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Wage and Price Stability, Council on
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Wage and Price Stability, Council on
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The original documents are located in Box 65, folder "Wage and Price Stability, Council
on" of the Philip Buchen 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 R. 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States of America his copyrights in all of his unpublished writings in National Archives collections.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 65 of the Philip Buchen Files at the Gerald R. Ford Presidential Library
EMBARGOED FOR RELEASE
AUGUST 24, 1974
UNTIL 11:00 A. M., EDT
Office of the White House Press Secretary
THE WHITE HOUSE
STATEMENT BY THE PRESIDENT
One of my First acts as President was to ask the Congress to reactivate a
wage and price monitoring agency before its Labor Day recess. Today --
less than two weeks later -- I am gratified to sign the legislation authorizing
me to create such a Council and I hereby announce its creation without
further delay.
It is certainly encouraging to me, as it must be to all Americans, to know
that the Government can act so swiftly on the inflation front. Prompt
and aggressive action against inflation is precisely what America needs, and
that is the kind of leadership that must be provided by the Federal
Government.
This new Council on Wage and Price Stability will provide us with one
means of identifying and exposing some of the causes of inflation. It will
bring into sharper focus the critical developments of industrial performance,
wage and producitvity performance, and the effect on inflation of actions
taken by the Federal Government.
I must re-emphasize that the Council should not be a steppingstone back
to mandatory wage and price controls. We have learned from experience
that in today's economy, controls lead to disruptions and new troubles.
It would also be unrealistic to expect this Council to bring any immediate
relief from inflation. Establishment of the Council is but one step along a
difficult road that all of us must travel in the months ahead. We in the
Federal Government must hold to a firm, responsible policy of fiscal and
monetary restraint. Industry and labor will have their work cut out for
them in exercising every responsible restraint in price and wage increases.
We face an uphill road, and we will make it through only if we all pull
together.
I will announce shortly the membership of the Council so that it can convene
promptly and develop an agenda for action in the immediate future.
Once again, I commend the Members of Congress for their quick and
responsible action in helping to establish this Council.
#
#
#
FORD
LIBRARY
FOR IMMEDIATE RELEASE
AUGUST 24, 1974
OFFICE OF THE WHITE HOUSE PRESS SECRETARY
THE WHITE HOUSE
REMARKS OF THE PRESIDENT
UPON SIGNING COUNCIL ON WAGE AND
PRICE STABILITY ACT OF 1974
THE CABINET ROOM
11:07 A.M. EDT
Thank you very much, Mr. Speaker, for coming,
along with Mr. Rhodes and Mr. Arends and members of the
White House staff and the Cabinet and others.
I appreciate your coming down here on a Saturday
morning for this signing which I think probably best
indicates the cooperation that exists before the Congress
and the White House.
I was just noticing that less than two weeks ago,
Mr. Speaker, I asked for the help of the Congress in one
important piece of legislation, namely, the one I am about
to sign, and within that short span of time the House and
Senate responded, responded, I think, in a very constructive
way.
Not that this particular piece of legislation
is going to be an instant answer or an immediate panacea,
but it is important. It was so indicated by the Republican
Administration and concurred in by the Democratic Leadership
and the Democratic Congress. I think it is indicative of
the recognition that we have to work together not only in
this instance, but in others, in meeting the problem of
inflation which plagues us, which is our public enemy
number one.
Now we have some other things that have to be
done. I have said very emphatically, and I think it has been
generally agreed to, that this legislation is not the fore-
runner of any wage and price controls. This is a monitoring
piece of legislation to give guidance in very broad terms
to management and labor so they don't take advantage of
a free economy in this critical situation.
I am not going to ask for wage and price controls
and we generally agreed last week that the Congress in 1974
would not respond to any wage and price control recommenda-
tion.
MORE
BERALD FORD
Page 2
We are going to do some other things, and I
think all of this ought to be encouraging to the American
people and to our friends around the world. We are going
to hold the line on spending. The target, of course, is
a figure in this fiscal year of under $300 billion. We
can do it. We are going to do it. And that ought to be
reassuring, I think, to the American people.
There will be some other things that will
undoubtedly come out of the economic summit which is
being put together by cooperation with the Congress and
with the White House.
This battle has to be won and it will be won
and the cooperation I have gotten from not only the Congress
but from some in industry, and I hope from those in labor,
should absolutely reassure the American people that
inflation can be licked here as well as abroad.
So with those remarks I would like to sign
this bill which I appreciate, and I think the American
people will be glad to have on the statute book.
Thank you very much. I appreciate everybody
being here, and now we are. going back to work without
any further ado.
Thank you very much.
END
(AT 11:14 A.M. EDT)
THE FORD LIBRARY
EMBARGOED FOR RELEASE
AUGUST 24, 1974
UNTIL 11:00 A. M., EDT
Office of the White House Press Secretary
THE WHITE HOUSE
FACT SHEET
COUNCIL ON WAGE AND PRICE STABILITY ACT (S. 3919)
The President has today signed into law the Council on Wage and Price Stability
Act, which provides a monitoring organization in the Executive Office of the
President to review the various factors and conditions which relate to supply
and demand, price and wage movements, and productivity in the economy with
the view to countering inflationary pressures.
BACKGROUND
On August 12, 1974, the President asked the Congress to promptly enact
legislation authorizing a Cost of Living Agency within the Executive Office of
the President, to monitor wages and prices throughout the economy and
recommend appropriate actions to counter inflation. S. 3919 provides this
requested authority.
MAJOR PROVISIONS
This legislation authorizes:
-- the President to establish, within the Executive Office of the President,
a Council on Wage and Price Stability consisting of eight members and
four adviser-members appointed by the President. The President will
designate one of the eight members to be the Chairman and one of the
Council staff will be designated as Director.
-- the Director of the Council to employ and compensate staff members
and consultants as necessary to perform the duties of the Council;
-- the Council to monitor the economy as a whole, work with labor and
management to improve the structure of collective bargaining and
encourage price restraint, focus attention on the need for increased
productivity, conduct public hearings to help publicize inflationary
problems, and review the Government's policies and programs to
determine their effect upon inflation;
-- the Council to utilize the services, personnel, and facilities of public
agencies at all levels, and to obtain economic data or information from
other Federal agencies (with subsequent disclosure of such information
by the Council as limited by existing law); and
-- appropriations not to exceed $1,000,000 for fiscal year 1975 to carry
out the purposes of the Act.
The legislation additionally:
-- does not authorize mandatory or standby controls over wages, salaries,
(MORE)
FORD LIBRARY
- 2 -
prices, rents, and corporate dividends; and
-- requires the Council to report to the President and the Congress from
time to time concerning its activities, findings, and recommendations.
EFFECTIVE DATES
The legislation becomes effective on this date and lapses on August 15, 1975.
#
#
#
GERAL FORD LIBRARY
FOR IMMEDIATE RELEASE
SEPTEMbER 28, 1974
Office of the White House Press Secretary
THE WHITE HOUSE
The President today announced the appointment of Dr. Albert Rees,
of Princeton, New Jersey, to be Director of the Council on Wage and
Price Stability. Since 1966, he has been a Professor of Economics
at Princeton University.
In 1971, he became a member of the Construction Industry Stabilization
Committee of the Cost of Living Council. In 1973, he became the
Chairman of the Tripartite Food Industry Wage and Salary Committee
of the Cost of Living Council. From 1966 to 1972 he served on the
Board of Directors of the Social Science Research Council.
Dr. Rees was born on August 21, 1921, in New York City. He
received his S.A. degree from Oberlin College in 1943. He was
awarded his M.A. degree in 1947 and his Ph.D. in 1950 from the
University of Chicago. In 1947 he was an Instructor at Roosevelt
College. From 1948 to 1966 he was a member of the economic faculty
at the University of Chicago. In 1954 to 1955 he was a staff member
of the Council of Economic Advisers.
He is married to the former Marianne Russ and has three children.
He resides in Princeton, New Jersey.
#
#
#
BERAUS FORD LIBRARY
THE WHITE HOUSE
WASHINGTON
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4:50 Jim Blum called.
456-2306
Al Rees (Level IV) has been appointed Director of the new
Wage and Price Stability Office (Rm. 3235 New EOB)
Jim is the Deputy Director.
They're going to need a lead secretary
BERALD
R.
Was asking about Dotty Fredley.
FORD
Also will need a General Counsel; probably someone with
good government experience, etc.
I told him I would talk with Ed McCabe and see if any of
those they interviewed might fall in that category.
FOR IMMEDIATE RELEASE
SEPTEMbER 28, 1974
Office of the White House Press Secretary
THE WHITE HOUSE
The President today announced the appointment of Dr. Albert Rees,
of Princeton, New Jersey, to be Director of the Council on Wage and
Price Stability. Since 1966, he has been a Professor of Economics
at Princeton University.
In 1971, he became a member of the Construction Industry Stabilization
Committee of the Cost of Living Council. In 1973, he became the
Chairman of the Tripartite Food Industry Wage and Salary Committee
of the Cost of Living Council. From 1966 to 1972 he served on the
Board of Directors of the Social Science Research Council.
Dr. Rees was born on August 21, 1921, in New York City. He
received his S.A. degree from Oberlin College in 1943. He was
awarded his M.A. degree in 1947 and his Ph.D. in 1950 from the
University of Chicago. In 1947 he was an Instructor at Roosevelt
College. From 1948 to 1966 he was a member of the economic faculty
at the University of Chicago. In 1954 to 1955 he was a staff member
of the Council of Economic Advisers.
He is married to the former Marianne Russ and has three children.
He resides in Princeton, New Jersey.
#
#
BERAUR R. FORD
MEMORANDUM
Rees, al
THE WHITE HOUSE
WASHINGTON
September 23, 1974
MEMORANDUM FOR:
Philip Buchen
FROM:
Ted Beal TRB
SUBJECT:
Waiver of Full Field Investigation -
Al Rees
I understand that Ken Rush wants to announce Al Rees as the
Director of the Council on Wage and Price Stability immediately.
That position requires a full field investigation which will probably
not be completed for two or three weeks. Although I have no reason
to believe that Rees cannot pass this investigation, it would be
embarrassing to have something turn up after the announcement.
For this reason, I would simply like to check to see if the Personnel
Office is correct in assuming that you and Ken Rush wish to waive
the full field investigation on Rees in order to make an immediate
announcement of his appointment.
If you wish such a waiver, would you please sign the approval on the
enclosed copy of this memorandum?
signed + returned
to Ted Beal
OERALD R. FORD LIBRARY
9/24/74
Wage+
Price
Wednesday 10/16/74
Stability
4:50 Jim Blum called.
456-2306
Al Rees (Level IV) has been appointed Director of the new
Wage and Price Stability Office (Rm. 3235 New EOB)
Jim is the Deputy Director.
They're going to need a lead secretary
Was asking about Dotty Fredley.
Also will need a General Counsel; probably someone with
good government experience, etc.
I told him I would talk with Ed McCabe and see if any of
those they interviewed might fall in that category.
N. FORD 1
FOR IMMEDIATE RELEASE
DECEMBER 12, 1974
Office of the White House Press Secretary
THE WHITE HOUSE
The President today announced the appointment of four persons as
are: Adviser-Members of the Council on Wage and Price Stability. They
William A. Morrill, an Assistant Secretary of Health,
Education and Welfare
Thomas E. Kauper, an Assistant Attorney General
Michael H. Moskow, an Assistant Secretary of Housing
and Urban Development
John W. Barnum, Deputy Secretary of Transportation
The Council was established by Public Law 93-387 of August 24, 1974,
by the President.
and consists of eight members and four adviser-members appointed
The eight members were appointed by President Ford on August 29,
1974, under the Chairmanship of then Counsellor to the President,
Kenneth Rush. The new Chairman of the Council is William E. Simon.
###
FORD . LIBRARY