CAPITAL FORMATION

4 - AUG 1 0

COPY

1977

HEARING

BEFORE THE

JOINT ECONOMIC COMMITTEE
CONGRESS OF THE UNITED STATES

NINETY-FOURTH CONGRESS

For sale by the Superintendent of Documents, U.S. Government Printing Office
Washington, D.C. 20402

JOINT ECONOMIC COMMITTEE

(Created pursuant to sec. 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
RICHARD BOLLING, Missouri, Vice Chairman

23a97

BE 56 9se 77

KF25
£2
1976m

CONTENTS

WITNESSES AND STATEMENTS

WEDNESDAY, JUNE 9, 1976

Page

Humphrey, Hon. Hubert H., chairman of the Joint Economic Committee: Opening

statement

Percy, Hon. Charles H., member of the Joint Economic Committee: Opening

statement

1

2

Fannin, Hon. Paul J., member of the Joint Economic Committee: Opening statement.

Jaicks, Frederick G., chairman of the board and chief executive officer, Inland Steel

Co., Chicago, Ill...

4

12

O'Connor, James J., executive vice president, Commonwealth Edison Co., Chicago,

Ill

Olsen, Leif H., senior vice president and economist, Citibank, N.A., New York,

N.Y

18

29

Bernstein, Peter L., president, Peter L. Bernstein, Inc., New York, N.Y.

Ture, Norman B., president, Norman B. Ture, Inc., Washington, D.C

Eisner, Robert, William R. Kenan Professor and chairman, Department of Econom-

ics, Northwestern University, Evanston, Ill

Response to additional written questions posed by Representative Brown of

Ohio

Response to additional written questions posed by Representative Brown of

Ohio

107

109

Response to additional written questions posed by Senator Taft

Humphrey, Hon. Hubert H.:

Press release from the office of Senator Edward M. Kennedy, dated June 8,

1976, with an attachment, releasing a Library of Congress study on tax

incentives for investment

Article entitled "Business Investment Plans Improve With Less-Than Expected

Strength," by G. David Wallace, from the Washington Post, June 8, 1976....

Letter to Chairman Humphrey from Leif H. Olsen, senior vice president and

economist, Citibank, dated July 13, 1976, regarding the Library of Congress

report entitled “Comparative Cost-Effectiveness of Alternative Investment

Tax Incentives"

111

Letter to Chairman Humphrey from Louis L. Meier, Washington counsel,

American Society of Civil Engineers, dated June 8, 1976, transmitting a

resolution on capital needs and national growth..

Address entitled "The Ultimate Loophole-Spend Your Own Money," by

Walter B. Wriston, chairman, Citicorp

29

Prepared Statement

Taft, Hon. Robert, Jr.:

Opening statement...

Article entitled "Employment and Inflation," by Charles L. Schultze, from the

Washington Post, June 7, 1976 ..

Editorial entitled "Jobs and the Jobless," from the Washington Post, June 7,

1976.

Ture, Norman B.:

Response to additional written questions posed by Senator Taft

95

98

Prepared statement.

72

104

Response to additional written questions posed by Representative Brown of

Ohio

106

(III)

5

11