Page:United States Statutes at Large Volume 60 Part 1.djvu/691

 PUBLIC LAWS-CH. 671-JULY 25, 1946 July 25, 1946 [H. J. Res. 371] [Public Law 548] Price Control Ex- tension Act of 1946. Ante, p. 609; post, p. 915. 59 Stat. 306. 50 U. S. C., Supp. V,app. 901 (b). 59 Stat. 306. 50 U. S. C., Supp. V, app. §966. 56 Stat. 23 . 50 U. S. C., Supp. V, app. § 901. Termination of con- trol and use of subsidy powers. Legislation to estab- lih supplementary policies. [CHAPTER 671] JOINT RESOLUTION Extending the effective period of the Emergency Price Control Act of 1942, as amended, and the Stabilization Act of 1942, as amended. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 1 (b) of the Emergency Price Control Act of 1942, as amended, is amended by striking out "June 30, 1946" and substituting "June 30, 1947". SEC. 2. Section 6 of the Stabilization Act of 1942, as amended, is amended by striking out "June 30, 1946" and substituting "June 30, 1947". SEC. 3. Title I of the Emergency Price Control Act of 1942, as amended, is amended by inserting after section 1 thereof a new section as follows: "PUCRPOSES AND POLICIES IN THE TRANSITION PERIOD "SEC. 1A. (a) OBJECTIVES. -The Congress hereby affirms- "(1) that because of abnormally excess spending power in relation to the presently available supply of commodities, rapid attainment of production equal to the public demand is one of the necessary and urgent objectives for the prevention of infla- tion and for the achievement of a reasonable stability in the general level of prices and rents, cost of living and costs of production (including labor costs), for the purposes set forth in section 1 of this Act and for the further purposes of protect- ing the real value of benefits provided by law for veterans and their dependents, of keeping faith with purchasers of United States War Bonds, and of making possible a successful transition to a peacetime economy of maximum employment, production, and purchasing power under a system of free enterprise; "(2) that unnecessary or unduly prolonged controls over prices and rents and use of subsidies would be inconsistent with the return to such a peacetime economy and would tend to repress and prevent the attainment of this and the other goods herein declared; and "(3) that adequate prices are necessary stimulants to the production thus desired and the expeditious attainment of said goals. "(b) DECLARATION OF DECONTROL POLICY. -Therefore, it is hereby declared to be the policy of the Congress that the Office of Price Administration, and other agencies of the Government, shall use their price, subsidy, and other powers to promote the earliest practi- cable balance between production and the demand therefor of com- modities under their control, and that the general control of prices and the use of subsidy powers shall, subject to other specific provi- sions of this Act, be terminated as rapidly as possible consistent with the policies and purposes set forth in this section and in no event later than June 30, 1947, and on that date the Office of Price Administration shall be abolished. "(C) RECOMMENDATIONS BY THE PRESIDENT TO THE CONGRESS.- (1) As soon as practicable after the enactment of this section and in any event on or before January 15, 1947, the President shall recom- mend to the Congress such further legislation as in his judgment is needed to establish monetary, fiscal, and other policies which are adequate to supplement the control of prices and wages during the balance of the fiscal year 1947, and to insure that general control of I 664 [60 STA:.

�