[Federal Register Volume 62, Number 44 (Thursday, March 6, 1997)]
[Presidential Documents]
[Pages 10185-10186]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5728]


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  Federal Register / Vol. 62, No. 44 / Thursday, March 6, 1997 / 
Presidential Documents  

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 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