Tony Prior, Prior Harwin's chairman, then proposed a scheme to save both the company and investors' funds.
Even the authority's last chairman, Peter DeSibio, once proposed doing away with the agency.
The chairman must conduct the formal meetings, propose the program of work, and solve any procedural hurdles that may rise.
In the case of Medicare, for instance, the chairman proposed only that the bipartisan commission develop the policies necessary to reduce spending by 15 percent.
A few weeks ago, Nascar's chairman and chief executive, Brian France, proposed a plan to limit the number of cars that team owners could control to three.
It is only then, having received the collective wisdom as to the state of America's economy, that the chairman proposes a policy response.
In a dramatic and unexpected concession to opposition demands, the chairman of the ruling party proposed today that South Korea's next president be elected through direct elections.
The chairman of the Senate Banking Committee today proposed several changes to the Bush Administration's rescue plan for the savings industry.
Last Tuesday, the chairman of the trustees, Frederic V. Salerno, proposed to meet the $290 million target with several severe cuts.
Under the City Charter, formal consideration of an increase does not begin until the chairman proposes one.