Memorandum for Correspondents: Executive Order Extending the Inflation Impact Statement Program

by Council on Wage and Price Stability on December 31, 1976
by Council on Wage and Price Stability

 

 

 

I am announcing today that I am extending Executive Order 11821 which requires I nflation Impact Statements for all major proposals for legislation, regulations and rules elnanating from the executive branch of the Government.

When I addressed the Congress on October 8, 1974, I pointed out that the Federal Government imposes many hidden and inflationary costs on our economy. I announced then that I would take steps to assure that the effect on the economy of Inajor executive branch proposals would be carefully weighed. Accordingly, on November 27, 1974, I signed Executive Order 11821 which formally initiated the Inflation Impact Statement (IIS) program. Its objective is to improve decision-making by requiring agencies to consider the economic impact of their regulatory and legislative proposals. The Director of the Office of Management and Budget was given oversight responsibility for the IIS program. He delegated monitoring responsibility for proposed rules and regulations to the Council on Wage and Price Stability, while retaining the legislative review responsibilities.

 

 

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