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112014 1 (1980-04-02)

handle is hein.gao/gaobadylx0001 and id is 1 raw text is: United States General Accounting Office Washington, D.C. 20548 FOR RELEASE ON DELIVERY Expected at 2:00 p.m., April 2, 1980 112014 Statement of WALTON H. SHELEY, DEPUTY DIRECTOR PROCUREMENT AND SYSTEMS ACQUISITION DIVISION BEFORE THE SUBCOMMITTEE ON PROCUREMENT POLICY AND REPROGRAMMING.i o $3 SENATE COMMITTEE ON ARMED SERVICES 5Z_ ' ON LPROFIT LIMITATION STATUTE S Mr. Chairman and Members of the Committee: At your request, we are here today to present our views with respect to the Vinson-Trammell Act and the need for profit limitation legislation. This Act, as you know, has been dormant for many years because of the Renegotiation Act which was passed in 1951. With the abolition of the Renegotiation Board last year, it again became operative. The Internal Revenue Service, which has enforcement responsibility, has been delaying implementation because it recognized the inherent limitations of Vinson-Trammell and the difficulties of enforcement. There is almost unanimous agreement, both inside and outside of Government, that the Vinson-Trammell Act is not /I? < ...kl

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