Pub. L. 92-599, tit. III, sec. 301

Sec. 301. (a) There is hereby established a joint committee composed of thirty-two members appointed as follows: (1) seven members from the Committee on Ways and Means of the House of Representatives, appointed by the Speaker of the House; (2) seven members from the Committee on Appropriations of the House of Representatives, appointed by the Speaker of the House; (3) two additional Members of the House of Representatives, one from the majority party, and one from the minority party, appointed by the Speaker of the House; (4) seven members of the Committee on Finance of the Senate, appointed by the President pro tempore of the Senate; 86 Stat. 1325 (5) seven members of the Committee on Appropriations of the Senate, appointed by the President pro tempore of the Senate; and (6) two additional Members of the Senate, one from the majority party, and one from the minority party, appointed by the President pro tempore of the Senate. No person appointed by reason of his membership on any of the committees referred to in paragraphs (1), (2), (4), and (5) shall continue to serve as a member of the joint committee after he has ceased to be a member of that committee from which he was chosen, except that the members chosen from the Committee on Appropriations and the Committee on Ways and Means of the House of Representatives who have been reelected to the House of Representatives may continue to serve as members of the joint committee notwithstanding the expiration of the Congress. A vacancy in the joint committee shall not affect the power of the remaining members to execute the functions of the joint committee, and shall be filled in the same manner as the original selection. (b) The joint committee created by subsection (a) shall make a full study and review of— (1) the procedures which should be adopted by the Congress for the purpose of improving congressional control of budgetary outlay and receipt totals, including procedures for establishing and maintaining an overall view of each years budgetary outlays which is fully coordinated with an overall view of the anticipated revenues for that year, and (2) the operation of the limitation on expenditures and net lending imposed by section 201 of this Act for the fiscal year ending June 30, 1973. The joint committee shall report the results of such study and review to the Speaker of the House of Representatives and to the President pro tempore of the Senate, not later than February 15, 1973. (c) (1) The chairman of the joint committee shall be selected by the members of the joint committee. (2) The joint committee is authorized to appoint such staff, and to request such assistance from the existing staffs of the Congress, as may be necessary to carry out the purposes of this section. (d) The expenses of the joint committee, which shall not exceed $100,000 through February 28, 1973, shall be paid from the contingent fund of the Senate upon vouchers approved by the chairman of the joint committee. (e) The joint committee shall cease to exist at the close of the first session of the Ninety-third Congress.