Comprehensive Anti-Inflation Act

Summary

Comprehensive Anti-Inflation Act - Title I: Coordination of Economic Policies - Amends the Employment Act of 1946 with the stated purpose of reducing the rate of inflation and keeping it within reasonable bounds. Directs the President, in each annual Economic Report, to establish economic and regulatory policies which set forth: (1) current trends in the levels of prices, wages, productivity, and production costs, including projections for inflation rates in the next calendar year; (2) annual numerical inflation goals; (3) fiscal policy targets; and (4) specific programs designed to achieve such inflation goals. Directs the Board of Governors of the Federal Reserve System to transmit annually to the Congress an independent statement of its intended monetary policies for the year. Title II: Establishment of Guidelines - Directs that a set of guidelines be established to govern price increases and wage settlements. Authorizes the President to promote voluntary compliance with such guidelines. Prohibits the use of mandatory wage or price controls by the President. Requires the Council of Economic Advisors to seek the advice and concurrence of the Council on Wage and Price Stability in establishing economic policies and guidelines. Title III: Policies and Programs to Reduce Inflation - Directs the President, in formulating and revising tax policy: (1) to reduce, or substitute for, taxes which significantly increase price levels; (2) to develop specific procedures to promote the promulgation of economically efficient and socially desirable regulations; (3) to deregulate industries over which the Federal Government has ratesetting authority; (4) to encourage the growth of productivity in both the private and public sectors; (5) to examine the use of tax incentives to hold cost increases to specified levels; (6) to strive to preserve production incentives and allow market forces to operate wherever possible; (7) to address the price implications of energy policies in the Economic Report; (8) to explore ways to increase competition in concentrated industries; and (9) to pursue negotiations for fair trade agreements with foreign nations. Title IV: Congressional Review - Directs the Joint Economic Committee to hold special hearings to review the President's proposed economic policies and to submit its findings and recommendations to the House of Representatives and the Senate.

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Timeline

1. 14 August 1978

   Introduced

   Introduced in House

   Source: IntroReferral

2. 14 August 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 August 1978

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 14 August 1978

  Open at official source

Sponsors

• Rep. Lundine, Stanley N. [D-NY-39] · D · Sponsor
• Rep. Moorhead, William S. [D-PA-14] · D · Cosponsor
• Rep. Fisher, Joesph L. [D-VA-10] · D · Cosponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Cosponsor
• Rep. Maguire, Andrew [D-NJ-7] · D · Cosponsor
• Rep. Mikva, Abner J. [D-IL-10] · D · Cosponsor
• Rep. Pattison, Edward W. [D-NY-29] · D · Cosponsor
• Rep. Simon, Paul [D-IL-24] · D · Cosponsor
• · hsru00 · Standing
• · hsgo00 · Standing
• · hsed00 · Standing
• · hsba00 · Standing

Related records

• related to ← Comprehensive Anti-Inflation Act