Economic Stabilization Act Amendments

Summary

Economic Stabilization Act Amendments - Expresses the findings of Congress, including findings relating to the need to control inflation in the health care industry. Provides for mandatory controls with respect to the health care sector of the economy after April 30, 1974. Makes technical amendments to the requirements and objectives of the Economic Stabilization Program. Authorizes the enforcement after April 30, 1974, of the Cost of Living Council orders issued on or before that date that limit price or wage behavior for specified periods of time. Authorizes the continuation of controls over wages and salaries paid to executives for the remainder of the control period. Empowers the President to prescribe regulations to provide for the disposition after April 30, 1974, of any price or wage matters relating to periods prior to May 1, 1974. Authorizes the President to collect through reports, audits, recordkeeping requirements and hearings, as well as from existing government sources, such business and economic information as may be necessary. Authorizes the delegation of authority under the Act to State officials as well as to Federal officials. Eliminates the provisions exempting the members of the Pay Board and Price Commission from the requirement of Senate confirmation while retaining that exemption for the appointed members of the Construction Industry Stabilization Committee. Eliminates "rents, interest rates, corporate dividends or similar transactions" from the list of matters for which public hearings are to be held when changes are likely to have a significantly large impact upon the national economy. Changes, under the Economic Stabilization Act, the five Executive Level positions authorized under the Act from three level III's and two level V's to one level II, who is to be subject to Senate confirmation, one level III and three level V's. Provides for economic impact review of Federal programs and activities by the head of an existing agency for the purpose of determining the extent to which those programs and activities are contributing to the achievement of the policy set forth in the Economic Stabilization Act. Extends the Economic Stabilization Act of 1970 to the end of 1975. Provides continued authorization for the National Commission on Productivity through the end of 1975. Reduces the Commission's authorized funding from $10,000,000 to $5,000,000 under the Economic Stabilization Act.

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1 official file

• Introduced in Senate

  summary · EN · 21 February 1974

  Open at official source

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