Executive Order 12614

By the authority vested in me as President by the Constitution and laws of the United States of America, it is hereby ordered as follows:

Section 1. Establishment of Task Force.

(a) There is hereby established the Presidential Task Force on Market Mechanisms. The Task Force shall be composed of five persons appointed by the President.

(b) The President shall designate a chairman from among the members of the Task Force.

Sec. 2. Purpose and Functions.

(a) The Task Force shall review relevant analyses of the current and long-term financial condition of the Nation's securities markets; identify problems that may threaten the short-term liquidity or long-term solvency of such markets; analyze potential solutions to such problems that will both assure the continued smooth functioning of free, fair, and competitive securities markets and maintain investor confidence in such markets; and provide appropriate recommendations to the President, to the Secretary of the Treasury, and to the Chairman of the Board of Governors of the Federal Reserve System. (b) The Task Force shall submit its recommendations within 60 days from the date hereof.

Sec. 3. Administration.

(a) The heads of Executive departments, agencies, and independent instrumentalities shall, to the extent permitted by law, provide the Task Force such information as it may require for the purpose of carrying out its functions.

(b) Members of the Task Force shall serve without any additional compensation for their work on the Task Force. However, members appointed from among private citizens of the United States may be allowed travel expenses, including per diem in lieu of subsistence, as authorized by law for persons serving intermittently in the government service, to the extent funds are available therefor.

(c) The Task Force shall have a staff headed by an Executive Director. To the extent permitted by law and subject to the availability of funds therefor, the Executive Office of the President and the Department of the Treasury shall provide the Task Force with such administrative services, funds, facilities, staff, and other support service as may be necessary for the performance of its functions.

Sec. 4. Termination of Task Force.

The Task Force shall terminate 30 days after submitting its report.

RONALD REAGAN The White House, November 5, 1987.

[Filed with the Office of the Federal Register, 10:27 a. m., November 6, 1987]