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Department of Defense, the Director of the Defense Supply Agency, the Administrator of the General Services Administration, the Comptroller General of the United States, and the Director of the Bureau of the Budget. Earlier, on January 24, the subcommittee heard the Secretary of Defense. Also included in the printed record of the hearings are extended answers to questions submitted by Senator Douglas after the close of the oral testimony and seven appendixes of pertinent materials.

In June the subcommittee issued a progress report entitled "Economic Impact of Federal Procurement--1966." This report was a followup to the recommendations made in the subcommittee reports since 1960, and emphasized the need for better management and utilization of the billions of dollars worth of supplies in Government warehouses.

Discriminatory ocean freight rates and the balance of payments The subcommittee continued its study of discriminatory ocean freight rates with hearings on May 6, and May 19. The subcommittee heard testimony from representatives of the Federal Maritime Commission, the Department of Defense. the Department of Commerce, the U.S. Maritime Administration, and the Department of the Navy.

In August the subcommittee issued its report on “Discriminatory Ocean Freight Rates and the Balance of Payments." This report was an outgrowth of the hearings held during the preceding 15 months, including those mentioned above, and is based on the testimony of Government officials and experts, steamship operators, labor union officials, and other interested parties. It reviews briefly the previous findings and recommendations of the subcommittee, examines the progress that has been made, and sets forth recommendations for the further improvements that are needed. Subcommittee on Inter-American Economic Relationships

Latin American development and hemisphere trade In March the subcommittee issued its report on "Latin American Development and Hemisphere Trade." The report was based upon prior hearings at which the subcommittee had heard from representatives of the State Department and distinguished observers of Latin American affairs. Subcommittee on Foreign Economic Policy

New directions in the Soviet economy The subcommittee's study of the Soviet Union was released on July 31, 1966. This five-volume work entitled "New Directions in the Soviet Economy" provides recent factual material and authoritative interpretative comment on all major phases of the Soviet Union's economic performance.

The subcommittee also maintained its continuing review of foreign economie policy issues, looking forward to possible hearings in 1967 after completion of the Kennedy Round of trade negotiations. Subcommittee on International Exchange and Payments

New approach to U.S. international economic policy On September 9, the subcommittee heard testimony from 4 experts in the field of international economic policy on the general question : "Where does the free world go from here in its problems of international balance of payments and monetary reform in particular, and its international economic problems in general?"

Twenty years after: An appeal for the reneroal of international economic

cooperation on a grand scale Following the hearing held in September, the subcommittee issued its unanimous report which stated that it had “reached the conclusion that a dramatic new approach is necessary in order to infuse new life into negotations to dispose of the unresolved issues on the international economic agenda." The report contains the subcommittee's recommendations calling for dramatic action to get the free world off dead center in five areas of economic negotation and policy and to restore the strong spirit of international cooperation of the immediate postwar years.

Contingency planning for U.S. international monetary policy The subcommittee released a compendium of 17 statements from distinguished international economists on "Contingency Planning for U.S. International Monetary Policy." The contributors were invited to give their assessment of the course that U.S. policy should pursue in the event that agreement on international monetary reform should not be reached in 1967, or should be delayed indefinitely. Subcommittee on economic statistics

Government price statistics In May the subcommittee held three days of hearings on “Government Price Statistics." These hearings were held to take stock of the progress which has been made in recent years by the statistical producing agencies, the uses being made and the reliability of the statistics guiding policy decisions today, tomorrow, and over the years to come. Witnesses were the Assistant Director for Statistical Standards of the Bureau of the Budget, the Commissioner of the Bureau of Labor Statistics of the Department of Labor, the Director of Agricultural Economics of the Department of Agriculture, and representatives of labor and private research institutions who have been engaged in the analysis of prices and price indexes.

In July the subcommittee issued its report which summarizes its findings and recommendations.

Inflation and the price indexes In connection with its study of price indexes and the measurement of inflation, the subcommittee took advantage of the offer by the National Industrial Conference Board making available a privately supported study by Dr. Jules Backman, research professor of economics at New York University, and Martin Gainsbrugh, senior vice president of the Conference Board. The materials printed for the use of the Joint Economic Committee were subsequently republished by the National Industrial Conference Board.

Job vacancy statistics On May 17 and 18, the subcommittee held hearings on “Job Vacancy Statistics." Witnesses were the Director of the U.S. Employment Service, the Commissioner of the Bureau of Labor Statistics, the Director of the Office of Manpower Analysis and Utilization of the U.S. Employment Service, and non-government individuals who have been making studies of the practicality of uses of such statistics. The printed record contains articles on job vacancy surveys conducted in Indiana and in Portland, Oregon, together with additional materials obtained from the Manpower Administration.

In June the subcommittee issued its report entitled “Job Vacancy Statistics," which contains a summary of the subcommittee's findings ogether with is recommendations. Subcommittee on fiscal policy

Tax changes for shortrun stabilization In March the subcommittee held five days of hearings on "Tax Changes for Shortrun Stabilization." Witnesses included the Assistant Secretary of the Treasury, individual economists, and representatives of labor, business groups, and private research organizations. These hearings focused on the need for and design of temporary tax changes which could be enacted promptly in response to a recognized need for stimulating or restraining the economy.

In May the subcommittee issued its report on “Tax Changes for Shortrun Stabilization," together with supplementary and dissenting views. The report summarizes the subcommittee's conclusions based on the hearings held in March on the use of prompt tax changes for countering inflation and unemployment.

Private pension plans The subcommittee held 8 days of hearings in April and May on "Private Pension Plans," receiving testimony from Federal and State government officials, and representatives of business and labor. These hearings provided information on the role of private pension plans in an overall program of income protection for the aged.

old-age income assurance: An outline of issues and alternatives In November the subcommittee released a staff document entitled “Old Age Income Assurance: An Outline of Issues and Alternatives." This study undertook to examine each of the special programs for the aged against the background of the old-age income assurance pattern that now exists. The subcommittee subsequently requested papers from a number of recognized scholars on various aspects of the system and plans to publish these in a compendium later this year.

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