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Y 4. B223:C8341977
PRICE STABILITY ACT
UNITED STATES SENATE
U.S. GOVERNMENT PRINTING OFFICE
WASHINGTON : 1977
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
KENNETH A. MCLEAN, Staff Director
STEVEN M. ROBERTS, Chief Economist
Written answers to questions of Senator Proxmire submitted by Mr.
65 565 11:11
AMENDING THE COUNCIL ON WAGE AND PRICE
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