SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Capital Budget Commission Act of 
1994''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) deteriorating infrastructure and the demand for capital 
        improvements and investment are at a critical stage;
            (2) limited funding is available for maintaining the 
        existing infrastructure and building new infrastructure;
            (3) there is increased interest in capital budgeting and 
        alternative financing options given present and future budget 
        constraints; and
            (4) there is a need for evaluating what is to be included 
        in a capital budget.

SEC. 3. ESTABLISHMENT.

    There is established a commission to be known as the Capital Budget 
Commission (hereinafter in this Act referred to as the ``Commission'').

SEC. 4. DUTIES OF COMMISSION.

    (a) Study.--The Commission shall study capital budgeting and 
evaluate what should be included in a capital budget for the United 
States Government. The Commission shall focus on investments that 
sustain growth and establish a process which encourages long-term 
investment and how to account for that investment.
    (b) Reports.--The Commission shall submit a preliminary and final 
report pursuant to section 8, each of which shall contain--
            (1) a detailed statement of the findings and conclusions of 
        the Commission on the matters described in subsection (a); and
            (2) specific recommendations with respect to--
                    (A) ways in which the Congress would implement 
                capital budgeting for the United States Government;
                    (B) prioritizing what should be included in a 
                capital budget and establishing a method or formula to 
                determine how to account for those items; and
                    (C) possible changes in the executive and 
                legislative branches which would facilitate the 
                implementation of a capital budget.

SEC. 5. MEMBERSHIP.

    (a) Number and Appointment.--The Commission shall be composed of 15 
members, to be appointed not later than 30 days after the date of the 
enactment of this Act, as follows:
            (1) 3 members appointed by the President.
            (2) 3 members, 1 of whom shall be a Senator, appointed by 
        the President pro tempore of the Senate from among the 
        recommendations made by the majority leader of the Senate.
            (3) 3 members, 1 of whom shall be a Senator, appointed by 
        the President pro tempore of the Senate from among the 
        recommendations made by the minority leader of the Senate.
            (4) 3 members, 2 of whom shall be Members of the House of 
        Representatives, appointed by the Speaker of the House of 
        Representatives.
            (5) 3 members, 2 of whom shall be Members of the House of 
        Representatives, appointed by the minority leader of the House 
        of Representatives.
    (b) Additional Qualifications.--The Commission members (not 
including the Members of Congress) shall be chosen from among 
individuals who are knowledgable about capital budgeting by virtue of 
their education and experience as demonstrated in their professional 
careers.
    (c) Continuation of Membership.--If a member was appointed to the 
Commission as a Member of Congress and the member ceases to be a Member 
of Congress, that member may continue as a member for not longer than 
the 60-day period beginning on the date that member ceases to be a 
Member of Congress.
    (d) Terms.--
            (1) In general.--Each member of the Commission shall be 
        appointed for the life of the Commission.
            (2) Vacancies.--A vacancy in the Commission shall be filled 
        in the manner in which the original appointment was made.
    (e) Basic Pay.--
            (1) Rates of pay.--Except as provided in paragraph (2), 
        each member of the Commission shall serve without pay.
            (2) Travel expenses.--Each member shall receive travel 
        expenses, including per diem in lieu of subsistence, in 
        accordance with sections 5702 and 5703 of title 5, United 
        States Code.
    (f) Quorum.--8 members of the Commission shall constitute a quorum 
but a lesser number may hold hearings.
    (g) Chairperson.--The Chairperson of the Commission shall be 
elected by a majority of the members.
    (h) Meetings.--The Commission shall meet at the call of the 
Chairperson.

SEC. 6. DIRECTOR AND STAFF OF COMMISSION; EXPERTS AND CONSULTANTS.

    (a) Director.--The Commission shall have a Director who shall be 
appointed by the Chairperson. The Director shall be paid at a rate not 
to exceed the maximum rate of basic pay payable for level IV of the 
Executive Schedule under section 5315 of title 5, United States Code.
    (b) Staff.--Subject to rules prescribed by the Commission, the 
Chairperson may appoint and fix the pay of additional personnel as the 
Chairperson considers appropriate.
    (c) Applicability of Certain Civil Service Laws.--The Director and 
staff of the Commission may be appointed without regard to the 
provisions of title 5, United States Code, governing appointments in 
the competitive service, and may be paid without regard to the 
provisions of chapter 51 and subchapter III of chapter 53 of that title 
relating to classification and General Schedule pay rates, except that 
an individual so appointed may not receive pay in excess of the annual 
rate of basic pay payable for level IV of the Executive Schedule under 
section 5315 of the title 5, United States Code.
    (d) Experts and Consultants.--The Commission may procure temporary 
and intermittent services under section 3109(b) of title 5, United 
States Code, at rates for individuals not to exceed the maximum annual 
rate of basic pay payable for GS-18 of the General Schedule.
    (e) Staff of Federal Agencies.--Upon request of the Commission, the 
head of any Federal department or agency may detail, on a reimbursable 
basis, any of the personnel of that department or agency to the 
Commission to assist it in carrying out its duties under this Act.

SEC. 7. POWERS OF COMMISSION.

    (a) Hearings and Sessions.--The Commission may, for the purpose of 
carrying out this Act, hold hearings, sit and act at times and places, 
take testimony, and receive evidence as the Commission considers 
appropriate.
    (b) Powers of Members and Agents.--Any member or agent of the 
Commission may, if authorized by the Commission, take any action which 
the Commission is authorized to take by this section.
    (c) Obtaining Official Data.--The Commission may secure directly 
from any department or agency of the United States information 
necessary to enable it to carry out this Act. Upon request of the 
Chairperson of the Commission, the head of that department or agency 
shall furnish that information to the Commission.
    (d) Mails.--The Commission may use the United States mails in the 
same manner and under the same conditions as other departments and 
agencies of the United States.
    (e) Administrative Support Services.--Upon the request of the 
Commission, the Administrator of General Services shall provide to the 
Commission, on a reimbursable basis, the administrative support 
services necessary for the Commission to carry out its responsibilities 
under this Act.

SEC. 8. REPORTS.

    (a) Preliminary Report.--The Commission shall submit to the 
President and the Congress a preliminary report not later than 12 
months after the date on which all the members of the Commission have 
been appointed.
    (b) Final Report.--The Commission shall submit a final report to 
the President and the Congress not later than 18 months after the date 
on which all the members of the Commission have been appointed.

SEC. 9. TERMINATION.

    The Commission shall terminate 30 days after submitting its final 
report pursuant to section 8(b).

SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

    Amounts shall be made available to carry out this Act only to the 
extent such amounts are made available in advance in appropriations 
Acts.
Capital Budget Commission Act of 1994 - Establishes the Capital Budget Commission to study and report to the Congress on capital budgeting, including an evaluation of what should be included in a capital budget for the Federal Government.  Requires the Commission to:  (1) focus on growth-sustaining investments; and (2) establish a process encouraging long-term investment. 
Authorizes appropriations.
Capital Budget Commission Act of 1994