[Created pursuant to Sec. 5(a) of Public Law 304, 79th Congress]

CHRISTOPHER FRENZE, Executive Director
PATRICIA RUGGLES, Minority Staff Director

FOREWORD

Presented herewith for the use of members of the Joint Economic Committee, other members of Congress, and the general public is the Employment Act of 1946, as amended, together with related laws and the Rules of the Joint Economic Committee.

The Employment Act of 1946, which established the Joint Economic Committee of Congress and the President's Council of Economic Advisors, was approved February 20, 1946. Extensive revisions to the 1946 Act were made by Title I of the Full Employment and Balanced Growth Act of 1978 (the Humphrey-Hawkins bill). The full texts of the 1946 Act, as amended, and the 1978 Act are reprinted in this publication.

The Congressional Budget Act of 1974 requires the Joint Economic Committee to submit recommendations each year to the Budget Committees of the House and Senate about fiscal policy appropriate to the goals of the Employment Act. In 1982, an amendment to the Budget and Accounting Act of 1921 directed the Joint Economic Committee to submit an economic evaluation of the President's budget proposals to the Budget Committees. Selections from the 1974 Act and the 1982 amendment are also contained in this publication.

CONTENTS

Foreword

Employment Act of 1946, as amended, with related laws

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Sec. 1022 - Economic Report of the President; Coverage; Supplementary Reports: Reference to Congressional Joint Committee; Percentage Rate of Unemployment; Definitions

(a) Time of submission; contents

(b) Supplementary reports

(c) Referral to joint committee

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(d) Rate of unemployment

(e) "Inflation"; "prices"; "reasonable price stability" defined Sec. 1022A-Medium-Term Economic Goals and Policies Respecting Full Employment and Balanced Growth

(a) Incorporation of necessary programs and policies
(b) Interim numerical goals for initial Economic Reports
(c) Achievement of full employment, balanced budget
(d) Review by President; report Congress; modification of
timetables

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(e) Interim numerical goals for succeeding Economic Reports
(f) Action taken to reduce unemployment

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(g) Definitions

Sec. 1022B Presentation of Analysis Respecting Short-Term and Medium-Term Goals in Economic Report of President; Mutually Reinforcing Means

9.

Sec. 1022C - Inclusion of Priority Policies and Programs in
President's Budget