Page:United States Statutes at Large Volume 92 Part 2.djvu/618

 92 STAT. 1898

Effective date. 12 USC 225a note.

PUBLIC LAW 95-523—OCT. 27, 1978 of Governors and the Federal Open Market Committee determine that they cannot or should not be achieved because of changing conditions: Provided, That in the subsequent consultations with, and reports to, the aforesaid Committees of the Congress pursuant to this section, the Board of Governors shall include an explanation of the reasons for any revisions to or deviations from such objectives and plans.". (b) The amendment made by subsection (a) takes effect on January 1, 1979. OVERCOMING I N F L A T I O N

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SEC. 109. The Employment Act of 1946 is amended by inserting a new section 8 as follows: "OVERCOMING I N F L A T I O N

15 USC 1022e. Ante, pp. 1892, 1893. Ante, p. 1895.

Policy initiation and recommendations.

"SEC. 8. (a) The Congress hereby determines that the objective of achieving reasonable price stability as soon as feasible, as set forth in section 3(a)(3) and section 4(a), shall be pursued by the methods and subject to the requirements of section 5(b). "(b) The Congress finds that sole dependence upon fiscal or monetary policies or both to combat inflation can exacerbate both inflation and unemployment. The Congress finds that the coordinated use of fiscal and monetary policies in conjunction with specific targeted policies are necessary to combat inflation. "(c) The President shall initiate specific policies to reduce the rate of inflation, including recommendations to the Congress where necessary, and include recommendations within the Economic Report and the President's budget to the extent practicable. Structural policies to reduce the rate of inflation may include— "(1) an effective information system to monitor and analyze inflationary trends in individual economic sectors, so that the President and Congress can be alerted to developing inflation problems especially those caused by bottlenecks inhibiting the flow of goods and services; "(2) programs and policies for alleviating shortages of goods, services, labor, and capital, with particular emphasis on food, energy, and critical industrial materials to aid in stabilizing prices; "(3) the establishment of stockpiles of agricultural commodities and other critical materials to help stabilize prices, meet emergencjT^ needs, and promote adequate income to producers; "(4) encouragement to labor and management to increase productivity within the national framework of full employment through voluntary arrangements in industries and economic sectors; "(5) recommendations to increase competition in the private sector and to improve the economic climate for the creation and growth of smaller businesses, including recommendations to strengthen and enforce the antitrust laws, the patent laws, and the internal revenue laws and regulations; "(6) removal or proper modification of such Government restrictions and regulations as add unnecessarily to inflationary costs; "(7) increasing exports and improving the international competitive position of agriculture, business, and industry; and

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