Economic Stabilization Act Amendments

[AI summary unavailable — showing source text] Economic Stabilization Act Amendments - Establishes an Economic Stablilzation Board, to be composed of three members, representing labor, business and the consuming public to be appointed by the President with the advice and consent of the Senate. Freezes all prices, wages, rents, and interest rates at levels no higher than those prevailing on December 1, 1974. Allows the Board to make ajustments in such levels in order to correct gross inequities. Directs the Board, within 60 days of enactment of this Act, to roll back prices, rents and interest rates to levels lower than those necessary to eliminate windfall profits or to carry out the purposes of this Act. Allows the Board, on petition of interested parties, to eliminate inequities which may have developed in the wage-price relationship by allowing upward adjustments in wages. Specifies that such increases not exceed the difference between the rate of price increases as measured by the Consumer Price Index between August 15, 1971 and the date of enactment, and the average wage increases in the firm or industry during the same period. Exempts from the wage freeze all workers whose earnings are substandard or who are members of th…