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Does Privatization Serve The Public Interest?

The words “any of the functions vested in him by” and “for such purpose” are omitted as surplus. 97–258 provided that the amendment made by such section is effective Jan. 1, 1982. 97–452 struck out “the National Consumer Cooperative Bank,” after “Regional Banks for Cooperatives,” which had already been struck out by Pub. In subsection , the words “head of each” are added for consistency. Committee on Government Operations of House of Representatives treated as referring to Committee on Government Reform and Oversight of House of Representatives by section 1 of Pub.

This creates a perception of safety, or risk-free investment in their equity and debt, as highlighted in the run-up to the financial crisis of 2008. Quasi-public corporations may comprisepublic companies of an industrial and commercial character, nationalized companies, and companies with majority public shareholding. Many consider quasi-public institutions to be political policy tools because they can, in some instances, operate with fewer restrictions and greater cost-effectiveness than regular government institutions.

115–254, set out as a note under section 905 of Title 2, The Congress. Government-linked corporations play a substantial role in Singapore’s domestic economy. These GLCs are partially or fully owned by a state-owned investment company, Temasek Holdings. As of November 2011, the top six Singapore-listed GLCs accounted for about 17% of total capitalization of the Singapore Exchange . Notable GLCs include Singapore Airlines, SingTel, ST Engineering, and MediaCorp.

In subsection , the words “may make a contract” are substituted for “is authorized in his discretion to employ by contract” to eliminate unnecessary words. In subsection , the words “pursuant to law” are omitted as surplus. A Government corporation shall reimburse the Comptroller General of the United States for the full cost of any audit conducted by the Comptroller General under this subsection, as determined by the Comptroller General. All reimbursements received under this paragraph by the Comptroller General of the United States shall be deposited in the Treasury as miscellaneous receipts.

The words “as is required by section 8 of this title” are omitted as unnecessary because of the restatement. Of the offices” are omitted as surplus. The words “except the cost of such audits contracted for and undertaken prior to April 25, 1945” are omitted as executed. Pursuant to a congressional request, GAO reviewed 22 government corporations, focusing on their reported adherence to federal statutes. The Federal Deposit Insurance Corporation insures individual bank accounts in the event that a bank is unable to pay its depositors.

The use of separate acts to charter each corporation has resulted in wide variance in the legal and organizational structure of government corporations. That said, the Government Corporation Control Act of 1945, as amended, does provide for the standardized budget, auditing, debt management, and depository practices for those corporations listed in the act. To assist Congress in its oversight activities, this report provides an overview of the government corporation as an administrative model. As defined in this report, a government corporation is a government agency that is established by Congress to provide a market-oriented public service and to produce revenues that meet or approximate its expenditures.

Clause is substituted for “Treasurer of the United States” because of the source provisions restated in section 321 of the revised title. In clause , the words “duly” and “for that purpose” are omitted as unnecessary. When the President considers it practicable and in the public interest, the President shall include in the budget submitted to Congress under section 1105 of this title a recommendation that a wholly owned Government corporation be deemed to be an agency under chapter 11 of this title and for fiscal matters. If Congress approves the recommendation, the corporation is deemed to be an agency under chapter 11 and for fiscal matters for fiscal years beginning after the fiscal year of approval and is not subject to this chapter. The corporate entity is not affected by this section. In subsection , before clause , the words “at the place or places” and “of the respective corporations” are omitted as surplus.

It simply enumerates the organizations covered by the act. Historically, the federal government has been involved in few commercial enterprises. There were some early instances of the federal government participating in otherwise private corporate enterprises on a shared ownership basis, most notably the first and second Banks of the United States.

Our democratic society must demonstrate its resilience and return to core American principles and values of government that serve the people. We have the power to demand that Congress break the nexus between Wall Street and Washington that keeps the rules of our economy rigged to benefit the wealthiest few at the expense of the many. Americans can resist the slide to secret political spending and require disclosure for the big money interests behind our toxic politics of personal destruction. We can demand that lobbyists be prohibited from acting as fundraisers. And, amidst the shocking scandal of Russian interference in America’s democracy, we can insist that Congress ban foreign corporate money in elections.