Economic Stabilization Act Amendments of 1981

Summary

Economic Stabilization Act Amendments of 1981 - Amends the Economic Stabilization Act of 1970 to transfer the function of implementing the program authorized by such Act from the President to a new Economic Stabilization Board. States that the Board shall consist of three members, appointed by the President by and 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. Authorizes the Board to: (1) make adjustments in order to correct gross inequities, but subject to specified standards; (2) roll back prices, rents, and interest rates to levels lower than those prevailing on such date, within 60 days of the date of enactment, in order to eliminate windfall profits or to carry out the purposes of this Act; and (3) allow a limited upward adjustment in wages, upon petition of any interested person and after review of all relevant data, in order to eliminate wage-price inequities which have developed since August 15, 1971. Provides that wage increases to any individual whose earnings are substandard or who is a member of the working poor shall not be limited in any manner. Exempts certain payments of increased wages from the authority conferred by this Act, including those required by the Fair Labor Standards Act of 1939 or by wage determinations made by Executive agencies. Precludes from the definition of "wages" and "salaries" certain employee benefit plans. Prohibits any member of the Board from having a substantial pecuniary interest in any company subject to its jurisdiction.

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1 official file

• Introduced in House

  summary · EN · 28 January 1981

  Open at official source

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