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    "title": "Wage and Price Stability, Council on",
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        "logicalDate": "1974-12-01",
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    "ocrText": "The original documents are located in Box 65, folder \"Wage and Price Stability, Council\non\" of the Philip Buchen Files at the Gerald R. Ford Presidential Library.\nCopyright Notice\nThe copyright law of the United States (Title 17, United States Code) governs the making of\nphotocopies or other reproductions of copyrighted material. Gerald R. Ford donated to the United\nStates of America his copyrights in all of his unpublished writings in National Archives collections.\nWorks prepared by U.S. Government employees as part of their official duties are in the public\ndomain. The copyrights to materials written by other individuals or organizations are presumed to\nremain with them. If you think any of the information displayed in the PDF is subject to a valid\ncopyright claim, please contact the Gerald R. Ford Presidential Library.\nDigitized from Box 65 of the Philip Buchen Files at the Gerald R. Ford Presidential Library\nEMBARGOED FOR RELEASE\nAUGUST 24, 1974\nUNTIL 11:00 A. M., EDT\nOffice of the White House Press Secretary\nTHE WHITE HOUSE\nSTATEMENT BY THE PRESIDENT\nOne of my First acts as President was to ask the Congress to reactivate a\nwage and price monitoring agency before its Labor Day recess. Today --\nless than two weeks later -- I am gratified to sign the legislation authorizing\nme to create such a Council and I hereby announce its creation without\nfurther delay.\nIt is certainly encouraging to me, as it must be to all Americans, to know\nthat the Government can act so swiftly on the inflation front. Prompt\nand aggressive action against inflation is precisely what America needs, and\nthat is the kind of leadership that must be provided by the Federal\nGovernment.\nThis new Council on Wage and Price Stability will provide us with one\nmeans of identifying and exposing some of the causes of inflation. It will\nbring into sharper focus the critical developments of industrial performance,\nwage and producitvity performance, and the effect on inflation of actions\ntaken by the Federal Government.\nI must re-emphasize that the Council should not be a steppingstone back\nto mandatory wage and price controls. We have learned from experience\nthat in today's economy, controls lead to disruptions and new troubles.\nIt would also be unrealistic to expect this Council to bring any immediate\nrelief from inflation. Establishment of the Council is but one step along a\ndifficult road that all of us must travel in the months ahead. We in the\nFederal Government must hold to a firm, responsible policy of fiscal and\nmonetary restraint. Industry and labor will have their work cut out for\nthem in exercising every responsible restraint in price and wage increases.\nWe face an uphill road, and we will make it through only if we all pull\ntogether.\nI will announce shortly the membership of the Council so that it can convene\npromptly and develop an agenda for action in the immediate future.\nOnce again, I commend the Members of Congress for their quick and\nresponsible action in helping to establish this Council.\n#\n#\n#\nFORD\nLIBRARY\nFOR IMMEDIATE RELEASE\nAUGUST 24, 1974\nOFFICE OF THE WHITE HOUSE PRESS SECRETARY\nTHE WHITE HOUSE\nREMARKS OF THE PRESIDENT\nUPON SIGNING COUNCIL ON WAGE AND\nPRICE STABILITY ACT OF 1974\nTHE CABINET ROOM\n11:07 A.M. EDT\nThank you very much, Mr. Speaker, for coming,\nalong with Mr. Rhodes and Mr. Arends and members of the\nWhite House staff and the Cabinet and others.\nI appreciate your coming down here on a Saturday\nmorning for this signing which I think probably best\nindicates the cooperation that exists before the Congress\nand the White House.\nI was just noticing that less than two weeks ago,\nMr. Speaker, I asked for the help of the Congress in one\nimportant piece of legislation, namely, the one I am about\nto sign, and within that short span of time the House and\nSenate responded, responded, I think, in a very constructive\nway.\nNot that this particular piece of legislation\nis going to be an instant answer or an immediate panacea,\nbut it is important. It was so indicated by the Republican\nAdministration and concurred in by the Democratic Leadership\nand the Democratic Congress. I think it is indicative of\nthe recognition that we have to work together not only in\nthis instance, but in others, in meeting the problem of\ninflation which plagues us, which is our public enemy\nnumber one.\nNow we have some other things that have to be\ndone. I have said very emphatically, and I think it has been\ngenerally agreed to, that this legislation is not the fore-\nrunner of any wage and price controls. This is a monitoring\npiece of legislation to give guidance in very broad terms\nto management and labor so they don't take advantage of\na free economy in this critical situation.\nI am not going to ask for wage and price controls\nand we generally agreed last week that the Congress in 1974\nwould not respond to any wage and price control recommenda-\ntion.\nMORE\nBERALD FORD\nPage 2\nWe are going to do some other things, and I\nthink all of this ought to be encouraging to the American\npeople and to our friends around the world. We are going\nto hold the line on spending. The target, of course, is\na figure in this fiscal year of under $300 billion. We\ncan do it. We are going to do it. And that ought to be\nreassuring, I think, to the American people.\nThere will be some other things that will\nundoubtedly come out of the economic summit which is\nbeing put together by cooperation with the Congress and\nwith the White House.\nThis battle has to be won and it will be won\nand the cooperation I have gotten from not only the Congress\nbut from some in industry, and I hope from those in labor,\nshould absolutely reassure the American people that\ninflation can be licked here as well as abroad.\nSo with those remarks I would like to sign\nthis bill which I appreciate, and I think the American\npeople will be glad to have on the statute book.\nThank you very much. I appreciate everybody\nbeing here, and now we are. going back to work without\nany further ado.\nThank you very much.\nEND\n(AT 11:14 A.M. EDT)\nTHE FORD LIBRARY\nEMBARGOED FOR RELEASE\nAUGUST 24, 1974\nUNTIL 11:00 A. M., EDT\nOffice of the White House Press Secretary\nTHE WHITE HOUSE\nFACT SHEET\nCOUNCIL ON WAGE AND PRICE STABILITY ACT (S. 3919)\nThe President has today signed into law the Council on Wage and Price Stability\nAct, which provides a monitoring organization in the Executive Office of the\nPresident to review the various factors and conditions which relate to supply\nand demand, price and wage movements, and productivity in the economy with\nthe view to countering inflationary pressures.\nBACKGROUND\nOn August 12, 1974, the President asked the Congress to promptly enact\nlegislation authorizing a Cost of Living Agency within the Executive Office of\nthe President, to monitor wages and prices throughout the economy and\nrecommend appropriate actions to counter inflation. S. 3919 provides this\nrequested authority.\nMAJOR PROVISIONS\nThis legislation authorizes:\n-- the President to establish, within the Executive Office of the President,\na Council on Wage and Price Stability consisting of eight members and\nfour adviser-members appointed by the President. The President will\ndesignate one of the eight members to be the Chairman and one of the\nCouncil staff will be designated as Director.\n-- the Director of the Council to employ and compensate staff members\nand consultants as necessary to perform the duties of the Council;\n-- the Council to monitor the economy as a whole, work with labor and\nmanagement to improve the structure of collective bargaining and\nencourage price restraint, focus attention on the need for increased\nproductivity, conduct public hearings to help publicize inflationary\nproblems, and review the Government's policies and programs to\ndetermine their effect upon inflation;\n-- the Council to utilize the services, personnel, and facilities of public\nagencies at all levels, and to obtain economic data or information from\nother Federal agencies (with subsequent disclosure of such information\nby the Council as limited by existing law); and\n-- appropriations not to exceed $1,000,000 for fiscal year 1975 to carry\nout the purposes of the Act.\nThe legislation additionally:\n-- does not authorize mandatory or standby controls over wages, salaries,\n(MORE)\nFORD LIBRARY\n- 2 -\nprices, rents, and corporate dividends; and\n-- requires the Council to report to the President and the Congress from\ntime to time concerning its activities, findings, and recommendations.\nEFFECTIVE DATES\nThe legislation becomes effective on this date and lapses on August 15, 1975.\n#\n#\n#\nGERAL FORD LIBRARY\nFOR IMMEDIATE RELEASE\nSEPTEMbER 28, 1974\nOffice of the White House Press Secretary\nTHE WHITE HOUSE\nThe President today announced the appointment of Dr. Albert Rees,\nof Princeton, New Jersey, to be Director of the Council on Wage and\nPrice Stability. Since 1966, he has been a Professor of Economics\nat Princeton University.\nIn 1971, he became a member of the Construction Industry Stabilization\nCommittee of the Cost of Living Council. In 1973, he became the\nChairman of the Tripartite Food Industry Wage and Salary Committee\nof the Cost of Living Council. From 1966 to 1972 he served on the\nBoard of Directors of the Social Science Research Council.\nDr. Rees was born on August 21, 1921, in New York City. He\nreceived his S.A. degree from Oberlin College in 1943. He was\nawarded his M.A. degree in 1947 and his Ph.D. in 1950 from the\nUniversity of Chicago. In 1947 he was an Instructor at Roosevelt\nCollege. From 1948 to 1966 he was a member of the economic faculty\nat the University of Chicago. In 1954 to 1955 he was a staff member\nof the Council of Economic Advisers.\nHe is married to the former Marianne Russ and has three children.\nHe resides in Princeton, New Jersey.\n#\n#\n#\nBERAUS FORD LIBRARY\nTHE WHITE HOUSE\nWASHINGTON\nThey\nLillion Khered\nClarke\nG.C\nRilmer dutter pickaring\ncall Bim Blum\nre job fortop say.\ncard Patrick\n31/22 willally mor\nwell back / we\nFORD 1. OF LIBRARY\nJim\nBlum\n456-6566\n12\nTHE WHITE House\nWASHINGTON\nPattmeKee\nMuriel Hartby 363-4107\n354-3521\nWaldeman when and\n/\nwe\nml\nCall Jim:\nTell him Mr. McCabe\nsaid there were three possibilities:\nWilliam Callahan (interviewed by M&M)\nDavid Vaughn\n(interviewed by M&M)\nBachelder, Jr.\n(not interviewed;\nresume very impressive\nGEIALD N. FORD LIBRANT\nTHE WASHINGTON WHITE HOUSE (6566\nWilli\nEvelyn Barbora George Walts ohio Shilly # monomy (tanks\n(Sarah\ncurrence \"\nJann Blue\nR)ce\n&\nDERALD F FORD\nMEMORANDUM\nOF CALL\nTO:\nEra\nYOU WERE CALLED BY-\nYOU WERE VISITED BY-\nRuth\nOF (Organization)\nmr. Seidman's offeri\nPLEASE CALL\nPHONE NO.\nCODE/EXT.\nWILL CALL AGAIN\nIS WAITING TO SEE YOU\nRETURNED YOUR CALL\nWISHES AN APPOINTMENT\nMESSAGE\n2306\nNorma dlosky will be\ncalling you. Tp girl\nin Dr Ruse's office.\nHe is bringing his orm\nRECEIVED Secretary, BY\nDATE\nTIME\nhh\n10/22\n0900\nSTANDARD FORM 63\nGPO 1969-c48-16-80341-1 382-389\n63-108\nREVISED AUGUST 1967\nGSA FPMR (41 CFR) 101-11.6\n62Y 1.1.1% (1) CLH) 101-11'0\nBEAIGED 1091\n21VMDVED LOSM 83\n298-290\n03-109\nIT\nBECEIAED RA s\nDVIE\nLINE\n1980 C preshed for am\nmy go 15mmi afform.\nlip got my prilla\nfrom gape mind my\nNESEVCE\nJJA5 RUOY озияитзя\nТИЗМТИЮЧЧА ИА 23H8IW\nMITT CVIT VGVIN\n10 MYILING 10 SEE AON\nbrevee CVIT\nCODE\\EXL'\nЬНОИЕ ио\ninfo WN\nof\n15ml\nAND\nzon MEME CYTTED BA---\n10:\nOE CVT\nof 1 ( 1 ) MERE AIBLIED\nNEWOWYNDON\n6. T2\n2 \\ in\n(92\nJ\nE Q00\n?\n\" 62\n&\n,J w\na let 9\nWednesday 10/16/74\n4:50 Jim Blum called.\n456-2306\nAl Rees (Level IV) has been appointed Director of the new\nWage and Price Stability Office (Rm. 3235 New EOB)\nJim is the Deputy Director.\nThey're going to need a lead secretary\nBERALD\nR.\nWas asking about Dotty Fredley.\nFORD\nAlso will need a General Counsel; probably someone with\ngood government experience, etc.\nI told him I would talk with Ed McCabe and see if any of\nthose they interviewed might fall in that category.\nFOR IMMEDIATE RELEASE\nSEPTEMbER 28, 1974\nOffice of the White House Press Secretary\nTHE WHITE HOUSE\nThe President today announced the appointment of Dr. Albert Rees,\nof Princeton, New Jersey, to be Director of the Council on Wage and\nPrice Stability. Since 1966, he has been a Professor of Economics\nat Princeton University.\nIn 1971, he became a member of the Construction Industry Stabilization\nCommittee of the Cost of Living Council. In 1973, he became the\nChairman of the Tripartite Food Industry Wage and Salary Committee\nof the Cost of Living Council. From 1966 to 1972 he served on the\nBoard of Directors of the Social Science Research Council.\nDr. Rees was born on August 21, 1921, in New York City. He\nreceived his S.A. degree from Oberlin College in 1943. He was\nawarded his M.A. degree in 1947 and his Ph.D. in 1950 from the\nUniversity of Chicago. In 1947 he was an Instructor at Roosevelt\nCollege. From 1948 to 1966 he was a member of the economic faculty\nat the University of Chicago. In 1954 to 1955 he was a staff member\nof the Council of Economic Advisers.\nHe is married to the former Marianne Russ and has three children.\nHe resides in Princeton, New Jersey.\n#\n#\nBERAUR R. FORD\nMEMORANDUM\nRees, al\nTHE WHITE HOUSE\nWASHINGTON\nSeptember 23, 1974\nMEMORANDUM FOR:\nPhilip Buchen\nFROM:\nTed Beal TRB\nSUBJECT:\nWaiver of Full Field Investigation -\nAl Rees\nI understand that Ken Rush wants to announce Al Rees as the\nDirector of the Council on Wage and Price Stability immediately.\nThat position requires a full field investigation which will probably\nnot be completed for two or three weeks. Although I have no reason\nto believe that Rees cannot pass this investigation, it would be\nembarrassing to have something turn up after the announcement.\nFor this reason, I would simply like to check to see if the Personnel\nOffice is correct in assuming that you and Ken Rush wish to waive\nthe full field investigation on Rees in order to make an immediate\nannouncement of his appointment.\nIf you wish such a waiver, would you please sign the approval on the\nenclosed copy of this memorandum?\nsigned + returned\nto Ted Beal\nOERALD R. FORD LIBRARY\n9/24/74\nWage+\nPrice\nWednesday 10/16/74\nStability\n4:50 Jim Blum called.\n456-2306\nAl Rees (Level IV) has been appointed Director of the new\nWage and Price Stability Office (Rm. 3235 New EOB)\nJim is the Deputy Director.\nThey're going to need a lead secretary\nWas asking about Dotty Fredley.\nAlso will need a General Counsel; probably someone with\ngood government experience, etc.\nI told him I would talk with Ed McCabe and see if any of\nthose they interviewed might fall in that category.\nN. FORD 1\nFOR IMMEDIATE RELEASE\nDECEMBER 12, 1974\nOffice of the White House Press Secretary\nTHE WHITE HOUSE\nThe President today announced the appointment of four persons as\nare: Adviser-Members of the Council on Wage and Price Stability. They\nWilliam A. Morrill, an Assistant Secretary of Health,\nEducation and Welfare\nThomas E. Kauper, an Assistant Attorney General\nMichael H. Moskow, an Assistant Secretary of Housing\nand Urban Development\nJohn W. Barnum, Deputy Secretary of Transportation\nThe Council was established by Public Law 93-387 of August 24, 1974,\nby the President.\nand consists of eight members and four adviser-members appointed\nThe eight members were appointed by President Ford on August 29,\n1974, under the Chairmanship of then Counsellor to the President,\nKenneth Rush. The new Chairman of the Council is William E. Simon.\n###\nFORD . LIBRARY"
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