April 25, 1998
HEARINGS AND MEETING OF THE PRESIDENT'S COMMISSION TO STUDY
Hearings of March 6 and Meeting of March 7, 1998
The hearings and meeting were transcribed. Copies of the transcriptions
are available upon request.
Hearings of Friday, March 6, 1998
Introduction. The co-chairs of the Commission, Kathleen Brown
and Jon Corzine, began the hearings shortly after 9:00 a.m. on Friday,
March 6, in the House Budget Committee Hearing Room, Room 210 Cannon House
Office Building, Washington, DC. All Commissioners were present at this
time or shortly thereafter, except for Woody Brittain and Steve Rattner.
Sitting at the table with the Commissioners were Barry Anderson, Executive
Director of the Commission, and William Dinkelacker, Designated Federal
Official from the Department of the Treasury. As required by the Federal
Advisory Committee Act, the meeting had been announced in the Federal Register.
Several items were distributed to the public and the Commission or were
available at the meeting:
-- an agenda;
-- the fact sheet about the Commission;
-- a list of written testimony and
statements received by the Commission;
-- the press release announcing
the meeting; and
-- draft minutes of the January
30 and 31 sessions;
In addition, written testimony of witnesses was distributed during the
Purpose. The purpose of the hearings was to take testimony from
the witnesses about capital budgeting, ask them questions, and hear a presentation
about the Federal budget from Commissioners Stan Collender and Rudy Penner.
Testimony. The following persons appeared before the Commission:
9:45 Robert E. Rubin, Secretary of the
10:30 Edward M. Gramlich, Board of Governors, Federal
11:15 Paul Posner, Director, Budget Issues, General
1:00 Commission Members Rudy Penner and
Stan Collender: Budget Concepts
2:30 Representative for Research and
Raymond G. Kammer, Director, National Institute of Standards and Technology,
Department of Commerce
3:15 Representative for Physical Capital
David Plavin, President, Airport Council International
Written testimony was submitted by Mr. Gramlich and Mr. Posner. Copies
of the written testimony are available upon request to the Executive Director,
Prior to the end of the meeting, Stan Collender distributed a discussion
draft "Mission Statement" for consideration by the Commission and for discussion
the next day.
The hearings ended about 4:00 p.m. after the testimony of Mr. Plavin.
Meeting of Saturday, March 7, 1998
Introduction. The co-chairs opened the meeting at 9:05 a.m. in
the Truman Room of the White House Conference Center, 726 Jackson Place,
NW, Washington, DC. The meeting was open to the public. All Commissioners
were present except Mr. Brittain. Sitting at the table with the Commissioners
were Barry Anderson, Executive Director of the Commission, and William
Dinkelacker, Designated Federal Official from the Department of the Treasury.
As required by the Federal Advisory Committee Act, the meeting had been
announced in the Federal Register.
The same handouts were available to the public as those on March 6.
In addition, three handouts were available from the Department of the Treasury:
-- "Independence of the Treasury
and Federal Reserve;"
-- "United States of America U.S.
Treasury Security Auctions;" and
-- Remarks by Gary Gensler, Assistant
Secretary of the Treasury, at The Bond Market
Annual Meeting, Boca Raton, Florida (March 6, 1998).
Minutes.--The Commission approved the draft minutes of the January
30 and 31 hearing and meeting as written.
Congressional presentation. At 9:15 the following panel of witnesses
discussed the Congressional budget process:
-- Sue Nelson, Minority Director
of Budget Review and Analysis, Senate Budget Committee;
-- Jack Conway, Professional Staff
Member, Senate Appropriations Committee;
-- Susan J. Irving, Associate Director,
Budget Issues, General Accounting Office; and
-- Art Sauer, Majority Deputy Director,
House Budget Committee.
During the panel presentation there were many questions and observations
by the members of the Commission. The panel concluded about 11:00 a.m.
The location of the April 24/25 meetings were discussed and it was decided
to have these sessions again in Washington, instead of Chicago as previously
planned. In addition, future plans were as follows:
New York City
September 18/19: Washington, DC
Mr. Corzine announced that Barry Anderson, Executive Director for the
Commission, was leaving OMB and that the Commission has begun to think
about this change. The remainder of the meeting the Commission discussed
the discussion draft "Mission Statement" distributed by Stan Collender
the previous day, the assignments of the work groups, and related items.
The meeting adjourned at 12:30 p.m.
President's Commission to Study Capital