§ 3117. — Capital formation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC3117]
TITLE 15--COMMERCE AND TRADE
CHAPTER 58--FULL EMPLOYMENT AND BALANCED GROWTH
SUBCHAPTER I--STRUCTURAL ECONOMIC POLICIES AND PROGRAMS INCLUDING
TREATMENT OF RESOURCE RESTRAINTS
Sec. 3117. Capital formation
(a) Congressional findings
The Congress finds that--
(1) promotion of full employment and balanced growth is in
itself a principal avenue to high and sustained rates of capital
formation;
(2) high rates of capital formation are necessary to ensure
adequate rates of capacity expansion and productivity growth,
compliance with governmental health, safety and environmental
standards, and the replacement of obsolete production equipment;
(3) the ability of our economy to compete successfully in
international markets, the development of new technology, improved
working conditions, expanding job opportunities, and an increasing
standard of living depend on the availability of adequate capital at
reasonable cost to commerce and industry;
(4) an important goal of national policy shall be to remove
obstacles to the free flow of resources 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 investment, 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
achieving other national purposes.
(b) Investment Policy Report; recommendations in President's Budget;
referral to Joint Economic Committee
The Economic Report shall include an Investment Policy Report which
shall, as appropriate, (1) review and assess existing Federal Government
programs and policies which affect business 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, required by, and applied to small,
medium and large business entities; (3) provide an analysis of current
foreseeable trends in the level of investment 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 President's
Budget, as appropriate, new programs or modifications to improve
existing programs concerned with private capital formation. The
President shall also transmit to the Congress as part of the President's
Budget such other recommendations as the President may deem necessary or
desirable to achieve the policy as set forth in section 1021(i) of this
title. The Investment Policy Report, when transmitted to the Congress,
shall be referred to the Joint Economic Committee.
(c) Review in Economic Report of Federal policies and programs which
affect public investments; recommendations respecting new
policies or programs
The Economic Report referred to in subsection (b) of this section
shall review and assess Federal policies and programs which directly, or
through grants-in-aid to State and local governments, or indirectly
through other means, affect the adequacy, 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 recommend, as appropriate, new programs and policies or
modifications to improve existing Federal programs affecting public
investment.
(Pub. L. 95-523, title II, Sec. 207, Oct. 27, 1978, 92 Stat. 1903.)
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 subsec. (c), see
References in Text note set out under section 3102 of this title.
The Employment Act of 1946, referred to in subsec. (c), is act Feb.
20, 1946, ch. 33, 60 Stat. 23, as amended, which is classified generally
to chapter 21 (Sec. 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.
