TESTIMONY OF WILLIAM LILLEY III ACTING DIRECTOR, COUNCIL ON WAGE AND PRICE STABILITY BEFORE THE SUBCOMMITTEE ON ECONOMIC STABILIZATION COMMITTEE ON BANKING, CURRENCY AND HOUSING U.S. HOUSE OF REPRESENTATIVES SEPTEMBER 16, 1976

by Jakina Debnam on September 16, 1976
by William Lilley

Good morning. My name is William Lilley III. I am Acting Director of the Council on Wage and Price Stability, and I am pleased to have the opportunity to participate in this inquiry into how effectively the Executive Branch is organized to deal with the problem of inflation. With me today are Robert W. Crandall and James C. Miller, assistant directors of the Council’s offices of Wage and Price Monitoring and Government Operations and Research.

I understand that Mr. MacAvoy and Mrs. Rivlin will testify about the economy-wide, or macro aspects of inflation, particularly about the role of government spending in it. On the other hand, I will limit my remarks to certain micro aspects of inflation, namely the inflation-fighting authority and mandate that Congress has given the Council and how the Council has discharged that obligation.

Generally speaking, the Council’s concern with inflation is distinguished from the concerns of the Council of Economic Advisers and the Congressional Budget Office by the scale of its focus. Their attention generally is trained on price increases in the economy overall. Our concern is with price increases on a sector-by-sector, or industry-by-industry basis. While they consider the composite economic picture, we look for isolated problems and pockets of trouble, much like a policeman — albeit British policeman, which is to say relatively unarmed.

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