An Act to increase the authorization for the Council on Wage and Price Stability, and to extend the duration of such Council.
PL 94-78 (S.409), enacted 08/09/1975

PUBLIC LAW 94-78—AUG. 9, 1975 
89 STAT. 411 
Public Law 94-78 
94th Congress 
An Act 
To increase the authorization for the Council on Wage and Price Stability, and 
to extend the duration of such Council. 
Be it enacted hy the Senate and House of Representatwes of the 
United States of America in Congress assembled, 
SECTION 1. This Act may be cited as the "Council on Wage and 
Price Stability Act Amendments of 1975". 
SEC. 2. (a) The first sentence of section 2(c) of the Council on 
Wage and Price Stability Act is amended by striking out the period 
and inserting in lieu thereof the following: "by and with the advice 
and consent of the Senate.". 
(b) The amendment made by subsection (a) shall take effect 
immediately after the individual holding the office of Director of the 
Council on Wage and Price Stability on the date of enactment of this 
Act ceases to hold that office. 
(c) In appointments to the additional positions authorized by the 
amendment made by subsection (a), the Council shall give preference 
to economists and other persons with special ability and experience in 
one or more of the various sectors of the economy. 
SEC. 3. Section 2 of the Council on Wage and Price Stability Act is 
amended by adding at the end thereof the following : 
"(g) The Council shall have the authority, for any purpose related 
to this Act, to— 
"(1) require periodic reports for the submission of informa-
tion maintained in the ordinary course of business; and 
"(2) issue subpenas signed by the Chairman or the Director 
for the attendance and testimony of witnesses and the production 
of relevant books, papers, and other documents, only to entities 
whose annual gross revenues are in excess of $5,000,000; 
relating to wages, costs, productivity, prices, sales, profits, imports, 
and exports by product line or by such other categories as the Council 
may prescribe. The Council shall have the authority to administer 
oaths to witnesses. Witnesses summoned under the provisions of this 
section shall be paid the same fees and mileage as are paid to witnesses 
in the courts of the United States. In case of refusal to obey a subpena 
served upon any person under the provisions of this section, the Coun-
cil may request the Attorney General to seek the aid of the United 
States district court for any district in which such person is found, 
to compel that person, after notice, to appear and give testimony, or 
to appear and produce documents before the Council." 
SEC. 4. Section 3(a) of the Council on Wage and Price Stability Act 
is amended by striking out "and" at the end of paragraph (6), by 
striking out the period at the end of paragraph (7), and inserting in 
lien thereof "; and", and by adding at the end thereof the following 
new subsection: 
"(8) intervene and otherwise participate on its own behalf in 
rulemaking, ratemaking, licensing and other proceedings before 
any of the departments and agencies of the United States, in order 
to present its views as to the inflationary impact that might result 
from the possible outcomes of such proceedings.". 
Aug. 9, 1975 
[S. 409] 
Council on W age 
and Price 
Stability Act 
Amendments of 
1975. 
12 u s e 1904 
note. 
12 u s e 1904 
note. 
Additional 
authority. 
12 u s e 1904 
note. 
Periodic reports. 
Subpenas. 
Witnesses. 
12 u s e 1904 
note. 
89 STAT. 412 
PUBLIC LAW 94-78—AUG. 9, 1975 
Confidential 
financial 
information 
disclosure, 
prohibition. 
12 u s e 1904 
note. 
12 u s e 1904 
note. 
Appropriation 
authorization. 
12 u s e 1904 
note. 
Termination date, 
extension. 
12 u s e 1904 
note. 
SEC. 5. Section 4 of the Council on Wages and Price Stability Act 
is amended by adding at the end thereof the following new subsection: 
"(f) (1) Product line or other category information relating to an 
individual firm or person and obtained under section 2(g) shall be 
considered as confidential financial information under section 552 
(b) (4) of title 5 of the United States Code and shall not be disclosed 
by the Council.". 
"(2) Periodic reports obtained by the Council under section 2(g) 
and copies thereof which are retained by the reporting firm or person 
shall be immune from legal process.". 
SEC. 6. Section 6 of the Council on Wage and Price Stability Act is 
amended by striking out "$1,000,000 for the fiscal year ending June 30, 
1975" and inserting in lieu thereof "$1,700,000 for each fiscal year 
ending prior to October 1,1977". 
SEC. 7. Section 7 of the Council on Wage and Price Stability Act is 
amended by striking out "August 15, 1975" and inserting in lieu 
thereof "September 30, 1977". 
Approved August 9, 1975. 
LEGISLATIVE HISTORY: 
HOUSE REPORT No. 94-389 accompanying H.R. 8731 (Comm. on Banking, Currency, 
and Housing). 
SENATE REPORT No. 94-84 (Comm. on Banking, Housing, and Urban Affairs). 
CONGRESSIONAL RECORD, Vol. 121 (1975): 
May 5, 6, considered and passed Senate. 
July 31, considered and passed House, amended, in lieu of H.R. 8731. 
Aug. 1, Senate Concurred in House amendment. 
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 11, No. 33: 
Aug. 11, Presidential statement.