[Federal Register Volume 75, Number 35 (Tuesday, February 23, 2010)]
[Presidential Documents]
[Pages 7927-7928]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-3725]




                        Presidential Documents 



Federal Register / Vol. 75, No. 35 / Tuesday, February 23, 2010 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 7927]]

                Executive Order 13531 of February 18, 2010

                
National Commission on Fiscal Responsibility and 
                Reform

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

                Section 1. Establishment. There is established within 
                the Executive Office of the President the National 
                Commission on Fiscal Responsibility and Reform 
                (Commission).

                Sec. 2. Membership. The Commission shall be composed of 
                18 members who shall be selected as follows:

                    (a) six members appointed by the President, not 
                more than four of whom shall be from the same political 
                party;
                    (b) three members selected by the Majority Leader 
                of the Senate, all of whom shall be current Members of 
                the Senate;
                    (c) three members selected by the Speaker of the 
                House of Representatives, all of whom shall be current 
                Members of the House of Representatives;
                    (d) three members selected by the Minority Leader 
                of the Senate, all of whom shall be current Members of 
                the Senate; and
                    (e) three members selected by the Minority Leader 
                of the House of Representatives, all of whom shall be 
                current Members of the House of Representatives.

                Sec. 3. Co-Chairs. From among his appointees, the 
                President shall designate two members, who shall not be 
                of the same political party, to serve as Co-Chairs of 
                the Commission.

                Sec. 4. Mission. The Commission is charged with 
                identifying policies to improve the fiscal situation in 
                the medium term and to achieve fiscal sustainability 
                over the long run. Specifically, the Commission shall 
                propose recommendations designed to balance the budget, 
                excluding interest payments on the debt, by 2015. This 
                result is projected to stabilize the debt-to-GDP ratio 
                at an acceptable level once the economy recovers. The 
                magnitude and timing of the policy measures necessary 
                to achieve this goal are subject to considerable 
                uncertainty and will depend on the evolution of the 
                economy. In addition, the Commission shall propose 
                recommendations that meaningfully improve the long-run 
                fiscal outlook, including changes to address the growth 
                of entitlement spending and the gap between the 
                projected revenues and expenditures of the Federal 
                Government.

                Sec. 5. Reports. (a) No later than December 1, 2010, 
                the Commission shall vote on the approval of a final 
                report containing a set of recommendations to achieve 
                the mission set forth in section 4 of this order.

                    (b) The issuance of a final report of the 
                Commission shall require the approval of not less than 
                14 of the 18 members of the Commission.

                Sec. 6. Administration. (a) Members of the Commission 
                shall serve without any additional compensation, but 
                shall be allowed travel expenses, including per diem in 
                lieu of subsistence, as authorized by law for persons 
                serving intermittently in Government service (5 U.S.C. 
                5701-5707), consistent with the availability of funds.

                    (b) The Commission shall have a staff headed by an 
                Executive Director.

[[Page 7928]]

                Sec. 7. General. (a) The Commission shall terminate 30 
                days after submitting its final report.

                    (b) Nothing in this order shall be construed to 
                impair or otherwise affect:

(i) authority granted by law to an executive department, agency, or the 
head thereof; or

(ii) functions of the Director of the Office of Management and Budget 
relating to budgetary, administrative, or legislative proposals.

                    (c) This order is not intended to, and does not, 
                create any right or benefit, substantive or procedural, 
                enforceable at law or in equity by any party against 
                the United States, its departments, agencies, or 
                entities, its officers, employees, or agents, or any 
                other person.
                <GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT>
                
                    (Presidential Sig.)

                THE WHITE HOUSE,

                    February 18, 2010.

[FR Doc. 2010-3725
Filed 2-22-10; 8:45 am]
Billing code 3195-W0-P