Economic Stabilization Procedure Act

Summary

Economic Stabilization Procedure Act - Expresses the findings of Congress and declares that the objectives of this Act are to reduce inflation to at least 4 percent per year and to reduce unemployment to an annual rate of not to exceed 3.5 percent, both by December 31, 1975. Creates an Economic Stabilization Board which shall impose, after April 30, 1974, price controls if it finds that the absence of such controls would result in inflation and unemployment in excess of the levels stated in this Act. Directs the Board to take specified hardship, voluntariness, and growth inhibition factors into account in determining the duration, and scope of such price controls. Enumerates additional developmental, monitoring, reviewing, and study-conducting functions of the Board and the Board's administrative powers. Prescribes the procedures for suits for damages or other relief by persons suffering a legal wrong because of this Act. Creates a court of the United States, the Temporary Emergency Court of Appeals, to exercise exclusive jurisdiction of all appeals from the United States district courts in cases and controversies arising under this Act or rules issued under it. Provides for the encouragement of small business enterprises to make the greatest possible contribution toward achieving the objectives of this Act. Authorizes appropriations of $10,000,000 to the Board for fiscal year 1975.

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1 official file

• Introduced in House

  summary · EN · 29 April 1974

  Open at official source

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