The National Railroad Passenger Corporation, doing business as Amtrak is a government-owned corporation that was organized on in 1971, to provide intercity passenger train service in the United States. "Amtrak" is a blend of the words "American" and "track". All of Amtrak's preferred stock is owned by the U.S. federal government. The members of its board of directors are appointed by the President of the United States and are subject to confirmation by the United States Senate. Common stock was issued in 1971 to railroads that contributed capital and equipment; its current holders consider the stock to be worthless but declined a 2002 buy-out offer by Amtrak. Amtrak employs nearly 19,000 people. It operates passenger service on 21,000 miles of track primarily owned by freight railroads connecting 500 destinations in 46 states.