Testimony Before the Committee on Banking, Housing and Urban Affairs – US Senate

by William Lilley on December 14, 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 the activities of The Council and, more generally, the effectiveness of various approaches to wage and price stabilization. With me today are Robert Crandall, Assistant Director for Wage and Price Monitoring and Vaughn Williams, General Counsel.

In my testimony today I would like to accomplish the following three purposes. First, I would like briefly to summarize the legislative history of the Council. I think this will help to clarify what powers the Council now has, and also what further powers the Congress has in the past decided against giving the Council. Second, I would like to describe a few recent activities of the Council in order to illustrate the specific role that the Council has developed with its current statutory mandate. Third, I would like to offer a few thoughts for the future.

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