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B-162818 1 (1973-12-29)

handle is hein.gao/gaobaacuu0001 and id is 1 raw text is: CO The Honorable John ~iottee on Banki i'Uited States Sena Das ~(.Chairman. MPTROLLER: GENERAL 'OF THE UNITED STATES WASHINGTON. D.C. 20-54. Sparkman1 Chairman g, Lousing and Urban Affairs te You re4uested our comments on S.2050, 93d Congress which, if en.acted, Fould be cited as the Doestic Enterprise Bank Act. Conceraiag the proposed establishment of the bank as a Government bbrorafl o0a,,.ur Oqfficei bas-consistently takenth oiontate public interest is beet served when congressional control ower activities is exercised through annual reviews and affirmative action an planned - rograms and financing requirements which attend the appropriation es, and through the application of statutes and regulations which .,usually govern the operations of Government agencies. We believe that departures from the standard should be permitted only on a clear showing that an activity which is susceptible of operation through a new regular Government agency or through an expansion of similar programs in exist- ing Goverm~et agencies cannot be successfully operated in the public interest within .that framework. Section 202 provides for the appointment of a board of directors but is silent with regard to the payment of travel expenses and of com- pensation. We believe the bill should specify any such payments that may be made to board members. Section 203 provides for an advisory committee of not less than twenty persons; however, it provides no upper limit on the size of the Committee. Also, the section provides for payments to committee mem- bers for reasonable expenses incurred on behalf of the Bank but does not specifically provide for any compensation for the time devoted by such members to Bank activities. We believe these matters should be clarified in the bill. Section 204 provides for capitalization of the Bank up to the amount of $3 billion, through the sale of corporation stock to the Secretary of the Treasury. This section also provides authority to the Secretary of the Treasury to,.;obtain the funds for the stock pur- chase by borrowing from the public. This arrangement authorizes the dik ' Ii -1 503:: i:i :-#:_.:: i: - :

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