[Federal Register Volume 62, Number 44 (Thursday, March 6, 1997)]
[Presidential Documents]
[Pages 10185-10186]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 97-5728]
                        Presidential Documents
Federal Register / Vol. 62, No. 44 / Thursday, March 6, 1997 /
Presidential Documents
___________________________________________________________________
Title 3--
The President
[[Page 10185]]
                Executive Order 13037 of March 3, 1997
Commission To Study Capital Budgeting
                By the authority vested in me as President by the
                Constitution and the laws of the United States of
                America, including the Federal Advisory Committee Act,
                as amended (5 U.S.C. App.), it is hereby ordered as
                follows:
                Section 1. Establishment. There is established the
                Commission to Study Capital Budgeting (``Commission'').
                The Commission shall be bipartisan and shall be
                composed of 11 members appointed by the President. The
                members of the Commission shall be chosen from among
                individuals with expertise in public and private
                finance, government officials, and leaders in the labor
                and business communities. The President shall designate
                two co-chairs from among the members of the Commission.
                Sec. 2. Functions. The Commission shall report on the
                following:
                    (a) Capital budgeting practices in other countries,
                in State and local governments in this country, and in
                the private sector; the differences and similarities in
                their capital budgeting concepts and processes; and the
                pertinence of their capital budgeting practices for
                budget decisionmaking and accounting for actual budget
                outcomes by the Federal Government;
                    (b) The appropriate definition of capital for
                Federal budgeting, including: use of capital for the
                Federal Government itself or the economy at large;
                ownership by the Federal Government or some other
                entity; defense and nondefense capital; physical
                capital and intangible or human capital; distinctions
                among investments in and for current, future, and
                retired workers; distinctions between capital to
                increase productivity and capital to enhance the
                quality of life; and existing definitions of capital
                for budgeting;
                    (c) The role of depreciation in capital budgeting,
                and the concept and measurement of depreciation for
                purposes of a Federal capital budget; and
                    (d) The effect of a Federal capital budget on
                budgetary choices between capital and noncapital means
                of achieving public objectives; implications for
                macroeconomic stability; and potential mechanisms for
                budgetary discipline.
                Sec. 3. Report. The Commission shall adopt its report
                through majority vote of its full membership. The
                Commission shall report to the National Economic
                Council by March 15, 1998, or within 1 year from its
                first meeting.
                Sec. 4. Administration. (a) Members of the Commission
                shall serve without compensation for their work on the
                Commission. While engaged in the work of the
                Commission, members appointed from among private
                citizens of the United States may be allowed travel
                expenses, including per diem in lieu of subsistence, as
                authorized by law for persons serving intermittently in
                the Government service (5 U.S.C. 5701-5707).
[[Page 10186]]
                    (b) The Department of the Treasury shall provide
                the Commission with funding and administrative support.
                The Commission may have a paid staff, including
                detailees from Federal agencies. The Secretary of the
                Treasury shall perform the functions of the President
                under the Federal Advisory Committee Act, as amended (5
                U.S.C. App.), except that of reporting to the Congress,
                in accordance with the guidelines and procedures
                established by the Administrator of General Services.
                Sec. 5. General Provisions. The Commission shall
                terminate 30 days after submitting its report.
                    (Presidential Sig.)
                THE WHITE HOUSE,
                    March 3, 1997.
[FR Doc. 97-5728
Filed 3-5-97; 8:45 am]
Billing code 3195-01-P