Executive Order 11788—Providing for the Orderly Termination of Economic Stabilization Activities

The authority contained in the Economic Stabilization Act of 1970, as amended, to impose a system of mandatory wage and price controls expired at midnight on April 30, 1974. Executive Order No. 11781 of May 1, 1974, provided for an orderly transition from mandatory controls, for the continuation of enforcement procedures under the Economic Stabilization Act of 1970, as amended, with respect to acts committed prior to May 1, 1974, for the continuation of the Cost of Living Council, and the Continuation of monitoring and other functions of the Council for the period May 1, 1974, through June 30, 1974. However, the orderly termination of the Economic Stabilization Program will require several more months of follow up activities. The Economic Stabilization Act of 1970, as amended, permits the maintenance of authority to take appropriate action with respect to any action or pending proceedings, civil or criminal, not finally determined on April 30, 1974, or with respect to matters before the Council that relate to wages paid for work performed prior to May 1, 1974, and prices charged prior to May 1, 1974. In order to meet these requirements and to assure the proper disposition of the files, records, data, and other financial and administrative matters relating to the Economic Stabilization Act, I am, by this Order, delegating to the Secretary of the Treasury such Presidential authority as may remain under the Economic Stabilization Act of 1970, as amended, and assigning to him the responsibility for taking such action as may be necessary and appropriate to achieve the limited objectives described above. Now, THEREFORE, by virtue of the authority vested in me by the Constitution and Statutes of the United States, including the Economic Stabilization Act of 1970 (P.L. 91-379, 84 Stat. 799) as amended, and as President of the United States of America, it is hereby ordered as follows: SECTION 1. The Cost of Living Council, established by Section 2 of Executive Order No. 11615 of August 15, 1971, and continued by Executive Order No. 11627 of October 15, 1971, Executive Order No. 11640 of January 26, 1972, Executive Order No. 11695 of January 11, 1973, Executive Order No. 11730 of July 18, 1973, and Executive Order No. 11781 of May 1, 1974, is hereby abolished. SEC. 2. All the powers and duties conferred upon the President by the Economic Stabilization Act of 1970, as amended, are hereby delegated to the Secretary of the Treasury who shall exercise them so as to provide for the orderly termination of the Economic Stabilization Program. That authority shall be exercised only to the extent necessary to provide for the orderly termination of the Economic Stabilization Program, including the taking of appropriate action with respect to any action or pending proceedings, civil or criminal, not finally determined on April 30, 1974, or with respect to any act committed prior to May 1, 1974, and as hereinafter provided. The Secretary of the Treasury is authorized to redelegate such powers and duties to other officials or agencies of the United States, as may be appropriate. SEC. 3. The Secretary of the Treasury or his designee shall provide for the continuation of any action or pending proceedings, civil or criminal, not finally determined prior to May 1, 1974, as appropriate. He shall continue to receive reports and review pay adjustments with respect to work performed prior to May 1, 1974, and price adjustments with respect to prices charged prior to May 1, 1974, and take appropriate remedial action whenever he finds such adjustments were in violation of applicable Economic Stabilization Regulations. SEC. 4. Nothing in this Order shall be construed as authorizing the imposition or reimposition of any mandatory economic controls with respect to prices, rents, wages, salaries, corporate dividends, interest rates, or any similar transfer, other than on the basis of the authority provided in Sections 2 and 3 of this Order with respect to enforcement activity related to the period prior to May 1, 1974. SEC. 5 (a). The Secretary of the Treasury or his designee is authorized: (1) To employ such personnel as he deems necessary to perform the functions conferred upon him by this Order, including personnel previously employed by the Cost of Living Council. (2) To appoint, pursuant to Section 212 (b) of the Economic Stabilization Act of 1970, as amended, not more than one officer who shall be compensated at the rate prescribed for level V of the Executive Schedule (5 U.S.C. 5316) for the purposed of carrying out functions under this Order through December 31, 1974. (3) To place no more than 3 positions in GS-16, 17, and 18, pursuant to Section 212(d) of the Economic Stabilization Act of 1970, as amended, for purposes of carrying out this Order through December 31, 1974. (4) To receive from the Cost of Living Council and be the custodian of all the records and data not otherwise properly disposed of by June 30, 1974, including the records and data of all Advisory Committees to the Council. (5) To receive from the Cost of Living Council custody of and accountability for property (real and personal) and equipment not otherwise properly disposed of by June 30, 1974. (b) The Secretary of the Treasury shall (1) provide for the compilation of a history of the Economic Stabilization Program by December 31, 1974; and (2) provide for the appropriate disposition of all property (real and personal), records, data, and personnel transferred hereunder or relating to the activities conferred upon him by this Order. SEC. 6. Any officer or employee who was serving in the Economic Stabilization Program, on or before June 30, 1974, and who while so serving was guaranteed reemployment rights to his former agency by virtue of such service, shall retain such rights through December 31, 1974, if employed by the Secretary of the Treasury or his designee to perform functions under this Order, without a break in service of one day or more. SEC. 7. The following committees and boards are abolished: (1) The Cost of Living Council Committee on Health established by Section 6 of Executive Order No. 11695 of January 11, 1973, and continued through June 30, 1974, by Executive Order No. 11781 of May 1, 1974. (2) The Cost of Living Council Committee on Food established by Section 7 of Executive Order No. 11695 of January 11, 1973, and continued through June 30, 1974, by Executive Order No. 11781 of May 1, 1974. (3) The Labor-Management Advisory Committee established by Section 8 of Executive Order No. 11695 of January 11, 1973, and continued through June 30, 1974, by Executive Order No. 11781 of May 1, 1974. (4) The Construction Industry Stabilization Committee, established by Executive Order No. 11588 of March 29, 1971, and continued by Executive Order No. 11695 of January 11, 1973, and Executive Order No. 11781 of May 1, 1974. SEC. 8. The Secretary of the Treasury, or his designee, may, for the purposes of carrying out this Order, continue any advisory committees previously established by the Cost of Living Council and not abolished by the Council prior to the effective date of this Order. He shall make appropriate provisions for abolishing, on or before December 31, 1974, all Council Advisory committees so continued. SEC. 9. This Order shall not be deemed to affect any authority (1) exercised by the Federal Energy Office with respect to pricing and allocation of crude oil, residual fuel oil, and refined petroleum products (as defined in the Emergency Petroleum Allocation Act of 1973), pursuant to the Economic Stabilization Act of 1970, as amended, the Emergency Petroleum Allocation Act of 1973, Executive Order No. 11748 of December 4, 1973, or Cost of ' Living Council Order No. 47, as amended, or (2) any comparable authority vested in, or delegated to, the Administrator of the Federal Energy Administration. SEC. 10. Executive Order No. 11588 of March 29, 1971, Executive Order No. 11627 of October 15, 1971, Executive Order No. 11640 of January 26, 1972, Executive Order No. 11695 of January 11, 1973, Executive Order No. 11723 of June 13, 1973, Executive Order No. 11730 of July 18, 1973, and Executive Order No. 11781 of May 1, 1974, are revoked. SEC. 11. Sections 1 through 10 of this Order shall be effective as of July 1, 1974. SEC. 12(a). There is hereby established the President's Committee on Food, which shall be composed of the Counsellor to the President for Economic Policy, who shall be its Chairman, the Secretary of State, the Secretary of the Treasury, the Secretary of Agriculture, the Director of the Office of Management and Budget, the Chairman of the Council of Economic Advisers, the Executive Director of the Council on International Economic Policy, and such other members as the President may, from time to time, designate. (b) The President's Committee on Food shall review Government activities significantly affecting food costs and prices and provide coordination for the Nation's policy relating to domestic and international food supplies and relating to food costs and prices. (c) The President's Committee on Food shall terminate on December 31, 1974. RICHARD NIXON The White House, June 18, 1974.