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Office of the Press Secretary

For Immediate Release November 6, 1997

President Clinton today announced his intent to appoint the following new members to the Commission to Study Capital Budgeting.

Willard Brittain, of New York, is Senior Vice Chairman, Service Lines and Industries of Price Waterhouse. Earlier, he managed Price-Waterhouse's Office of Governmental Services. Mr. Brittain joined Price-Waterhouse in Washington, D.C. in 1974, and was admitted to the partnership as a principal in 1983. In 1985, he was named to oversee the firm's Chesapeake Area Consulting Group and, in 1990, became head of the firm's Office of Government Services. Mr. Brittain has served on the boards and committees of the Washington Ballet, the Northern Virginia Urban League, the Greater Washington Board of Trade, the Federal City Council, and the Washington D.C. Chapter of the National Association of Black Accountants. Currently, he is on the Board of Directors of the YMCA of New York City, InRoads, and the Yale Corporation Audit Committee. Mr. Brittain earned an M.B.A. from the Harvard Business School and a B.A. in economics from Yale University.

Stanley E. Collender, of Washington, D.C., is managing director of the Federal Budget Consulting Group at Burson-Marsteller. Previously, he was Director of Federal Budget Policy at Price-Waterhouse. He has served on the staffs of both the House and Senate Budget Committees. Mr. Collender is the author of The Guide to the Federal Budget, one of the most assigned texts on the budget and the budget process. In 1996, he received an award from the American Society for Public Administration for "lifetime achievement in federal budgeting." He holds a Masters in Public Policy from the University of California, Berkeley, and a B.A. from New York University.

Orin S. Kramer, of Englewood, New Jersey, is a general partner of Kramer Spellman, L.P., which manages investment vehicles focusing on the financial services industry. He has taught financial regulatory law at Columbia Law School and has published several studies on the industry. In 1992, he served as a coordinator for the transition team on financial services issues. Previously, he served as a consultant to financial institutions at McKinsey & Co. During the Carter Administration, he was Associate Director of the White House Domestic Policy Staff, with responsibility for financial institutions and urban affairs. Mr. Kramer holds a B.A. from Yale University and a J.D. from Columbia Law School.

Richard Leone, of Princeton, New Jersey, is the President of the Twentieth Century Fund of New York, a public policy research institution. He is a former Managing Director of Dillon Read & Co., a former Chairman of the Port Authority of New York and New Jersey, and a former member of the faculty at Princeton University, where he earned his Ph.D.

David Levy, of Pound Ridge, New York, is the Vice Chairman and Director of the Forecasting Center of the Jerome Levy Economics Institute at Bard College. He is co-author with his father, S. Jay Levy, of The Levy Institute Forecast, a paid-circulation monthly economic newsletter. Mr. Levy is co-author of Profits & the Future of American Society. He holds an M.B.A. from Columbia University.

James T. Lynn, of Bethesda, Maryland, is retired Chairman and Chief Executive Officer of Aetna Life & Casualty, and currently a senior advisor at Lazard Freres & Co., LLC. During the Ford Administration, he served as Director of the Office Management and Budget. In the Nixon Administration he served as Secretary of Housing and Urban Development and, earlier, as General Counsel and Under Secretary of the Department of Commerce. Prior to his government service, Mr. Lynn practiced law in Cleveland, Ohio, with the firm of Jones, Day, Reavis & Pogue. Following his government service, he joined the firm's Washington, D.C. office where he became the managing partner.

Cynthia Metzler, of Washington, D.C., is a partner with the law firm of Pepper, Hamilton & Scheetz, LLP. Ms. Metzler was Acting Secretary of Labor from January to May of 1997. In the first Clinton Administration, she served as acting Deputy Secretary of Labor, Assistant Secretary of Labor for Administration & Management, Associate Administrator for Administration at GSA, and Associate Director of Presidential Personnel. Ms. Metzler has over 20 years of broad and diverse experience in employment and labor issues, as a leader, policy maker and attorney in both the private and public sectors.

Luis Nogales, of Beverly Hills, California, is President of Nogales Partners, and was Chairman and CEO of Embarcadero Media, a company which owned and operated eight radio stations in California and Oregon, from 1992 to 1997. From 1986 to 1988, he was President of Univision, the Spanish language television network. Prior to that, Mr. Nogales was Chairman and CEO of United Press International. He was a White House Fellow from 1972 to 1973, working as Special Assistant to the Secretary of the Interior. He received a J.D. from Stanford University, and a B.A. from San Diego State University.

Carol O'Cleireacain, of New York, New York, is an independent economic and management consultant and adjunct Associate Professor at New York University's Robert F. Wagner Graduate School of Public Services. Recently, as Visiting Fellow, Economic Studies, at the Brookings Institution, she authored The Orphaned Capital: Adopting the Right Revenues for the District of Columbia. Formerly, she was Finance Commissioner, then Budget Director of the City of New York under Mayor Dinkins. Ms. O'Cleireacain was previously the Chief Economist for AFSCME District Council 37 in New York. She holds a Ph.D. in economics from the London School of Economics and an M.A. and a B.A. in Economics from the University of Michigan.

Rudolph Penner, of Washington, D.C., is the former Director of the Congressional Budget Office and the former Director of Fiscal Policy Studies at the American Enterprise Institute. He currently serves as a director of the National Association of Business Economists, and is the co-author or editor of several books on budget and fiscal policy issues, including Broken Purse Strings and The Great Fiscal Experiment. He received a Ph.D. in Economics from Johns Hopkins University and an undergraduate degree from the University of Toronto.

Steven L. Rattner, of New York, New York, is Deputy Chief Executive of the investment banking firm Lazard Freres & Co. LLC. In addition to his management responsibilities, Mr. Rattner continues his work on mergers, acquisitions and corporate finance with clients. Before joining Lazard in 1989, he was a Managing Director of Morgan Stanley and a Vice President of Lehman Brothers. For nearly nine years, he was a reporter for The New York Times, covering economic and energy matters. Mr. Rattner continues to write on a variety of economic policy matters. Mr. Rattner is a trustee of Brown University, from which he holds a B.A.

Robert M. Rubin, of Southampton, New York, is Executive Vice President and Director of AIG Trading Group, an international currency and commodity dealer. He is a member of the Foreign Exchange Committee of the Federal Reserve Bank of New York. He received a B.A. from Yale University in 1974, and a Masters in Modern European History from Columbia University in 1989.

Herbert Stein, of Washington, D.C., is a senior fellow of the American Enterprise Institute. He served as Chairman of the Council of Economic Advisers under Presidents Nixon and Ford. Mr. Stein is the author or co-author of numerous books on economics, including several editions of The Fiscal Revolution in America and The New Illustrated Guide to the American Economy. He writes for The Wall Street Journal and Slate and frequently contributes to other publications as well. Earlier in his career, Mr. Stein spent 22 years with the Committee for Economic Development. For ten years, he was a professor of economics as the University of Virginia, and for two years he served on the staff of the Brookings Institution.

Laura D'Andrea Tyson, of Berkeley, California, is the Class of 1939 Professor of Economics and Business Administration at the University of California at Berkeley and a Principal of the Law and Economics Consulting Group. She is a member of the Boards of Directors of Ameritech Corporation, Eastman Kodak Company, Morgan Stanley, Dean Witter, Discover & Co., and a member of the Economic Advisory Board of E.M. Warburg, Pincus and Co., L.L.C. Ms. Tyson also serves on a number of non-profit boards, including those of the Council on Foreign Relations, the MacArthur Foundation, and Smith College, her alma mater. Ms. Tyson is former National Economic Adviser to the President and former head of the National Economic Council. She was the 16th Chair of the White House Council of Economic Advisers.

The purpose of the Commission is to review the appropriate role of capital investments in both current and future federal budgeting. As part of the Commission's review, it will report on the appropriate definition of capital for federal budgeting, the role of depreciation in capital budgeting, and the effect of a federal capital budget on budgetary choices between capital and non-capital means of achieving public objectives. The Commission will also report on capital budgeting practices in other countries, in State and local governments in this country, and in the private sector. The Commission will report to the National Economic Council within one year from the date of its first meeting.