Mr. Jon Corzine
Ms. Kathleen Brown
Co-Chairs
The President's Commission
Old Executive Office Building, Rm. 258
Washington, DC 20503

Dear Jon and Kathleen:

        Just a quick note to reply to your letter of January 16. I'm very interested in Capital Budgeting; I think it is essential. I think we should get at it; and having been in business for almost forty years, I do know a little bit about it and its implications. Also, I was a member of the Grace Commission where the need clearly showed itself in many of the evaluations and projects that we made.

        With every best wish,

                                                                                      Very Sincerely,

                                                                                      (Signed)

                                                                                      Amo Houghton

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