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1535208
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1976/07/21 - Economic Policy Board
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1535208
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1976/07/21 - Economic Policy Board
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James M. Cannon Files (Ford Administration)
James Cannon's Meetings Files
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1976-07-31
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1976
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The original documents are located in Box 60, folder "1976/07/21 - Economic Policy Board"
of the James M. Cannon Files at the Gerald R. Ford Presidential Library.
Copyright Notice
The copyright law of the United States (Title 17, United States Code) governs the making of
photocopies or other reproductions of copyrighted material. Gerald Ford donated to the United
States of America his copyrights in all of his unpublished writings in National Archives collections.
Works prepared by U.S. Government employees as part of their official duties are in the public
domain. The copyrights to materials written by other individuals or organizations are presumed to
remain with them. If you think any of the information displayed in the PDF is subject to a valid
copyright claim, please contact the Gerald R. Ford Presidential Library.
Digitized from Box 60 of the James M. Cannon Files at the Gerald R. Ford Presidential Library
ECONOMIC POLICY BOARD
EXECUTIVE COMMITTEE MEETING
JULY 21, 1976
8:30 a.m.
ROOSEVELT ROOM
AGENDA
1. Report of Task Force on Banking Regulation
Treasury
2. Report of Task Forces to Improve Government
MacAvoy
Regulation.
is
FORD
07/330
EYES ONLY
MINUTES OF THE
ECONOMIC POLICY BOARD
EXECUTIVE COMMITTEE MEETING
July 20, 1976
Attendees: Messrs. Seidman, Lynn, Richardson, Dixon, Malkiel,
Gorog, Porter, Perritt, Penner, Kendrick, Arena,
Spaulding, Leach
1.
Westinghouse Negotiations
The Executive Committee briefly discussed the progress in the
Westinghouse negotiations. Secretary Usery finished meeting
with the parties in the Westinghouse dispute Monday evening.
The Coordinating Council, representing the three unions that
have not settled, is scheduled to vote today on a proposed settle-
ment. The terms of the proposals call for wage increases a
fraction of a percent higher than the GE settlement.
Decision
The Executive Committee approved submitting an information
memorandum to the President on the progress in the Westing-
house negotiations.
2.
Report of the Subcommittee on Economic Statistics
The Executive Committee reviewed the work of the Subcommittee
on Economic Statistics over the last quarter. Mr. Malkiel re-
ported that the Subcommittee has succeeded in meeting the Presi-
dent's goal of a 10 percent reduction in Federal paperwork require-
ments. The Subcommittee has altered its procedures with respect
to the statistical budgets of Federal agencies by having each
department submit to the Subcommittee a preliminary paper
setting forth the choices that would have to be made in their
internal budgeting review as well as preparing a form of cost/
benefit analysis for each major option. The Subcommittee then
systematically reviewed the agency proposals and assigned a pri-
ority ranking to each proposal. In many cases the agencies were
EYES ONLY
EYES ONLY
2
also requested to submit proposals to improve statistics in
particular areas in accordance with the discussions of statistical
needs by the EPB Executive Committee. The discussion focused
on the revision of programs dealing with the collection and
reporting of industrial prices to help address some of the inade-
quacies of the present wholesale price index, the timing of
implementation of the new employment cost index, the need for
securing accurate cost data to cover both wages and fringe bene-
fits, work underway to improve business inventory statistics,
and the need for the Subcommittee to further examine the recom-
mendations of the Rockefeller report on Federal pay comparability.
Decision
The Executive Committee members were requested to provide
Mr. Malkiel with any comments or recommendations they have
regarding the high priority projects identified for each statistical
agency in the Subcommittee's report.
The Executive Committee requested the Subcommittee on Economic
Statistics to explore the potential for identifying leading indicators
of capital spending that could be incorporated into a new index.
3.
Review of Current Economic Conditions
The Executive Committee briefly reviewed current economic con-
ditions and the outlook in light of the GNP figures which will be
announced later today. The discussion focused on several factors
that should be considered in evaluating quarterly GNP figures
including: (1) There is often a ragged growth rate of GNP by
quarters due to large inventory swings; (2) there are statistical
difficulties which frequently slightly understate or overstate GNP
growth during any particular quarter; (3) there are good reasons
for optimism regarding the last half of 1976 based on the rebound
in June retail sales, the strength of capital goods orders, move-
ments in residential construction, and a currently falling inventory/
sales ratio which could prompt additional inventory expansion
during the last half of the year.
EYES ONLY
EYES ONLY
3
4.
Maritime Policy
Mr. Seidman reported that his office would coordinate with
Commerce, CEA, and OMB the preparation of a memorandum
reviewing options to assist the U.S. maritime industry.
Secretary Richardson reported that the Department of Commerce
was preparing a memorandum relating to the US/USSR maritime
agreement and negotiations.
5.
Humphrey-Hawkins Unemployment Rate
Mr. Seidman requested CEA to prepare a short paper clarifying
what a 3 percent adult unemployment rate, as envisioned in the
Humphrey Hawkins bill, translates to in terms of the overall
unemployment rate as conventionally calculated.
EYES ONLY
RBP