(C) to utilize the wasted labor power, and 
nurture the creative energies of, those suffering 
from joblessness and poverty; and 
(D) to have contracts awarded competi-
tively to smaller as well as larger business en-
terprises or such other private sector units as 
non-profit enterprises, labor unions, coopera-
tives, neighborhood corporations or other vol-
untary associations. 
(7) INTERNATIONAL
ECONOMIC
POLICY.—The 
establishment of policies and initiatives to make any 
future financial support for the International Mone-
tary Fund and the International Bank for Recon-
struction and Development to be conditioned on de-
velopment and implementation of certain policies 
and procedures by such institutions, including the 
protection of the rights of women and children, con-
cern for the environment, employees’ right to orga-
nize and to work in safe and healthy conditions as 
will help raise the living standards of those people 
with the lowest levels of income and wealth, thereby 
promoting such higher levels of wages and salaries 
in such countries as will provide larger markets for 
their own industries and for imports of goods and 
services from the United States.
(8) INTERNATIONAL CONFERENCES ON UNEM-
PLOYMENT
AND
UNDEREMPLOYMENT.—The estab-
lishment of policies and initiatives—
(A) to begin working toward the prompt 
initiation of a series of international and re-
gional conferences through the United Nations 
and International Labor Organization on alter-
native methods of reducing involuntary unem-
ployment, underemployment, and poverty; and 
(B) to organize, through the Department 
of Labor, planning seminars and other sessions 
in preparation for a worldwide conference and 
convention of independent labor unions. 
(9) REDUCTIONS
IN
HOURS.—The establish-
ment of policies and initiatives to provide for 
phased-in actions for reductions in the length of the 
work year through longer paid vacations, the prohi-
bition on compulsory return to work of new mothers 
before six months maternity leave, the elimination of 
compulsory overtime, curbing excessive overtime 
through an increase in the premium to triple time on 
all hours in excess of 40 hours in any week, exempt-
ing administrative, executive, and professional em-
ployees from the overtime premium only if their sal-
ary levels are three times the annual value of the
minimum wage, reducing the average work week in 
manufacturing and mining to no more than 35 
hours without any corresponding loss in weekly 
wages, and voluntary work-sharing arrangements. 
(10) PART-TIME
EMPLOYMENT
WITH
SOCIAL 
BENEFITS.—The establishment of policies and initia-
tives to increase the opportunities for freely-chosen 
part-time employment, with social security and 
health benefits, to meet the needs of older people, 
students, individuals with disabilities, and individ-
uals with housekeeping, child care, and family care 
responsibilities. 
(11) INSURANCE
PROTECTION
FOR
PENSION 
FUND INVESTMENTS.—The establishment of policies 
and initiatives to encourage more private and public 
investment in those areas of localized depression in 
which people suffer from massive joblessness, over-
crowded schools, overcrowded housing, inadequate li-
brary and transportation facilities, violence and so-
cial breakdown by—
(A) promoting comprehensive plans for 
raising the quality of life through expanded 
small business activity, middle income housing 
(including rehabilitation) and improvements in 
private and public infrastructure;
(B) encouraging private, Federal, State 
and local pension funds to invest a substantial 
portion of their resources in projects approved 
in accordance with such plans; and 
(C) protecting the beneficiaries of such 
funds by whatever insurance guarantees may be 
needed to eliminate the risks involved by enter-
ing areas not normally regarded as profitable 
by banks and other investors. 
(12) OTHER MATTERS.—The establishment of 
policies and initiatives to present and continuously 
adjust proposals, budgets and executive policies and 
initiatives on taxation, Social Security, health care, 
child care, public education, training and retraining, 
the arts and humanities, basic and applied science, 
housing, public transportation, public utilities, mili-
tary conversion, environmental protection, anti-rac-
ism, agriculture, enforcement of anti-monopoly laws, 
public financing of election campaigns, crime preven-
tion, punishment and rehabilitation, and such other 
matters as may be necessary to fulfill the objectives 
of this Act. 
SEC. 5. JOINT ECONOMIC COMMITTEE. 
(a) MONITORING OF ACTIONS UNDER THIS ACT.—
In addition to its responsibilities under the Employment
Act of 1946, the Joint Economic Committee shall monitor 
all actions taken or proposed to be taken to carry out the 
purposes under this Act. 
(b) REPORT.—The Joint Economic Committee shall 
prepare and submit to the Congress, and publish in the 
Federal Register, an annual report containing a summary 
of the findings of the Committee with respect to the ac-
tions monitored under subsection (a) for the preceding 
year, with special attention to the extent to which the 
President and Federal agencies have faithfully executed 
or may have failed to faithfully execute the provisions of 
this Act and fulfill their obligations under international 
covenants and conventions requiring periodic reporting to 
United Nations committees. 
(c) CONCURRENT RESOLUTION ON ECONOMIC POL-
ICY.—Not later than July 1 of each year the Joint Eco-
nomic Committee shall submit to the Senate and the 
House of Representatives a Concurrent Resolution on 
Economic Policy setting forth both in aggregate terms and 
in detail its proposed goals for employment by type of em-
ployment, with special attention to hours, wages, and so-
cial benefits, and for reducing unemployment, under-
employment, and poverty in urban, suburban and rural 
areas. Notwithstanding any other provisions of law, these
goals shall serve as the framework for any concurrent res-
olutions on the Federal budget. 
SEC. 6. AUTHORIZATION OF APPROPRIATIONS. 
There are hereby authorized to be appropriated such 
sums as may be necessary for operating and investment 
expenses to implement the policies, programs and projects 
set forth in accordance with this Act.
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