Page:United States Statutes at Large Volume 60 Part 1.djvu/692

 60 STAT.] 79TH CONG. , 2D SESS.-CH. 671-JULY 25, 1946 prices and wages can be terminated by the end of that fiscal year without danger of inflation thereafter. "(2) On or before April 1, 1947, the President shall report to the Congress what, if any, commodities or classes of commodities, includ- ing housing accommodations, are in such critically short supply as to necessitate, in his judgment, the continuance of the powers granted by this Act as to them after June 30, 1947, together with his recom- mendations as to established departments or agencies of the Govern- ment (other than the Office of Price Administration) which should be charged with the administration of such powers. "(d) DECONTROL OF NONAGRICULTURAL COMMODITIES.-- (1) On or before December 31, 1946, the Administrator shall decontrol all non- agricultural commodities not important in relation to business costs or living costs, and prior to that date shall proceed with such decontrol as rapidly as, in his judgment, will be consistent with the avoidance of a cumulative and dangerous unstabilizing effect. In no event shall maximum prices be maintained after December 31, 1946, for any non- agricultural commodity or class of commodities unless the same has been expressly found by the Administrator to be important in relation to business costs or living costs. "(2) The Administrator shall provide for the prompt removal of maximum prices in the case of any nonagricultural commodity when- ever the supply thereof exceeds or is in approximate balance with the demand therefor (including appropriate inventory requirements). "(3) Whenever, after a reasonable test period, it appears that the supply of a nonagricultural commodity which has been decontrolled is no longer consistent with the applicable decontrol standard, the Administrator, with the advance consent in writing of the Price Decontrol Board established under subsection (h), shall reestablish such maximum prices for the commodity, consistent with applicable provisions of law, as in his judgment may be necessary to effectuate the purposes of this Act. The supply of a nonagricultural commodity shall be deemed inconsistent with the applicable decontrol standard in any case where the prices of the commodity have risen to and after a reasonable test period remain at unreasonable and inflationary levels. "(4) Nothing contained in this Act shall be construed to authorize the Administrator to impose or maintain price controls with respect to petroleum or petroleum products processed or manufactured in whole or substantial part from petroleum, except that, after August 20, 1946, maximum prices with respect thereto may be reestablished pursuant to the provisions of paragraph (3) of this subsection (d) but only under the standards prescribed in paragraph (8) (C) of subsection (e). "(e) AGRICULTvRAL COMMODITIES. - (1) On the first day of the first calendar month which begins more than thirty days after the date of enactment of this section, the Secretary of Agriculture shall certify to the Price Administrator each agricultural commodity which such Secretary determines to be in short supply. Thereafter, on the first day of each succeeding calendar month the Secretary shall certify modi- fications of such certification by adding other agricultural commodities which have become in short supply and by removing from such certi- fication such commodities which he determines are no longer in short supply. No maximum price shall be applicable with respect to any agricultural commodity during any calendar month which begins more than thirty days after the date of enactment of this section, unless such commodity is certified to the Price Administrator under this paragraph as being in short supply. 665 Report of shortages necessitating continu- ance of powers. Maintenance of max- imum prices after Dec. 31,1946. Removal of maxi- mum prices. Reestablishment of maximum prices. Pod, p. 68. Certfiation of om- modities in short sup- ply.

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