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1535075
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1976/02/24 - Economic Policy Board
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1535075
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document
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1976/02/24 - Economic Policy Board
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James M. Cannon Files (Ford Administration)
James Cannon's Meetings Files
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1535075
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1976-02-29
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1976
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1976-02-01
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1976
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The original documents are located in Box 56, folder "1976/02/24 - 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States of America his copyrights in all of his unpublished writings in National Archives collections.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 56 of the James M. Cannon Files at the Gerald R. Ford Presidential Library
ECONOMIC POLICY BOARD
EXECUTIVE COMMITTEE MEETING
AGENDA
8:30 a.m.
Roosevelt Room
February 24, 1976
1.
International Aviation Policy Statement
2.
Report of EPB/NSC Task Force on
Treasury/State
Commodities
EYES ONLY
MINUTES OF THE
ECONOMIC POLICY BOARD
EXECUTIVE COMMITTEE MEETING
February 23, 1976
ATTENDEES: Simon, Lynn, Greenspan, Richardson, Dunn, Zarb,
Malkiel, MacAvoy, Porter, Perritt, Kasputys,
Leach, Arena, Butler, Foryst
1. Audit and Reform
The Executive Committee reviewed a memorandum prepared
by the Treasury on the need for reform of the Federal
Government's audit system. The discussion focused on
the current pattern of conducting financial audits of
Federal Government programs, the relationship of audits
to evaluation of program effectiveness, and a suggestion
of transferring certain audit responsibilities to the
states.
Decision
The Executive Committee approved establishment of a task
force to more precisely define the problem and objectives
of audit reform and to develop options on the issue for
consideration by the Executive Committee. The task force
will include representatives of the Department of the
Treasury, OMB, CEA, and the Domestic Council.
2. Report of Subcommittee on Economic Statistics
The Subcommittee on Economic Statistics reported on its
deliberations on: (1) fringe benefit statistics and
(2) the CPI and cost of living allowances. Mr. Malkiel
reported that the Subcommittee had discussed at length
the current unavailability of comprehensive statistics
on fringe benefits as a proportion of total compensation
and believes that the appropriate solution is the devel-
opment of an Unemployment Cost Index. The comprehensive
index including benefits will be available for some
sectors of the economy in 1977 and economywide in 1978.
The Subcommittee has also considered the question that
use of the CPI for indexing wage payments can contribute
to the rate of inflation, especially if the CPI is an
upward biased indicator of the cost of living. The Sub-
committee identified three particular problems potentially
EYES ONLY
BYES ONLY
2
biasing the CPI: (1) the CPI is not a cost of living
index but simply compares what a "market basket" of
goods and services cost this month against the cost dur-
ing some past date. (2) The CPI does not adequately
capture quality improvements, especially gains from
the introduction of new products. (3) Some items in the
CPI are incorrectly measured such as owner-occupied
housing.
The Subcommittee is currently working on an alternative
method to measure home ownership costs in the CPI and
will provide the Executive Committee with its recom-
mendations on this issue in the Subcommittee's March
monthly status report.
3. 1975 Defined Benefit Plan Terminations
The Executive Committee reviewed a memorandum prepared
by the Department of Labor on "1975 Defined Benefit Plan
Terminations," which is attached at Tab A.
Decision
The Department of Labor will continue its investigations
of the effects of the Employment Retirement Income
Security Act of 1974 (ERISA) on the rate of formation of
new pension plans.
EYES ONLY
RBP