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:
“We have heard all of our lives how, after the Civil War was over, the South went back to straighten itself out and make a living again. It was for many years a voiceless part of the government. The balance of power moved away from it—to the north and the east. The problems of the north and the east became the big problem of the country and nobody paid much attention to the economic unbalance the South had left as its only choice.”
—Lyndon Baines Johnson (1908–1973)
“With the first act of cruelty committed in the name of revolution, with the first murder, with the first purge and execution, we have lost the revolution.”
—Kate Millett (b. 1934)