S. 1376, the Corporate Subsidy Review, Reform and Termination Act of 1995
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Excerpt from S. 1376, the Corporate Subsidy Review, Reform and Termination Act of 1995: Hearings Before the Committee on Governmental Affairs United States Senate, One Hundred Fourth Congress, Second Session on S. 1376, to Terminate Unnecessary and Inequitable Federal Corporate Subsidies Committee on Governmental Affairs, Washington, DC. The Committee met, pursuant to notice, at 9:31 a.m., in room SD-342, Dirksen Senate Office Building, Hon. Ted Stevens, Chairman of the Committee, presiding. Present: Senators Stevens, Thompson, McCain, and Levin. Opening Statement Of Chairman Stevens Chairman Stevens. Good morning. This morning we are going to hear from Senator McCain, Senator Thompson, and others who are here to discuss S. 1376. This bill would create a Corporate Subsidies Termination Commission with a tight timetable for identifying, reviewing, and advising the President and Congress on corporate subsidies and tax advantages which should be retained, modified, or terminated. The aim is to reduce expenditures and Government programs for businesses and abolish unfair tax advantages, which some term as "corporate welfare." The process under S. 1376 calls for the President´s nomination of an 8-member commission. Each Government agency would submit to this commission a list identifying its programs which fall under the broad criteria outlined in the bill. The commission reviews and may revise all identified subsidies and tax advantages at public hearings. Then it must make recommendations to the President regarding the retention, modification, or termination of these subsidies and tax advantages. If the President approves the commission´s recommendations, he may submit them for congressional review. Congress at that time may make revisions to the subsidies list approved by the President, but it must move the legislation in less than 1 months time. The timetable for this entire process is 1 year. I thank you very much for coming today, and I want to shorten the introduction so we can get to the hearing. Gentlemen, I appreciate the fact that you are very prompt, and, Senator McCain, you are first. Testimony Of Hon. John McCain, U.S. Senator From The State Of Arizona Senator McCain. Thank you very much, Mr. Chairman, and thank you for holding this hearing. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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