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U.S. General Accounting Office, Profiles in Existing Government Corporations, GAO/AFMD-89-43FS (Washington: GAO, 1988). The GCCA also does not offer a general definition of what constitutes a government corporation. These options indicate the flexibility of the government corporation concept and may provide models for extending the corporate organization to other appropriations-funded agencies (e.g., the U.S. Patent and Trademark Office and the U.S. Mint). Congress may intend a corporation to be private, but it also may want the corporation to continue to be involved in public policy implementation. 47, November/December 1987, pp. This is a list of government-owned companies of the United Arab Emirates. For example, the 108th Congress established the Millennium Challenge Corporation (MCC) as a "government corporation" (P.L. 108-447, Div. See Office of the Legal Counsel, United States Department of Justice, Memorandum for Jennifer Newstead, General Counsel, Office of Management and Budget, March 19, 2004. Charles Bingman, speaking to a 1978 conference on public enterprises, noted that he had been the last person in the BOB to undertake this monitoring role. The location, structure, and governance of government corporations varies greatly. State government-chartered and -owned corporations are numerous and provide public services. For companies classified as financial firms, Berkshire Hathaway was the largest government contractor. ExxonMobil is the leading oil and gas company of the US with a market value of 356.5 billion. There are at least two schools of thought respecting the proper use of the government corporation option relating to its structure, authority, and financial systems. Although a transition corporation had been recommended by an outside study,49 the Department of Energy determined to directly divest itself of the California fields of the Elk Hills National Petroleum Reserves.50. For a discussion of GSEs, see CRS Report RS21663, Government-Sponsored Enterprises (GSEs): An Institutional Overview, by [author name scrubbed]; and Thomas H. Stanton, Government-Sponsored Enterprises: Mercantilist Companies in the Modern World (Washington: AEI Press, 2002). For companies classified as financial firms, Berkshire Hathaway was the largest government contractor. 738 (1824). 247-58; Harold J. Sullivan, "Privatization of Public Services: A Growing Threat to Constitutional Rights," Public Administration Review, vol. Finally, as noted above, the government corporation may be established to serve an enduring purpose or may serve as a vehicle for privatization. Congress at times has found the government corporation an attractive governance option. Perhaps because of such anomalies, although the bylaws call for "regular meetings," the board never met between March 1982 and April 1991. (Washington: GPO, 1995). U.S. General Accounting Office, Government Corporations: Profiles of Existing Corporations, GAO/GGD-96-14 (Washington: GAO, 1995). 22 The government broke up JNR into six regional and vertically integrated passenger rail companies in 1987, and then it started privatizing them in the 1990s. The company was founded in Smithfield, Virginia, in 1936 and was acquired by Hong Kong-based WH Group in 2013. 18, 131, Profiles of Existing Government Corporations, pp. 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. It excludes private corporations created by federal statute (e.g., the American National Red Cross, the Securities Investor Protection Corporation, and Fannie Mae). 451), and enumerated as a "mixed-ownership corporation" under 31 U.S.C. Postal Service and the Federal Deposit Insurance Corporation, to small, low-visibility corporate bodies, such as the Federal Financing Bank in the Department of the Treasury and Federal Prison Industries in the Department of Justice. 189-196; U.S. General Accounting Office, Government Corporations: Profiles of Recent Proposals, GAO/GGD-95-57FS (Washington: GAO, 1995); and U.S. Senate, Committee on Governmental Affairs, Managing the Public's Business: Federal Government Corporations, by [author name scrubbed], S.Prt. 58, May/June 1998, pp. One school holds that government corporations, including agencies called corporations but which do not perform commercial activities, should be encouraged, provided maximum policy and financial autonomy, and be subject to such oversight as is appropriate for other agencies and instrumentalities in the same policy field. 265-284. A well-designed and -operated government corporation does not require annual appropriations because it generates revenues from the provision of goods and services. No two federal government corporations are completely alike. AMTRAK argued, on the other hand, that its legislation provides that it "will not be an agency or establishment of the United States Government" and thus is not subject to constitutional provisions governing freedom of speech. Search or browse our list of Government companies by category or location. Corporations cover the spectrum from such large, well-known corporations as the United States Postal Service and the Federal Deposit Insurance Corporation to such small, low-visibility corporate bodies as the Federal Financing Bank in the Treasury Department and Federal Prison Industries (UNICOR) in the Justice Department. During the 1960s, this specialized staff function atrophied until at some point in the 1970s it is fair to conclude that there was little remaining central executive staff capacity to provide information, expert advice, or oversight of government corporations or to develop and implement consistent policies governing their formation, authorities, and operations.41. The Pentagon released a list of 20 companies that it says are owned or controlled by Communist China’s military and operate in the US – including tech giant Huawei, according to a report. State-owned petroleum or mining companies (SOCs) are present in 45 of the 58 RGI countries and often play an influential role in sector governance. 315 (1819)). Although it has been the purpose of this report to emphasize the distinctive characteristics of federal government corporations, it is important to conclude with a statement of their shared characteristics with other federal agencies. The use of separate acts to charter each corporation has resulted in wide variance in the legal and organizational structure of government corporations. A government corporation is not always an the optimal administrative entity for achieving governance objectives. K, Sec. A board of directors may well be found advisable and useful under some circumstances, but, Seidman said, it is not the sine qua non of a government corporation.38. Cabinet secretaries placed on corporate boards, or any boards for that matter, rarely attend such meetings, sending subordinates instead to protect departmental interests. A GAO report recommended that corporations properly require both subject matter and management oversight, and that the GCCA should be reconstituted to establish in law the characteristics of various types of corporate bodies.51. The Legal Services Corporation (LSC), the Corporation for Public Broadcasting (CPB), and the newly established International Clean Energy Foundation are examples of "corporations" that do not perform commercial functions and rely upon annual appropriations.21 A principal intention behind assigning this status and title was to provide considerable insulation from oversight by the central management agencies and the application of the general management laws. In the US, mortgage companies like Fannie Mae and Freddie Mac are among the most notable state owned enterprises, although they are not restricted to lending only. 106-248; 114 Stat. Corporations have been located in executive departments (e.g., the St. Lawrence Seaway Development Corporation in the Department of Transportation), or assigned independent status (e.g., the Export-Import Bank). 43, spring 2003, pp. With the government corporation, however, this process is simplified, and when a contractor prevails, he can usually obtain a prompt settlement. 8, cl. United States federal government chartered and owned corporations are a separate set of corporations chartered and owned by the federal government, which operate to provide public services, but unlike the federal agencies (Environmental Protection Agency, Bureau of Indian Affairs), or the federal independent commissions (e.g., the Federal Communications Commission, … 108-447, Div. For further information on the legal status and laws on budgeting and finances of government corporations, see General Accounting Office, Principles of Federal Appropriations Laws, vol. List of companies of the United States by state - Wikipedia To do so, in the Court's view, would mean that the government could evade its most solemn constitutional obligations by simply resorting to the corporate form of organization. On the other hand, are the Secretaries of Treasury and Commerce, when acting as PBGC directors, in any way required in formulating policies to conform to the policies of the Secretary of Labor?" This page was last edited on 5 August 2020, at 11:32. The Court decided that, although Congress can determine AMTRAK's governmental status for purposes within Congress's control (e.g., whether it is subject to statutes such as the Administrative Procedure Act), Congress cannot make the final determination of AMTRAK's status as a government entity for purposes of determining constitutional rights of citizens affected by its actions. The AMTRAK Reform and Accountability Act of 1997 (P.L. Most recently, the corporate option was considered, although not adopted, for what became the Transportation Security Administration in the Department of Homeland Security. Marshall E. Dimock, "Government Corporations: A Focus on Policy and Administration," American Political Science Review, vol. 9104), The objective of the budget program is to permit the corporation sufficient financial flexibility to carry out its activities. In his view, both the executive branch and Congress had effectively abandoned the intent of the GCCA. At the request of GAO, the GCCA was amended to provide for audits of the financial transactions of wholly owned corporations at least once every three years, rather than annual audits. There are times when it may be an appropriate choice and times when it may not. In 2009, the Government of the Islamic Republic of Afghanistan formed the Afghan Public Protection Force (APPF) as a "state owned enterprise" subordinate to the Ministry of the Interior. Lotteries in the United States are also run by government corporations, such as the Georgia Lottery Corporation and many others. The federal-government-acquired corporations are a separate set of corporations that were originally chartered and created by an entity other than the U.S. federal government, but that were, at some point, nationalised by the federal government. 18, 82, Profiles of Existing Government Corporations, pp. 135-46. It also excludes some corporations that Congress itself has called "government corporations." Dimock's view, he asserted, was based on an inappropriate borrowing of state practice by the federal government. 519: "Except as otherwise authorized by law, the Attorney General shall supervise all litigation to which the United States, an agency, or officer thereof is a party, and shall direct all United States attorneys, assistant United States attorneys, and special attorneys appointed under section 543 of this Title in the discharge of their respect duties.". Generally speaking, a statute passed by a state legislature specifically sets up a government-owned company in order to undertake a specific public purpose with public funds or public property. For a list of federal government corporations, as defined in this report, please consult the Appendix. Generally, a corporation is provided authority "to determine the character and the necessity for its expenditures, and the manner in which they shall be incurred, allowed and paid." U.S. General Accounting Office, Congress Should Consider Revising Basic Corporate Controls Laws, GAO/PAD-83-3 (Washington: GAO, 1983). What oversight there is tends to be corporation-specific. Susan Klann, "U.S. Oil Reserve Sale Sets Record," Denver Post, March 2, 1999, p. C2; and Thomas H. Stanton, "Lessons Learned: Obtaining Value from Federal Asset Sales," Public Budgeting and Finance, vol. Search or browse our list of Government companies by category or location. ExxonMobil. Within the executive branch, no one agency is responsible for the oversight and supervision of government corporations. A number of companies have move from private to government ownership or the other way. 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. If the conceptual basis of the law establishing a corporation or economic assumptions therein are faulty, as was allegedly the case with the Synthetic Fuels Corporation in the late 1970s, a government corporation may become a liability to the executive branch and face a short tenure.53 On the other hand, if a federal government corporation is designed to conform with public law, governmental management principles, and sound economics, a corporate agency may provide a creative instrument to promote the public policy objectives of elected officials. The U.S. Code does not provide a single definition of the term "government corporation." The congressionally chartered National Veterans Business Development Corporation (NVBDC) is a case in point. 28 U.S.C. 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