...formal presentations to make, and want each to be made. I think Mr. Sommers was next. STATEMENT OF ALBERT T. SOMMERS, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, THE CONFERENCE BOARD, NEW YORK CITY Mr. SOMMERS. Thank you. I will try to be very brief in the interest of time, and just touch on...

...formal presentations to make, and want each to be made. I think Mr. Sommers was next. STATEMENT OF ALBERT T. SOMMERS, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, THE CONFERENCE BOARD, NEW YORK CITY Mr. SOMMERS. Thank you. I will try to be very brief in the interest of time, and just touch on...

...elected officials rather than to the Federal Reserve Board. The CHAIRMAN. Thank you, sir. STATEMENT OF ALBERT T. SOMMERS, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, THE CONFERENCE BOARD Mr. SOMMERS. Thank you, Mr. Chairman. I submitted a very short paper which I will summarize. My summary...

...Collision of Ethics and Economics," in July of 1978. We would be delighted to hear you, sir. STATEMENT OF ALBERT T. SOMMERS, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, THE CONFERENCE BOARD, NEW YORK, NY Mr. SOMMERS. Thank you. In the procedure thus far, I have detected a slight degree of disagreement...

...OPENING REMARKS of ALBERT T. SOMFERS Senior Vice President and Chief Economist THE CONFERENCE BOARD I welcome this opportunity to offer the Committee my views on the desirability of retaining or removing the credit control powers conveyed to the President in the Credit...

...Thank you. The CHAIRMAN. Thank you very much, Mr. Sommers. [Complete statement follows:] Statement of Albert T. Sommers Senior Vice President and Chief Economist The Conference Board I welcome this opportunity to offer my views to the Committee on the nature of the inflation issue...

...restraint. Thank you, Mr. Chairman. Chairman MUSKIE. Thank you very much, Mr. Sommers. PREPARED STATEMENT OF ALBERT T. SOMMERS, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, THE CONFERENCE BOARD I welcome this opportunity to offer the Committee views on the economic outlook, and budgetary policy...

...members of that. [The following additional material was furnished for the record:] PREPARED STATEMENT OF ALBERT T. SOMMERS, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, THE CONFERENCE BOARD I welcome this opportunity to offer the committee my views on the present state of the US economy and...

...want to go beyond what is in your prepared statement. Mr. Sommers, would you start out. STATEMENT OF ALBERT T. SOMMERS, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, THE CONFERENCE BOARD, NEW YORK, NY Mr. SOMMERS. Thank you, Mr. Chairman. It's probably appropriate for me to go first because, as you...

...to the matter of capital budgeting. We appreciate your willingness to be with us today. TESTIMONY OF ALBERT T. SOMMERS, SENIOR VICE PRESIDENT AND CHIEF ECONOMIST, THE CONFERENCE BOARD, NEW YORK, NY Dr. SOMMERS. Thank you very much, Mr. Chairman. I appreciate the opportunity. I regret I don't have...