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 by the Senate and House of Representatives 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 information 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 Council 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 USC 1904 note. 12 USC 1904 note.
Additional authority. 12 USC 1904 note. Periodic reports. Subpenas.
Witnesses.
12 USC 1904 note.
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