Page:United States Statutes at Large Volume 92 Part 2.djvu/613

 92 STAT. 1893

PUBLIC LAW 95-523—OCT. 27, 1978

(b) Section 3 of the Employment Act of 1946 is amended by add- 15 USC 1022. ing the following: " (d) For the purposes of the F u l l Employment and Balanced G r o w t h Act of 1978, the percentage rate of unemployment as a per- Ante, p. 1887. centage of the civilian labor force as set forth by the Bureau of Labor Statistics in the Department of Labor as computed under the procedures in effect as of the date of enactment of this Act. " (e) For the purpose of the F u l l Employment and Balanced Definitions. Growth Act of 1978, the terms 'inflation', 'prices', and 'reasonable price stability' refer to the rate of change or level of the consumer price index as set forth by the Bureau of Labor Statistics, United States Department of Labor." F U L L EMPLOYMENT AND BALANCED GROWTH: MEDIUM-TERM GOALS AND POLICIES

ECONOMIC

SEC. 104. The Employment Act of 1946 is amended by redesignating sections 4 and 5 as sections 10 and 11, respectively, and by inserting 15 USC 1023, 1024. a new section 4 as follows: " F U L L EMPLOYMENT AND BALANCED GROWTH: MEDIUM-TERM ECONOMIC GOALS AND POLICIES

" SEC. 4. (a) I n each Economic Report after enactment of the F u l l Employment and Balanced Growth Act of 1978, the President shall incorporate (as part of the five-year numerical goals in each Economic Report) medium-term annual numerical goals specified in section 3 (a)(2)(B), and in each President's Budget submitted immediately p r i o r thereto, the President shall incorporate the programs and policies the President deems necessary to achieve such medium-term goals and a balanced Federal budget and to achieve reasonable price stability as rapidly as feasible as provided for in section 5(b) of this Act. " (b) The medium-term goals in the first three Economic Reports and, subject to the provisions of subsection (d), in each Economic Report thereafter shall include (as part of the five-year goals in each Economic Report) interim numerical goals for— " (1) reducing the rate of unemployment, as set forth pursuant to section 3(d) of this Act, to not more than 3 per centum among individuals aged twenty and over and 4 per centum among individuals aged sixteen and over within a period not extending beyond the fifth calendar year after the first such Economic Report; and " (2) reducing the rate of inflation, as set forth pursuant to section 3(e) of this Act, to not more than 3 per centum within a period not extending beyond the fifth calendar year after the first such Economic Report: Provided, That policies and programs for reducing the rate of inflation shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment. For purposes of this subsection, the first Economic Report shall be the Report issued in the first calendar year after enactment of the F u l l Employment and Balanced Growth Act of 1978. " (c)(1) Upon achievement of the 3 and 4 per centum goals specified in subsection (b)(1), each succeeding Economic Report shall have the goal of achieving as soon as practicable and maintaining thereafter full employment and a balanced budget.

15 USC 1022a.

Ante, p. 1892.

Post, p. 1895.

Supra.

Supra.

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