OPENING STATEMENT BY WILLIAM LILLEY III, ACTING DIRECTOR COUNCIL ON WAGE AND PRICE STABILITY

by Jakina Debnam on September 8, 1976
by Jakina Debnam and William Lilley

Good morning: Welcome to this working session to discuss the first draft work-product of the Council on Wage and Price Stability’s and the National Productivity Center’s joint study of the economic impact of federal regulation of the domestic iron and steel industry. Very briefly put, the purpose of our study is to focus on the various kinds of federal regulation of a single industry and, using that industry as an example, to develop and analyze data about the impact of various federal regulatory programs upon our economy. We think such a study raises very important issues that must be investigated seriously and impartially. We hope that the work we are able to do will encourage further analysis by other interested parties, and for that reason are especially happy to have you all with us today.

The Council has focused on the economic impact of federal regulation ever since the Council’s creation in the fall of 1974. The Council staff very quickly began to participate in rulemaking and ratemeking proceedings at various agencies to present its analysis of the relative costs and benefits that might result from regulatory proposals. This function was subsequently strengthened first by the assignment to the Council of substantial responsibilities under the President’s inflation impact statement program and then by Congressional amendment of the Council on Wage and Price Stability’s Act to expressly direct the Council to participate in federal agency proceedings. The Council perspective in these various activities has always been to evaluate whether the regulatory goals of various federal statutes are being pursued in the least costly manner.

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