HR 6879 · 93th Congress · Economic stabilization

A bill to amend and extend the Economic Stabilization Act of 1970.

Introduced 1973-04-12· Sponsored by Rep. Stephens, Robert G., Jr. [D-GA-10]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Banking and Currency.(1973-04-12)

Plain Language Summary

[AI summary unavailable — showing source text] Imposes a ceiling on all prices at levels no higher than those prevailing on March l6, l973; and provides for the President, within 60 days after enactment, to roll back prices to levels lower than those prevailing on March l6, l973. Imposes a ceiling on interest rates at levels no higher than those prevailing on March l6, l973, on (a) mortgage loans for single or multifamily dwellings, (b) installment or noninstallment consumer credit loans, (c) loans for farm production or capital improvement loans, (d) loans to small business concerns and (e) personal loans. Provides for the President to roll back interest rates to levels lower than those prevailing on March l6, l973. Authorizes the President to issue orders and regulations to establish a mandatory program to stabilize prices, wages, salaries, interest rates and corporate dividends in the face of a growing inflation rate based on the Consumer Price Index. Directs the President to stabilize rents at levels prevailing on January l0, l973, and allows him to roll back rents to levels lower than those prevailing on that date. Authorizes the Secretary of Agriculture to prescribe regulations governing the amount of margin that must be …

Summarized by Claude AI · Non-partisan · For informational purposes only