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

Summary

Imposes a ceiling on all prices at levels no higher than those prevailing on March l6, l973; and provides for the President, within 60 days after enactment, to roll back prices to levels lower than those prevailing on March l6, l973. Imposes a ceiling on interest rates at levels no higher than those prevailing on March l6, l973, on (a) mortgage loans for single or multifamily dwellings, (b) installment or noninstallment consumer credit loans, (c) loans for farm production or capital improvement loans, (d) loans to small business concerns and (e) personal loans. Provides for the President to roll back interest rates to levels lower than those prevailing on March l6, l973. Authorizes the President to issue orders and regulations to establish a mandatory program to stabilize prices, wages, salaries, interest rates and corporate dividends in the face of a growing inflation rate based on the Consumer Price Index. Directs the President to stabilize rents at levels prevailing on January l0, l973, and allows him to roll back rents to levels lower than those prevailing on that date. Authorizes the Secretary of Agriculture to prescribe regulations governing the amount of margin that must be required or maintained on any commodity futures contracts. Establishes in the legislative branch the Office of Consumer Counselor, headed by the Consumer Counselor, appointed for a one year term by the Temporary Emergency Court of Appeals. Provides that the Consumer Counselor shall have authority to investigate fully, on complaint from a consumer, all official actions of any board or similar entity charged with controlling prices. Grants to the Comptroller General the authority to review all reports concerning prices, profits, wages, salaries, or interest rates submitted by any person to any officer, department, agency, board, commission, or similar department, agency, board, commission, or similar entity established pursuant to authority granted the President. Declares that no public carrier or other public utility shall increase charges unless it first gives 30 days notice to the President or a designated agency, and consents to that agency's intervention before the authority having jurisdiction to consider the increase. Requires the President to transmit to Congress reports describing any action taken by him and giving his assessment of the program's status. Authorizes the allocation of petroleum products in order to meet the essential needs of the Nation and to prevent anticompetitive effects resulting from shortages of these products. Extends the Economic Stablization Act until l974. Directs the General Accounting Office to study and to report to the Congress on the relationship between consumer food prices in the United States and commodity exchanges. Authorizes the Secretary of Commerce, upon request by representatives of a substantial segment of any industry, to appoint a technical advisory committee to evaluate technical matters, licensing procedures, worldwide availability, and actual use of domestic production facilities and technology. Establishes quotas on the export of lumber and logs.

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Documents

1 official file

• Introduced in House

  summary · EN · 12 April 1973

  Open at official source

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