Economic Stabilization Act

Summary

Economic Stabilization Act - Directs the President to issue, within 60 days of enactment of this Act, such orders and regulations as he deems appropriate to stabilize prices, rents, wages, salaries, profits, dividends, interest rates, and other comparable economic transfers at levels not less than those prevailing on October 1, 1978. Extends such authority through fiscal year 1982. Requires such orders and regulations to make adjustments necessary to prevent gross inequities and to provide for increases and adjustments after October 1, 1978, on the following bases: (1) wage and salary increases or adjustments, based on the application of cost of living and productivity formulas; (2) price, rent, or interest rate increases or adjustments, based on cost or productivity increases; and (3) profit or dividend increases, attributable to increased productivity, efficiency, or sales or revenue. Requires the President or his delegate within 30 days of enactment of this Act to transmit to Congress a plan setting forth detailed proposals for the implementation of such authority. Requires such plan to: (1) be generally fair and equitable; (2) provide for a comparable level of control of all sectors of the economy; and (3) impose comparable duties and sacrifices on individuals and organization in all segments of the economy. Sets forth criminal penalties for, and provides for injunctive relief from, violations of any such orders or regulations.

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1 official file

• Introduced in House

  summary · EN · 14 October 1978

  Open at official source

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