on the

Economic Stabilization Program

August 15, 1971 to April 30, 1974

Prepared by the

Office of Economic Stabilization,
Department of the Treasury

Andrew T. H. Munroe, Director

Henry H. Perritt, Jr., Deputy Director

Jonathan Brock, Director, Division of
History and Archives

The views expressed herein are those of the individual authors and do not neces-
sarily reflect the position of the United States Government or any agency thereof.

DEPOSITED BY THE

1974

1973

1972

1971

1970

Zen Lib-temy in kaf
Depos USA
121175

CHRONOLOGY

March 29 -Executive Order 11588 issued establishing the Construction
Industry Stabilization Committee.

August 15

October 7

-Freeze I regulations announced and effective; Cost of Living
Council established.

-Phase II announced; Cost of Living Council continued, Price
Commission and Pay Board established.

November 13-Phase II regulations effective.

December 22-Economic Stabilization Act Amendments of 1971 passed with more detailed standards and an extension of the expiration date to April 30, 1973.

March 23
May 1

-Pay Board reconstituted after walk-off of the labor members. -Small business exemption. Firms with 60 or fewer employees and less than $50 million in sales or revenues exempt from controls, except those in construction and health care industry.

January 11 -Phase III announced and regulations effective; Cost of Living
Council, Price Commission and Pay Board merged into new
Cost of Living Council.

March 6

March 29

April 30

May 2

June 13
July 18

July 19

August 12
August 19

-Recontrol of the Petroleum industry.

-Ceiling imposed on prices for red meat.

-Extension of Economic Stabilization Act to April 30, 1974. -Reinstitution of prenotification requirements for firms with $250 million in sales.

-Freeze II regulations announced and effective.

-Stage A of the food regulations effective-raw agricultural cost pass-through implemented.

-Phase IV regulations issued for public comment.

-Phase IV regulations effective except for petroleum and food.
-Petroleum regulations effective except for retailer.

September 7 Retail portion of petroleum regulations effective.

September 10-Stage B of the food regulations effective-termination of ceiling on prices for red meat.

October 25

-Sector-by-sector decontrol begins with exemption of fertilizer. December 26-Delegation of price stabilization authority with respect to petroleum products and crude oil to the Administrator, Federal Energy Office.

April 30

-Expiration of the Economic Stabilization Act, ending authority for wage and price controls.