Cost of Living Act

Summary

Cost of Living Act - States that the President shall: (1) focus public attention on causes of inflation; (2) monitor the economy as a whole; (3) work with labor, management, and governmental agencies to encourage price and wage restraint and increase productivity; (4) improve wage and price data bases to improve collective bargaining and encourage price restraint; (5) conduct public hearings as appropriate to provide public scrutiny of inflationary problems; (6) make recommendations for such changes in the Federal Government and private sectors as will increase supply and restrain prices; (7) recommend legislation and take other appropriate action to reduce the inflationary impact of economic concentration and anticompetitive practices; (8) evaluate the reasonableness of wage and price increases which may have a material effect on inflation, taking into consideration cost of living, costs of production, productivity, and the resource needs of any sector of the economy; and (9) delay the implementation, for up to 45 days, of any price or wage increase which the President finds is likely to have a serious inflationary impact, and extend such delay for up to an additional 45 days if the President finds that significant injury to the economy as a whole would otherwise result. Authorizes the President to establish, within the Executive Office of the President, a Cost of Living Task Force to which he may delegate his authority under this Act. Authorizes to be appropriated $5,000,000 for fiscal year 1975 to carry out the purposes of this Act. Terminates the authority under this Act at midnight, October 1, 1975.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 15 August 1974

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

2. 15 August 1974

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 15 August 1974

  Open at official source

Sponsors

• Sen. Muskie, Edmund S. [D-ME] · D · Sponsor
• Sen. Stevenson, Adlai E., III [D-IL] · D · Cosponsor
• Sen. Johnston, J. Bennett [D-LA] · D · Cosponsor
• Sen. Mansfield, Mike [D-MT] · D · Cosponsor
• · ssbk00 · Standing

Related records

No cross-record relationships stored yet.