Commission To Study Capital Budgeting
Signed March 3, 1997·William J. Clinton·62 FR 10185
Source
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Plain-language summary
Establishes the Commission to Study Capital Budgeting, a bipartisan 11-member body appointed by the President, with two co-chairs also designated by the President. Members are to include people with expertise in public and private finance, government officials, and labor and business leaders. The Commission is directed to study capital budgeting practices in other countries and in state, local, and private-sector settings; how to define capital for federal budgeting purposes; the role and measurement of depreciation in a federal capital budget; and the effects a federal capital budget could have on budget choices, economic stability, and budgetary discipline. It must adopt its findings by majority vote and report to the National Economic Council by March 15, 1998, or within one year of its first meeting. Members serve without pay, though private citizens may receive travel expenses. The Department of the Treasury provides funding and administrative support, and the Commission ends 30 days after submitting its report.
Not written or reviewed by a person. Read the full order below for anything you intend to rely on.
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Legal standing
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Claimed authority
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
Quoted from the order as written. Many orders cite nothing more specific than “the Constitution and the laws”; this reproduces what the order claims, not an assessment of whether it holds.
Disposition
Amended by: EO 13066, October 29, 1997; EO 13108, December 11, 1998 Revoked by: EO 13138, September 30, 1999
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The order, in full
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).
(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.Reproduced from the Federal Register plain-text record, signed March 3, 1997. Typesetting artifacts are removed; no wording is changed.