S.207 - Corporate Subsidy Reform Commission Act of 1997105th Congress (1997-1998)
|Sponsor:||Sen. McCain, John [R-AZ] (Introduced 01/28/1997)|
|Committees:||Senate - Governmental Affairs|
|Committee Reports:||S. Rept. 105-107|
|Latest Action:||10/09/1997 Placed on Senate Legislative Calendar under General Orders. Calendar No. 209. (All Actions)|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: S.207 — 105th Congress (1997-1998)All Bill Information (Except Text)
Reported to Senate amended (10/09/1997)
Corporate Subsidy Reform Commission Act of 1997 - Defines the term "inequitable Federal subsidy." Establishes an independent Corporate Reform Commission to: (1) examine the programs and tax laws of the Federal Government and identify those that provide inequitable Federal subsidies; (2) review inequitable Federal subsidies; and (3) submit a report to the President and the Congress in order to ensure fairness and equity in the operation and application of such existing programs or tax laws. Directs the Commission to limit its recommendations to the termination or reform of payments, benefits, services, or tax advantages, rather than the termination of Federal agencies and departments. Authorizes the Comptroller General of the United States to provide assistance, including the detailing of employees, to the Commission in accordance with an agreement entered into with the Commission. Requires the Commission and the Comptroller General to consult with certain congressional committees before entering into such agreement. Authorizes appropriations to the Commission and the Comptroller General. Terminates the Commission on September 1, 1999.
Sets forth procedures for Federal departments and agencies, the Commission, and the President for making recommendations to terminate inequitable Federal subsidies. Provides a special review requirement for international trade programs. Sets forth requirements for Commission reports and for congressional consideration of any subsequent presidential recommendations.