A bill to reenact, amend and extend the Economic Stabilization Act of 1970.

Summary

Reenacts the Economic Stabilization Act of 1970. Freezes all prices and interest rates at January 2, 1974, levels. Provides for the roll back of prices and interest rates to those levels. Allows the President, whenever the Consumer Price Index exceeds a 3 percent annual rate for 3 months, to stabilize prices, wages, and salaries, and to stabilize interest rates and dividends at levels consistent with orderly economic growth. Provides for the stabilization of rents at January 2, 1974 levels. Allows the President to roll back rents to lower levels than the January 2, 1974 level. Requires the Federal Reserve System to regulate credit on commodity futures contracts. Establishes in the legislative branch the Office of Consumer Counselor which shall investigate consumer complaints of official actions under this title. Empowers the Counselor to require a public hearing and decision on the record in any rulemaking or adjudication of an executive agency and to apply to the district court for relief. Requires the Counselor to advise consumers on purchases of goods and services. Gives the Comptroller General review authority over reports required under this Act. Requires businesses to make public any report showing the charge of excessive prices. Requires public reports to justify interest rate increases by any person. Directs the President to make monthly reports on actions and data relating to this Act. Extends the Economic Stabilization Act of 1970 for one year.

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Documents

1 official file

• Introduced in House

  summary · EN · 30 April 1974

  Open at official source

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