Page:United States Statutes at Large Volume 106 Part 1.djvu/53

 PUBLIC LAW 102-245—FEB. 14, 1992 106 STAT. 21 TITLE IV—NATIONAL COMMISSION ON REDUCING CAPITAL COSTS FOR EMERGING TECHNOLOGY SEC. 401. NATIONAL COMMISSION ON REDUCING CAPITAL COSTS FOR EMERGING TECHNOLOGY. Business and industry. 15 USC 3701 note. (a) ESTABLISHMENT AND PURPOSE.—There is established a National Commission on Reducing Capital Costs for Emerging Technology (hereafter in this section referred to as the "Commission"), for the purpose of developing recommendations to increase the competitiveness of United States industry by encouraging investments in research, the development of new process and product technologies, and the production of those technologies. (b) ISSUES.—The function of the Commission shall be to address the following issues: (1) How has the overall cost of capital paid by United States companies differed during the past decade from that paid by companies in other industrial economies such as Germany, Japan, and the United Kingdom? (2) To what extent has the cost of capital faced by technology companies differed from the overall cost of capital in each of these nations during the same period? (3) To what extent do high capital costs in general inhibit investment in projects with long-term payoffs, such as the development and commercialization of new technology? (4) To what extent does the structure of the financial services industry in the United States affect the flow of capital to advanced technology investment, and to what extent do current practices in the equity markets raise the cost of capital and inhibit the availability of capital to fund research and development, purchase advanced manufacturing equipment, and fund other investments necessary to commercialize advanced technology? (5) In what ways do Government regulations influence the cost of capital in the United States? (6) To what extent have national differences in capital costs facilitated the foreign acquisition of technology-based United States companies? (7) What macroeconomic and other policies would promote greater investment in advanced manufacturing techniques, in research and development, and in other activities necessary to commercialize and produce new technologies? (8) What specific policies should the Federal Government follow in order to reduce the cost of capital for United States companies to levels that are near parity with those faced by the Nation's principal trading partners? (c) MEMBERSHIP. —(1) The Commission shall be composed of 9 members who are eminent in such fields as advanced technology, manufacturing, finance, and international economics and who are appointed as follows: (A) 3 individuals appointed by the President, one of whom President, shall chair the Commission. (B) 3 individuals appointed by the Speaker of the House of Representatives, 1 of whom shall be appointed upon the recommendation of the minority leader of the House of Representatives. (C) 3 individuals appointed by the President pro tempore of the Senate, 2 of whom shall be appointed upon the rec-

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