Page:United States Statutes at Large Volume 94 Part 3.djvu/104

 94 STAT. 2748

PUBLIC LAW 96-508—DEC. 8, 1980

Public Law 96-508 96th Congress An Act Dec. 8, 1980 [S. 2352]

Council on Wage and Price Stability, appropriation authorization and extension. 12 USC 1904 note.

Inflation reduction proposals, review. 12 USC 1904 note. Report to Congress.

12 USC 1904 note.

12 USC 1904 note.

12 USC 1904 note. Price guideline. 12 USC 1904 note.

To increase the authorization for the Council on Wage and Price Stability, to extend the duration of such Council, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) section 2(b) of the Council on Wage and Price Stability Act (12 U.S.C. 1904 note) is amended by striking out the last sentence thereof and inserting in lieu thereof the following: "The Council shall be headed by a Chairperson who shall be appointed by the President, by and with the advise and consent of the Senate.". (b) The amendments made by subsection (a) shall apply only to individusds who are appointed, on or after the date of the enactment of this Act, as Chairperson of the Council on Wage and Price Stability. SEC. 2. Section 3(c) of the Council on Wage and Price Stability Act is amended to read as follows: "(c) The Council shall review proposals which have been made for reducing inflation through tax-based incomes policies and shall submit a report containing its findings, along with recommendations and legislative proposals for such policies, to the Congress not later than January 15, 1981. Such review shall include, but not be limited to, tax-based incomes policies designed to provide incentives for compliance with wage, price, or proflt-margin guidelines that could be provided through changes in personal income taxc i, corporate income taxes, investment tax credits, or depreciation allowances. The Council shall also review the impact on inflation that might result from supply side income tax reductions and include in the report required by this subsection its findings pursuant to such review.". SEC. 3. Section 5 of the Council on Wage and Price Stability Act is amended by striking out "on a quarterly basis and not later than thirty days after the close of each calendar quMter" and inserting in lieu thereof "on an annual basis". SEC. 4. Section 6 of the Council on Wage and Price Stability Act is amended by striking out "not to exceed" and all that follows through the end thereof and inserting in lieu thereof "not to exceed $9,770,000 for the fiscal year ending September 30, 1981.". SEC. 5. Section 7 of the Council on Wage and Price Stability Act is amended by striking out "September 30, 1980" and inserting in lieu thereof "September 30, 1981". SEC. 6. Section 3 of the Council on Wage and Price Stability Act is amended by adding at the end thereof the following: "(d) The Council shall not prescribe an annual average price increase guideline lower than the percentage obtained by subtracting the average annual growth in nonfarm output per man-hour in the private sector since 1973, as measured by the Bureau of Labor Statistics and stated as a percentage, from the average annual wage increase permitted under the voluntary wage standard, stated as a percentage.".

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