Council on Wage and Price Stability Act
PL 93-387 (S.3919), enacted 08/24/1974

750 
PUBLIC LAW 93-387-AUG. 24, 1974 
[88 STAT. 
GAO audit, sub-
mittal to Con-
gress. 
15 u s e 633 
note. 
SEC. 13. The General Accounting Office is directed to conduct a full-
scale audit of the Small Business Administration, including all field 
offices. This audit shall be submitted to the House and Senate not later 
than six months from the date of enactment of this Act. 
Approved August 23, 1974. 
August 24, 1974 
[S.3919] 
Public Law 93-387 
AN ACT 
To authorize the establishment of a Council on AVage and Price Stability. 
Council on 
Wage and Price 
Stability Act. 
12 u s e 1904 
note. 
Council on Wage 
and Price Sta-
bility. 
Establishment. 
12 u s e 1904 
note. 
5 u s e 5315 
note. 
5 u s e 5332 
note. 
5 u s e 101 et 
seq. 
Experts and 
consultants. 
Duties. 
12 u s e 1904 
note. 
Be it enacted by the Senate and House of Representatives 
of the 
United /States of America in Congress assembled^ That this Act may 
be cited as the "Council on Wage and Price Stability Act". 
SEC. 2. (a) The President is authorized to establish, within the 
Executive Office of the President, a Council on Wage and Price Sta-
bility (hereinafter referred to as the "Council"). 
(b) The Council shall consist of eight members appointed by the 
President and four adviser-members also appointed by the President. 
The Chairman of the Council shall be designated by the President. 
(c) There shall be a Director of the Council who shall be appointed 
by the President. The Director shall be compensated at the rate pre-
scribed for level IV of the Executive Schedule by section 5315 of title 
5, United States Code. The Director of the Council shall perform such 
functions as the President or the Chairman of the Council may 
prescribe. The Deputy Director shall perform such functions as the 
Chairman or the Director of the Council may prescribe. 
(d) The Director of the Council may employ and fix the compen-
sation of such officers and employees, including attorneys, as are neces-
sary to perform the functions of the Council at rates not to exceed the 
highest rate for grade 15 of the General Schedule under section 5332 
of title 5, United States Code. Except that the Director, with the 
approval of the Chairman may, without regard to the provisions of 
title 5, United States Code, relating to appointments in the competitive 
service, appoint and fix the compensation of not to exceed five positions 
at the rates provided for grades 16, 17, and 18 of such General Sched-
ule, to carry out the functions of the Council. 
(e) The Director of the Council may employ experts, expert wit-
nesses, and consultants in accordance with the provisions of section 
3109 of title 5, United States Code, and compensate them at rates 
not in excess of the maximum daily rate prescribed for grade 18 of 
the General Schedule under section 5332 of title 5, United States Code. 
(f) The Director of the Council may, with their consent, utilize the 
services, personnel, equipment, and facilities of Federal, State, 
regional, and local public agencies and instrumentalities, with or with-
out reimbursement therefor, and may transfer funds made available 
pursuant to this Act to Federal, State, regional, and local public 
agencies and instrumentalities as reimbursement for utilization of 
such services, personnel, equipment, and facilities. 
SEC. 3. (a) The Council shall— 
(1) review and analyze industrial capacity, demand, supply, 
and the effect of economic concentration and anticompetitive prac-
ticeSj and supply in various sectors of the economy, working with 
the industrial groups concerned and appropriate governmental 
agencies to encourage price restraint; 
(2) work with labor and management in the various sectors of 
the economy having special economic problems, as well as with 
appropriate government agencies, to improve the structure of 
88 STAT. ] 
PUBLIC LAW 93-387-AUG. 24, 1974 
751 
collective bar<^ainin^ and the performance of those sectors in 
restraining' prices; 
(3) improve wage and price data bases for the various sectors 
of the economy to improve collective bargaining and encourage 
price restraint; 
(4) conduct public hearings necessary to provide for public . P^bUc hear-
scrutiny of inflationary problems in various sectors of the '"^^" 
economy; 
(5) focus attention on the need to increase productivity in both 
the public and private sectors of the economy; 
(6) monitor the economy as a whole by acquiring as appro-
priate, reports on wages, costs, productivity, prices, sales, profits, 
imports, and exports; and 
(7) review and appraise the various programs, policies, and 
activities of the departments and agencies of the United States 
for the purpose of determining the extent to which those programs 
and activities are contributing to inflation. 
(b) Nothing in this Act, (1) authorizes the continuation, imposi-
tion, or reimposition of any mandatory economic controls with respect 
to prices, rents, wages, salaries, corporate dividends, or any similar 
transfers, or (2) affects the authority conferred by the Emergency 
Petroleum Allocation Act of 1973. 
i s use 751 
SEC. 4. (a) Any department or agency of the United States which "°I^' 
. ^ . 
n
. 
J 
ii 
• 
o 
^ 
. 
. 
- 
• ( . 
Economic data, 
collects, generates, or otherwise prepares or maintains data or mior- avaiiabiuty. 
mation pertaining to the economy or any sector of the economy shall, ^^^l ^^^ ^^"'^ 
upon the request of the Chairman of the Council, make that data or "" ° 
information available to the Council. 
(b) Disclosure of information obtained by the Council Irom sources 
other than Federal, State, or local government agencies and depart-
ments shall be in accordance with the provisions of section 552 of 
title 5, United States Code. 
(c) Disclosure by the Council of information obtained from a Fed-
eral, State, or local agency or department must be in accord with section 
552 of title 5, United States Code, and all the applicable rules of prac-
tice and procedure of the agency or department from which the 
information was obtained. 
(d) Disclosure by a member or any employee of the Council of the 
confidential information as defined in section 1905 of title 18, United 
States Code, shall be a violation of the criminal code as stated therein. 
note. 
Confidential 
information. 
icome tax re-
(e) Consistent with the provisions of section 7213 of the Internal j^J^'^jiscios 
Revenue Code of 1954, nothing in this Act shall be construed as p"ohibuLn!"'^^' 
providing for or authorizing any Federal agency to divulge or to make 
26 use 7213. 
known to the Council the amount or source of income, profits, losses, 
expenditures, or any particular thereof, set forth or disclosed solely in 
any income return, or to permit any income tax return filed pursuant 
to the provisions of the Internal Revenue Code of 1954, thereof, to be ^^^6 use 1 et 
seen or examined by the Council. 
^^'^" 
SEC. 5. The Council shall report to the President, and through "him ^^^^^^3°"^ co^-*^^'" 
to the Congress, from time to time, concerning its activities, findings, gr^ss^" 
and recommendations with respect to the containment of inflation 
1
2 use 1904 
and the maintenance of a vigorous and prosperous peacetime economy. "°'^ 
SEC. 6. There is hereby authorized to be appropriated not to exceed 
fl'^sc^rQCM" 
$1,000,000 for the fiscal year ending June 30, 1975, to carry out the note. 
purposes of this Act. 
SEC. 7. The authority granted by this Act terminates on August 15, Termination. 
1975. 
note. 
Approved August 24, 1974.