Page:United States Statutes at Large Volume 85.djvu/774

 744

PUBLIC LAW 92-210-DEC. 22, 1971

[85 STAT.

"TITLE II—COST OF LIVING STABILIZATION

standards.

Limitation.

"§ 201. Short title "This title may be cited as the 'Economic Stabilization Act of 1970'. "§202. Findings " I t is hereby determined that in order to stabilize the economy, reduce inflation, minimize unemployment, improve the Nation's competitive position in ^vorld trade, and jjrotect the purchasing power of the dollar, it is necessary to stabilize prices, rents, wages, salaries, dividends, and interest. The adjustments necessary to carry out this program require prompt judgments and actions by the executive branch of the Government. The President is in a position to implement promptly and effectively the program authorized by this title. "§ 203. Presidential authority " (a) The President is authorized to issue such orders and regulations as he deems appropriate, accompanied by a statement of reasons for such orders and regulations, to— " (1) stabilize prices, rents, wages, and salaries at levels not less than those prevailing on May:25, 1970, except that prices may be stabilized at levels below those prevailing on such date if it is necessary to eliminate windfall profits or if it is otherwise necessary to carry out the purposes of this title; and "(2) stabilize interest rates and corporate dividends and similar transfers at levels consistent with orderly economic growth. Such orders and regulations shall provide for the making of such adjustments as may be necessary to prevent gross inequities, and shall be consistent with the standards issued pursuant to subsection (b). "(b) l u Carrying out the authority vestcd lu him by subsection (a), the President shall issue standards to serve as a guide for determining levels of wages, salaries, prices, rents, interest rates, corporate dividends, and similar transfers which are consistent with the purposes of this title and orderly economic growth. Such standards shall— " (1) be generally fair and equitable; "(2) provide for the making of such general exceptions and variations as are necessary to foster orderly economic growth and to i:)revent gross inequities, hardships, serious market disruptions, domestic shortages of raw materials, localized shortages of labor, and windfall profits; "(3) take into account changes in productivity and the cost of living, as well as such other factors consistent with the purposes of this title as are appropriate; "(4) provide for the requiring of appropriate reductions in prices and rents whenever warranted after consideration of lower costs, labor shortages, and other pertinent factors; and "(5) call for generally comparable sacrifices by business and labor as well as other segments of the economy. " ((.) (1) The authority conferred on the President by this section shall not be exercised to limit the level of any wa^e or salary (including any insurance or other fringe benefit offered in connection with an employment contract) scheduled to take efi'ect after November 13, 1971, to a level below that which has been agreed to in a contract which

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