Economic Stabilization Act Amendments

Summary

Economic Stabilization Act Amendments - Establishes an Economic Stabilization Board, to be composed of three members, representing labor, business and the consuming public, to be appointed by the President with the advice and consent of the Senate. Freezes all prices, wages, rents, and interest rates at levels no higher than those prevailing on the date of enactment of this Act. Allows the Board to make adjustments in such levels in order to correct gross inequities. Allows the Board, within 60 days of enactment of this Act, to roll back prices, rents and interest rates to levels lower than those prevailing on the date of enactment where necessary to eliminate windfall profits or to carry out the purposes of this Act. Allows the Board, on petition of interested parties, to eliminate inequities which may have developed in the wage-price relationship by allowing upward adjustments in wages. Specifies that such increases not exceed the difference between the rate of price increases as measured by the Consumer Price Index between August 1971 and the date of enactment, and the average wage increases in the firm or industry during the same period. Exempts from the wage freeze all workers whose earnings are substandard or who are members of the working poor. Specifies that this Act shall not preclude any increase in wages required by the Fair Labor Standards Act or other preexisting wage determinations. Requires the Board to transmit quarterly reports to the Committee on Banking and Currency of the House of Representatives and to the Committee on Banking, Housing and Urban Affairs of the Senate, describing the action taken and assessing the progress attained in achieving the purpose of this Act. Makes technical and conforming amendments.

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1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

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