Testimony of Albert Rees Before the Subcommittee on Banking, Currency and Housing

by Albert Rees on June 17, 1975
by Albert Rees

Mr. Chairman and Members of the Subcommittee:

It gives me great pleasure to appear today to discuss proposed amendments to the Council on Wage and Price Stability Act and related matters. I am accompanied today by our General Counsel, Mr. Vaughn Williams.

The Council on Wage and Price Stability Act was passed August 20, 1974, and signed into law as Public Law 93-387 on August 24, 1974. The authority conferred by the Act terminates on August 15, 1975.

I was appointed Director of the Council on September 28, 1974. Since then the Council staff has grown to its authorized strength of 41 people. We have been monitoring wage and price movements in the private sector, and we have also been reviewing the programs and policies of the agencies of the Federal Government to determine whether they contribute to inflation…

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