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Y 4. B223:C8341977
AMENDING THE COUNCIL ON WAGE AND

PRICE STABILITY ACT

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COMMITTEE ON
BANKING, HOUSING, AND URBAN AFFAIRS

UNITED STATES SENATE

NINETY-FIFTH CONGRESS

FIRST SESSION

ON

S. 1542
TO AMEND THE COUNCIL ON WAGE AND PRICE

STABILITY ACT

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U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1977

93-924 O

COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS

WILLIAM PROXMIRE, Wisconsin, Chairman JOHN SPARKMAN, Alabama

EDWARD W. BROOKE, Massachusetts HARRISON A. WILLIAMS, JR., New Jersey JOHN TOWER, Texas THOMAS J. MCINTYRE, New Hampshire JAKE GARN, Utah ALAN CRANSTON, California

H. JOHN HEINZ III, Pennsylvania ADLAI E. STEVENSON, Illinois

RICHARD G. LUGAR, Indiana ROBERT MORGAN, North Carolina

HARRISON SCHMITT, New Mexico
DONALD W. RIEGLE, JR., Michigan
PAUL S. SARBANES, Maryland

KENNETH A. MCLEAN, Staff Director
JEREMIAH S. BUCKLEY, Minority Staff Director

STEVEN M. ROBERTS, Chief Economist

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CONTENTS

Page

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65 565 11:11

11/98 31150-166

AMENDING THE COUNCIL ON WAGE AND PRICE

STABILITY ACT

TUESDAY, JULY 19, 1977

U.S. SENATE, COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS,

Washington, D.C. The committee met at 10 a.m., in room 5302, Dirksen Senate Office Building, Senator William Proxmire, chairman of the committee, presiding.

Present: Senators Proxmire, Sarbanes, and Lugar.

The CHAIRMAN. I'm going to ask two of your colleagues to come forward so we can have a panel consisting of you, Mr. Bosworth, Dr. Albert Rees, who's director of industrial relations section and professor of economics, Princeton University, and has had great experience and a fine record as you know as head of the Council; and the distinguished Hendrik Houthakker, professor of economics at Harvard University, former member of the Council of Economic Advisors.

Mr. BOSWORTH. Would it be all right if Bob Crandall, who serves as Acting Director, joins me at the table?

The CHAIRMAN. Fine. All right. Supposing we start off with Dr. Rees. You might give us your statement and then Professor Houthakker, and then Professor Bosworth.

Before you do that, I have an opening statement I'd like to make.

OPENING STATEMENT OF CHAIRMAN PROXMIRE

The CHAIRMAN. Today's hearing is on the subject of S. 1542, an administration bill which I introduced. Its purpose is to amend the Council on Wage and Price Stability Act so as to extend the life of the Council to September 30, 1979, to provide for a moderate increase in the Council's authorized expenditures, and to clarify some of the Council's powers.

Last Friday President Carter announced a major reorganization of the White House and executive office of the President of which the Council on Wage and Price Stability is part. The Council is to be retained, but as I understand it, the new plan does not call for a moderate increase in authorized expenditures as does S. 1542, some of the work that the Council had done will be shifted elsewhere, and the Chairman of the Council of Economic Advisors will replace the Secretary of the Treasury as Chairman of the Council on Wage and Price Stability. Chairman Schultze and Director-designate Barry Bosworth will both be here today so that the committee may understand what

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