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"FINDINGS

"SEC. 202. (a) The United States is suffering its worst 3 economic decline since the 1930's. The combination of severe 4 inflation and recession has disrupted the Nation's economy 5 and has caused hardship for millions of Americans. Recession 6 and inflation have both revealed basic structural deficiencies 7 in the United States economy and have been intensified by 8 conflicting and erratic short-term economic policies without 9 in many cases providing long-term solutions.

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"(b) The failure to develop a long term national eco11 nomic policy has also created fundamental imbalances in

12 the economy.

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"(c) No single Government agency is responsible for 14 acquiring a current detailed view of the national economy 15 and its component interrelationships and the data necessary 16 to maintain such a picture. Without such information, it is 17. not possible adequately to analyze the economy, to antici18 pate and identify emerging problems, or to advise the Presi19 dent and the Congress about timely and effective action. 20 Government data collection must be better coordinated and 21 systematized and information should be in a form that per22 mits the identification in detailed comparison of major avail

23 able options.

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"(d) Although the Federal Government plays a major 25 role in the Nation's economy, the United States has no sin

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1 gle governmental body engaged in the systematic and com2 prehensive formulation of national economic goals and poli3 cies. The formulation of long term national economic goals, 4 the identification of available and potential labor, capital, 5 and natural resources, and recommendations for policies to 6 reconcile goals and resources would enable the Federal Gov7 ernment to determine and rationalize its own impact on the 8 national economy. These activities would provide assistance 9 to State and local governments and the private sector by 10 permitting action with greater knowledge of the Nation's 11 economic direction.

12 "(e) The establishment of an agency to recommend 13 to the executive and legislative branches consistent long 14 range economic goals and priorities, and policies to provide 15 for their realization, would fill a major national need.

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"(f) Individual economic security and personal well17 being are essential requirements to balanced growth in a free 18 society. The economic decisions of the Federal Government 19 have direct impact on the lives of individual citizens. It 20 is therefore necessary to provide a process of open and 21 democratic planning for the future to enable the citizens 22 of the United States to participate fully in the making of 23 policies affecting the national economy.

24 "(g) The Congress finds that the formulation of na25 tional economic goals, consistent with the Nation's economic 26 resources and the identification of coherent policies to realize

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1 those goals are important national requirements which will

2 achieve balanced economic growth and promote the eco

3 nomic well-being of all our citizens.

5 "SEC. 203. The purposes of this title are to:

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"(1) Establish an Economic Planning Board in the 7 Executive Office of the President with responsibility for 8 anticipating the Nation's economic needs, measuring avail-9 able national economic resources, assuring an adequate sup10 ply of industrial raw materials and energy, outlining eco11 nomic goals, and in the light of long-range economic trends 12 and opportunities, for developing a proposed balanced eco13 nomic growth plan, and recommending policies to achieve 14 the objectives of the plan.

15 "(2) Provide for the development of a balanced eco16 nomic growth plan, embodying coherent and realizable long17 term economic goals, consistent with the Nation's economic 18 resources and identifying the policies and actions that would 19 be required to attain such goals.

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"(3) Provide for the continuing and systematic access 21 by the Economic Planning Board to economic information 22 and data required to prepare, review, and revise the balanced 23 economic growth plan and to evaluate implementation of the 24 plan, and for the general dissemination of such information 25 and data in accordance with this Act to promote widespread,

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1 informed and effective public participation in the planning

2 process.

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"(4) Provide for appropriate participation by State 4 and local governments and regional organizations, business, 5 labor, consumers, other interested groups, organizations, 6 and private citizens in the development and revision of such 7 plan.

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"(5) Provide for congressional review of each proposed 9 balanced economic growth plan and for the approval or dis10 approval of the plan by concurrent resolution of the Con

11 gress.

12 "(6) Establish procedures whereby the departments 13 and agencies of the Federal Government will contribute to 14 the continued assessment and implementation of the balanced 15 economic growth plan.

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"ECONOMIC PLANNING BOARD

"SEC. 204. (a) There is established in the Executive 18 Office of the President an Economic Planning Board (re19 ferred to in this title as the 'Board'). The Board shall be 20 composed of three members who shall be appointed by the 21 President, by and with the advice and consent of the Sen22 ate. The Board shall be composed of persons of diverse 23 backgrounds and experience. The President shall designate one of the members of the Board as Chairman.

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"(1) prepare and submit to the Council on Economic Planning a proposed balanced economic growth

plan, as provided in section 208 (a), for approval by the Council;

"(2) seek the active participation by regional, State, and local agencies and instrumentalities and the

private sector through public hearings and other appro

priate means to insure that the views and proposals of all segments of the economy are taken into account in the formulation of the plan;

"(3) evaluate and measure the achievement of the goals and objectives contained in any approved balanced economic growth plan and report thereon, as provided in section 208 (b);

"(4) review major programs and activities of the Federal Government to determine the extent to which such programs or activities are consistent with any ap

proved plan;

"(5) coordinate the long-range planning activities of the departments and agencies of the Federal Government to assure maximum consistency of such activities with the goals and objectives stated in an approved plan; and

“(6) carry out such other functions pertaining to

25 long-term economic planning as the President may direct.