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094508 1 (1972-04-12)

handle is hein.gao/gaobadxmp0001 and id is 1 raw text is: rQ44508 . HOLD FOR RELEASE UNTIL 10:00 A.M. APRIL 12, 1972. STATMIENT OF HONO1RABLE ELMER B. STAATS, CHAIRMAN, COST ACCOUNTING STANDARDS BOAUD ON S. 19O1D92nc! CONGRESS -0 SBEFORE THE SUBMQeO11iI TEE ON PRODUCTION AND STABILIZATION OF THE CO2T-ITTEE ON BANKING, L ;b HOUSING, AND URBAN AFFAIRS, UNITED STATES SENATE, ON APRIL 12, 1972. Mr. Chairman and Members of the Subcommittee, I am pleased to be with you this morning to express the views of the Cost Accounting Standards Board on S. 1901, 92nd Congress, a bill which would amend Section 719 of the Defense Production Act of 1950 in two major respects. First, it would abolish the present Cost Accounting Standards Board and establish a new Cost Accounting Standards Board as an independent board of the Executive Branch of the Government. The five members of the new Board would he appointed by t1,e Piesident, by ani with the advice and consent of the Senate, The Coptroller General, instead- of serving as Chairnan of the Board, as Section 719 nqo provides, would become an ex officio, non-voting member of the Board. Secondly, S. 1901 would delete Section 719(h)(3) of the Defense - Production Act of 1950. That section presently requires that any Standards, rules or regulations proposed by the Board shall not beco-n-.e effective until expiration of 60 days of continuoos session of the Congress, during which time the Congress may by a concurrent resolution passed by the two Houses state in substance that the Congress does not favor the proposed Standards, rules or regulations. In lieu cf that provision, S. 1901. would substitute a requirement that proposed Standards, rules and regulations shall not take effect earlier thain the ru7L JD Sdf/ e .ae£- ~ c77

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