15 U.S.C. § 3117 — Capital formation

Page 1991 TITLE 15—COMMERCE AND TRADE § 3131 and amendment by section 101(f) [title VIII, § 405(f)(10)] of Pub. L. 105–277 effective July 1, 2000, see section 101(f) [title VIII, § 405(g)(1), (2)(B)] of Pub. L. 105–277, set out as a note under section 3502 of Title 5, Government Or- ganization and Employees. § 3117. Capital formation (a) Congressional findings The Congress finds that— (1) promotion of full employment and bal- anced growth is in itself a principal avenue to high and sustained rates of capital formation; (2) high rates of capital formation are nec- essary to ensure adequate rates of capacity ex- pansion and productivity growth, compliance with governmental health, safety and environ- mental standards, and the replacement of ob- solete production equipment; (3) the ability of our economy to compete successfully in international markets, the de- velopment of new technology, improved work- ing conditions, expanding job opportunities, and an increasing standard of living depend on the availability of adequate capital at reason- able cost to commerce and industry; (4) an important goal of national policy shall be to remove obstacles to the free flow of re- sources into new investment, particularly those obstacles that hinder the creation and growth of smaller businesses because general national programs and policies to aid and stimulate private enterprise are not sufficient to deal with the special problems and needs of smaller businesses; and (5) while private business firms are, and should continue to be, the major source of in- vestment, the investment activities of the Federal, State, and local governments play an important role in affecting the level of output, employment, and productivity and in achiev- ing other national purposes. (b) Investment Policy Report; recommendations in President’s Budget; referral to Joint Eco- nomic Committee The Economic Report shall include an Invest- ment Policy Report which shall, as appropriate, (1) review and assess existing Federal Govern- ment programs and policies which affect busi- ness investment decisions, including, but not limited to, the relevant aspects of the tax code, Federal expenditure policy, Federal regulatory policy, international trade policy, and Federal support for research, development, and diffusion of new technologies; (2) provide an assessment of the levels of investment capital available, re- quired by, and applied to small, medium and large business entities; (3) provide an analysis of current foreseeable trends in the level of invest- ment capital available to such entities; and (4) provide a description of programs and proposals for carrying out the policy set forth in section 1021(i) of this title. In addition, the Economic Report shall include an assessment of the effect of the overall economic policy environment and the rate of inflation on business investment. The President shall recommend in the Presi- dent’s Budget, as appropriate, new programs or modifications to improve existing programs con- cerned with private capital formation. The President shall also transmit to the Congress as part of the President’s Budget such other rec- ommendations as the President may deem nec- essary or desirable to achieve the policy as set forth in section 1021(i) of this title. The Invest- ment Policy Report, when transmitted to the Congress, shall be referred to the Joint Eco- nomic Committee. (c) Review in Economic Report of Federal poli- cies and programs which affect public invest- ments; recommendations respecting new policies or programs The Economic Report referred to in subsection (b) shall review and assess Federal policies and programs which directly, or through grants-in- aid to State and local governments, or indi- rectly through other means, affect the ade- quacy, composition and effectiveness of public investments, as a means of achieving the goals of this chapter and the Employment Act of 1946 [15 U.S.C. 1021 et seq.]. The President shall rec- ommend, as appropriate, new programs and poli- cies or modifications to improve existing Fed- eral programs affecting public investment. (Pub. L. 95–523, title II, § 207, Oct. 27, 1978, 92 Stat. 1903.) Editorial Notes REFERENCES IN TEXT The tax code, referred to in subsec. (b)(1), means Title 26, Internal Revenue Code. Section 1021(i) of this title, referred to in subsec. (b), was in the original ‘‘section 102(i)’’ probably meaning section 102 of Pub. L. 95–523 which amended section 2 of the Employment Act of 1946, classified to section 1021 of this title. Subsec. (i) of section 1021 of this title sets out the congressional declaration of policy for private enterprise investments. For definition of ‘‘this chapter’’, referred to in sub- sec. (c), see References in Text note set out under sec- tion 3102 of this title. The Employment Act of 1946, referred to in subsec. (c), is act Feb. 20, 1946, ch. 33, 60 Stat. 23, which is clas- sified generally to chapter 21 (§ 1021 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1021 of this title and Tables. SUBCHAPTER II—POLICIES AND PROCE- DURES FOR CONGRESSIONAL REVIEW § 3131. Congressional statement of purpose (a) Establishment of procedures for review and action The purposes of this subchapter are to estab- lish procedures for congressional review and ac- tion with respect to the Economic Report of the President (hereafter in this subchapter referred to as the ‘‘Economic Report’’), the report of the Board of Governors of the Federal Reserve Sys- tem, and the other policies and provisions of this chapter and the Employment Act of 1946 [15 U.S.C. 1021 et seq.]. (b) Legislative action The Congress shall initiate or develop such legislation as it deems necessary to implement proposals and objectives pursuant to this chap- ter and the Employment Act of 1946 [15 U.S.C. 1021 et seq.] after such modification in such pro- posals as it deems desirable. Nothing in this sub- chapter shall be construed to prevent the Con-