Fiscal Stabilization Act

Summary

Fiscal Stabilization Act - Title I: Fiscal Stabilization Board - Establishes the Fiscal Stabilization Board. Specifies the composition and length of terms of members of the Board. States that it shall be the function and duty of the Board: (1) to monitor the fiscal and monetary conditions of the United States and to advise the President with respect thereto; and (2) to recommend to the President action to be taken by him to stabilize the national economy pursuant to the authority conferred by the Internal Revenue Code of 1954. Authorizes to be appropriated for each fiscal year the sums necessary to carry out the provisions of this title. Title II: Adjustment of Income Taxes for Economic Stabilization - Provides for the preparation and submission to the Congress of a tax adjustment plan within the limits of the recommendations of the Board. Provides that such plan may be disapproved within 30 days of submission by either House of Congress. Lists items to be contained in and the duration of such tax adjustment plans. Title III: Rules for Congressional Action on Tax Adjustment Plans - Specifies rules to be followed in the separate Houses of Congress in acting on proposed tax adjustment plans. Title IV: Fiscal Stabilization Debt Retirement Fund - Establishes a Debt Retirement Fund in the United States Treasury to be known as the "Fiscal Stabilization Debt Retirement Fund". Provides for transfer to such Fund of amounts equal to tax increases under tax adjustment plans, and for the transfers to the general fund of the Treasury from the Debt Retirement Fund. Requires the use of monies in the Debt Retirement Fund not required to meet withdrawals to reduce the Federal debt.

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1 official file

• Introduced in Senate

  summary · EN · 30 May 1974

  Open at official source

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