7/27/2019 Executive Order 13037
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Presidential Documents
10185
Federal Register
Vol. 62, No. 44
Thursday, March 6, 1997
Title 3
The President
Executive Order 13037 of March 3, 1997
Commission To Study CapitalBudgeting
By the authority vested in me as President by the Constitution
and thelaws oftheUnited States ofAmerica, includingthe
FederalAdvisory Commit-teeAct, asamended(5 U.S.C. App.), itishereby
orderedasfollows:
Section 1. Establishment. There is established the Commission to
StudyCapitalBudgeting (Commission). TheCommissionshall be
bipartisanandshall becomposed of 11 membersappointed by the
President. Themembersof the Commission shall be chosen from among
individuals with expertiseinpublicandprivate finance, government
officials, and leaders in the laborand businesscommunities. The
Presidentshalldesignatetwo co-chairsfromamongthemembers
oftheCommission.
Sec. 2. Functions. TheCommissionshallreport onthefollowing:
(a)Capital budgetingpracticesin othercountries, in
Stateandlocalgovern-ments in this country, and in the private
sector; the differences andsimilarities in theircapital
budgetingconceptsandprocesses;and theperti-nence of their capital
budgeting practices for budget decisionmaking
andaccountingforactual budget outcomes by the
FederalGovernment;
(b) The appropriatedefinition 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 andnondefensecapital;physicalcapitalandintangible
orhumancapital;distinc-tions among investments in and for current,
future, and retired workers;distinctions betweencapital to
increaseproductivity and capital to enhance
the quality oflife;andexistingdefinitions ofcapitalfor
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
betweencapital and noncapital means of achieving public objectives;
implicationsfor macroeconomic stability; and potential mechanisms
for budgetary dis-cipline.
Sec. 3. Report. The Commission shall adopt its report through
majorityvote of its full membership. The Commission shall report to
the NationalEconomicCouncil by March 15, 1998, orwithin 1
yearfromitsfirstmeeting.
Sec. 4. Administration. (a) Members of theCommission shall serve
withoutcompensation for their work on the Commission. While engaged
in the
work of the Commission, members appointed from among private
citizensof the United States may be allowed travel expenses,
including per dieminlieu ofsubsistence, asauthorized by
lawforpersonsservingintermittentlyintheGovernmentservice(5 U.S.C.
57015707).
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10186 Federal Register / Vol. 62, No. 44 / Thursday, March 6,
1997 / Presidential Documents
(b) The Department of the Treasury shall provide the Commission
withfundingandadministrativesupport. TheCommissionmay
haveapaidstaff,including detailees from Federal agencies. The
Secretary of the Treasuryshall perform the functions of the
President under the Federal AdvisoryCommittee Act, as amended (5
U.S.C. App.), except that of reporting totheCongress, in
accordancewith theguidelines andproceduresestablishedby
theAdministrator ofGeneralServices.
Sec. 5. General Provisions. The Commission shall terminate 30
days after
submittingitsreport.
THE WHITE HOUSE,
March 3, 1997.[FRDoc. 975728
Filed 3597; 8:45 am]
Billing code 319501P
