been assigned if the officer’s name had not been previously removed. However, if the officer is not selected by the next selection board, or if the officer’s name is again removed from the list of selectees, the officer shall be considered for all purposes as having twice failed of selection for promotion.