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HC106 August 15 -Economic Stabilization Act of 1970 passed.


-U61 March 29 -Executive Order 11588 issued establishing the Construction 1974

Industry Stabilization Committee.
August 15 -Freeze I regulations announced and effective; Cost of Living
Council established.


DEPT. October 7 -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 -Recontrol of the Petroleum industry.
March 29 -Ceiling imposed on prices for red meat.
April 30 -Extension of Economic Stabilization Act to April 30, 1974.
May 2 -Reinstitution of prenotification requirements for firms with

$250 million in sales.
June 13 -Freeze II regulations announced and effective.
July 18 -Stage A of the food regulations effective-raw agricultural

cost pass-through implemented.
July 19 -Phase IV regulations issued for public comment.
August 12 -Phase IV regulations effective except for petroleum and food.
August 19 - 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 ceil-

ing 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, Fed-
eral Energy Office.

April 30

-Expiration of the Economic Stabilization Act, ending author

ity for wage and price controls.

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