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    "title": "1976/07/21 - Economic Policy Board",
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        "James M. Cannon Files (Ford Administration)",
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    "ocrText": "The original documents are located in Box 60, folder \"1976/07/21 - Economic Policy Board\"\nof the James M. Cannon 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 Gerald Ford donated to the United\nStates of America his copyrights in all of his unpublished writings in National Archives collections.\nWorks prepared by U.S. Government employees as part of their official duties are in the public\ndomain.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 60 of the James M. Cannon Files at the Gerald R. Ford Presidential Library\nECONOMIC POLICY BOARD\nEXECUTIVE COMMITTEE MEETING\nJULY 21, 1976\n8:30 a.m.\nROOSEVELT ROOM\nAGENDA\n1. Report of Task Force on Banking Regulation\nTreasury\n2. Report of Task Forces to Improve Government\nMacAvoy\nRegulation.\nis\nFORD\n07/330\nEYES ONLY\nMINUTES OF THE\nECONOMIC POLICY BOARD\nEXECUTIVE COMMITTEE MEETING\nJuly 20, 1976\nAttendees: Messrs. Seidman, Lynn, Richardson, Dixon, Malkiel,\nGorog, Porter, Perritt, Penner, Kendrick, Arena,\nSpaulding, Leach\n1.\nWestinghouse Negotiations\nThe Executive Committee briefly discussed the progress in the\nWestinghouse negotiations. Secretary Usery finished meeting\nwith the parties in the Westinghouse dispute Monday evening.\nThe Coordinating Council, representing the three unions that\nhave not settled, is scheduled to vote today on a proposed settle-\nment. The terms of the proposals call for wage increases a\nfraction of a percent higher than the GE settlement.\nDecision\nThe Executive Committee approved submitting an information\nmemorandum to the President on the progress in the Westing-\nhouse negotiations.\n2.\nReport of the Subcommittee on Economic Statistics\nThe Executive Committee reviewed the work of the Subcommittee\non Economic Statistics over the last quarter. Mr. Malkiel re-\nported that the Subcommittee has succeeded in meeting the Presi-\ndent's goal of a 10 percent reduction in Federal paperwork require-\nments. The Subcommittee has altered its procedures with respect\nto the statistical budgets of Federal agencies by having each\ndepartment submit to the Subcommittee a preliminary paper\nsetting forth the choices that would have to be made in their\ninternal budgeting review as well as preparing a form of cost/\nbenefit analysis for each major option. The Subcommittee then\nsystematically reviewed the agency proposals and assigned a pri-\nority ranking to each proposal. In many cases the agencies were\nEYES ONLY\nEYES ONLY\n2\nalso requested to submit proposals to improve statistics in\nparticular areas in accordance with the discussions of statistical\nneeds by the EPB Executive Committee. The discussion focused\non the revision of programs dealing with the collection and\nreporting of industrial prices to help address some of the inade-\nquacies of the present wholesale price index, the timing of\nimplementation of the new employment cost index, the need for\nsecuring accurate cost data to cover both wages and fringe bene-\nfits, work underway to improve business inventory statistics,\nand the need for the Subcommittee to further examine the recom-\nmendations of the Rockefeller report on Federal pay comparability.\nDecision\nThe Executive Committee members were requested to provide\nMr. Malkiel with any comments or recommendations they have\nregarding the high priority projects identified for each statistical\nagency in the Subcommittee's report.\nThe Executive Committee requested the Subcommittee on Economic\nStatistics to explore the potential for identifying leading indicators\nof capital spending that could be incorporated into a new index.\n3.\nReview of Current Economic Conditions\nThe Executive Committee briefly reviewed current economic con-\nditions and the outlook in light of the GNP figures which will be\nannounced later today. The discussion focused on several factors\nthat should be considered in evaluating quarterly GNP figures\nincluding: (1) There is often a ragged growth rate of GNP by\nquarters due to large inventory swings; (2) there are statistical\ndifficulties which frequently slightly understate or overstate GNP\ngrowth during any particular quarter; (3) there are good reasons\nfor optimism regarding the last half of 1976 based on the rebound\nin June retail sales, the strength of capital goods orders, move-\nments in residential construction, and a currently falling inventory/\nsales ratio which could prompt additional inventory expansion\nduring the last half of the year.\nEYES ONLY\nEYES ONLY\n3\n4.\nMaritime Policy\nMr. Seidman reported that his office would coordinate with\nCommerce, CEA, and OMB the preparation of a memorandum\nreviewing options to assist the U.S. maritime industry.\nSecretary Richardson reported that the Department of Commerce\nwas preparing a memorandum relating to the US/USSR maritime\nagreement and negotiations.\n5.\nHumphrey-Hawkins Unemployment Rate\nMr. Seidman requested CEA to prepare a short paper clarifying\nwhat a 3 percent adult unemployment rate, as envisioned in the\nHumphrey Hawkins bill, translates to in terms of the overall\nunemployment rate as conventionally calculated.\nEYES ONLY\nRBP"
}