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~ WRC PRINCIPLES & STANDARDS -2- planning for the use of the Nation's water and land resources will be carried out in the context of two broad national objectives relating to national econolnic development, and environmental quality. Each objective will be given equal consideration in the conservation, development, and use of our Nation's water and land resources. Under this two objective approach beneficial and adverse effects on national economic development and environmental quality will be prepared and displayed for each alternative plan. In addition, an accounting of the effects on regional development, and social well- being will also be prepared and displayed for each alternative pl<tn. All positive or beneficial effects are to be evaluated as are all negative or adverse effects. Values will be expressed in appropriate monetary or quantitath-e units or in a.ppropriate qualitative terms. A planning discount rate to reflect the relative value of beneficial and adverse effects occurring in the future as cornpared with the present has been established by the Council. This rate is consistent with the cost of Government borrowing concept which is based on the assmnption that the Government's investment decisions are related to the cost of money to the Government. The rate has been established at 6-7/8% and will change up or down, as appropriate, not more than or less than 1/2 of 1% per year. The "Principles and Standards" will be applied to all currently authorized but unfunded projects on a selective basis to be determined by the head of the agency. The new "Principles and Standards" are based on several years of intensive study, review, field testing, and public hearings. On December 21, 1971, the. Council published in the "Federal Register" proposed "Principles and Standards", along with a draft environmental statement, and invited public comment on the proposal. Over 11,000 comments and views were received through oral and written statements. A 320 page "Sumn-,ary / Analysis" of the public's comments was published and distributed by the Council. After careful consideration of the public's comments, and consultation with all concerned Federal agencies the Council made its recommendations to the President. The "Principle s and Standards" will supers ede the present criteria, "Policies, Standards, and Procedures in the Formulation, Evaluation, and Review of Plans for Use and Development of Water and Related Land Resources", approved by the President May 15, 1962, printed and commonly kriown as Senate Document No. 97, 87th Congress, 2d session, together with Supplement No.1 thereto, June 4, 1964, "Evaluation Standards for Primary Outdoor Recreation Benefits", and the amendment of December 24, 1968, covering the discount rate. -30-