Inflation Restraint Act
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Inflation Restraint Act - Declares the finding of the Congress that inflation threatens the economic well-being of the Nation, and that the Federal Government should have a continuing concern with the rate of inflation and the rate of increases in supply, industrial capacity, and productivity, as means of constraining domestic inflation. Directs the President to: (1) review the programs and activities of Federal departments and agencies and the private sector which may cause increases in prices and make recommendations for changes in such programs and activities, to restrain prices by increasing supply and otherwise; (2) review industrial capacity, demand, and supply in various sectors of the economy, working with the industrial groups concerned and appropriate governmental agencies to encourage price restraint; (3) improve wage and price data bases for the various sectors of the economy to improve collective bargaining and encourage price restraint; (4) conduct public hearings when appropriate to provide for public scrutiny of inflationary problems in various sectors of the economy; (5) focus attention on the need to increase productivity in both the public and private sectors of the economy; (6) monitor the economy as a whole, including such matters as wages, costs, productivity, prices, sales, profits, imports, and exports; and (7) conduct a continuing review of the effect of economic concentration and anticompetitive practices on price and wage inflation and recommend legislation and other appropriate action to reduce the impact of such concentration or practices on inflation. Provides for the employment of experts and consultants for the performance of functions under this Act. Directs the President, in transmitting the Economic Report required under the Employment Act of 1946, to include a section describing the actions taken under this Act during the preceding year and giving his assessment of the progress attained in achieving the purposes of this Act. Requires that the President shall also transmit quarterly reports to the Congress not later than thirty days after the close of each calendar quarter describing the actions taken under this Act during the preceding quarter and giving his assessment of the programs in achieving the purpose of this Act. Provides that, in carrying out his authority under this Act, the President shall study and evaluate the relationship between profit records, the stabilization of the economy, and the creation of new jobs. Directs the President to review and appraise the programs and activities of the departments and agencies of the United States in light of the policies set forth in this Act for the purpose of determining the extent to which those programs and activities contribute to the achievement of those policies. Requires the President to report his conclusions to the Congress in the reports required under this Act. Authorizes to be appropriated to the President, to remain available until expended, such sums as may be necessary to carry out the provisions of this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on May 14, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on May 14, 1974: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
ROBERT TAFT (R-OH) introduced it on May 14, 1974, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on May 14, 1974, 19159 days ago. The most recent recorded action was 19159 days ago, on May 14, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers