The Economic Stabilization Act of 1970 (Pub.L. 91-379, 84 Stat. 799, enacted August 15, 1970) was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers. It established standards to serve as a guide for determining levels of wages, prices, etc., which would allow for adjustments, exceptions and variations to prevent inequities, taking into account changes in productivity, cost of living and other pertinent factors.
Read more about Economic Stabilization Act Of 1970: Background, Duties and Obligations Under This Act, Public Benefits, Challenging The Stabilization Act, Administrative History
Famous quotes containing the words economic and/or act:
“A two-parent family based on love and commitment can be a wonderful thing, but historically speaking the “two-parent paradigm” has left an extraordinary amount of room for economic inequality, violence and male dominance.”
—Stephanie Coontz (20th century)
“To exist is equivalent to an act of faith, a protest against the truth, an interminable prayer.... As soon as they consent to live, the unbeliever and the man of faith are fundamentally the same, since both have made the only decision that defines a being.”
—E.M. Cioran (b. 1911)