Economic Monitoring and Inflation Control Act

[AI summary unavailable — showing source text] Economic Monitoring and Inflation Control Act - Directs the President to: (1) monitor compliance with the Economic Stabilization Act of 1970; (2) review industrial capacity, demand, and supply working with industry and appropriate agencies to restrain prices; and (3) conduct public hearings on inflationary problems; and focus attention on the need for increased productivity. States that this Act does not authorize reimposition of any economic controls. Authorizes Presidential regulations or other means to demand information, reports and recordkeeping to accomplish the purposes of this Act. Authorizes the President to establish the Cost-of-Living Council to carry out this Act. Makes the Secretary of the Treasury chairman of the Council. Authorizes the President to appoint advisory committees as he deems appropriate. Authorizes the review and appraisal of Federal Government activities to determine if they meet the purposes of this Act. Requires quarterly and annual reports to the Congress by the President of actions taken pursuant to this Act. Authorizes necessary appropriations to carry out this Act. Terminates the authority granted under this Act on December 31, 1975.…