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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
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
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
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.:
95
98
Prepared statement.
72
104
106
(III)
5
11