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(f) Such investment and expenditure by the Federal Government shall be designed to contribute to the national wealth and well-being, and to stimulate increased employment opportunities by private enterprise.

THE NATIONAL PRODUCTION AND EMPLOYMENT BUDGET

SEc. 3. (a) The President shall transmit to Congress at the beginning of each regular session the National Production and Employment Budget (hereinafter referred to as the “National Budget”), which shall set forth in summary and detail for the ensuing fiscal year or such longer period as the President may deem appropriate— (1) the estimated size of the labor force, including the self-employed in industry and agriculture; (2) the estimated aggregate volume of investment and expenditure by private enterprises, consumers, State and local governments, and the Federal Government, required to produce such volume of the gross national product, at the expected level of prices, as will be necessary to provide employment opportunities for such labor force (such dollar volume being hereinafter referred to as the “full employment volume of production”); and (3) the estimated aggregate volume of prospective investment and expenditure by private enterprises, consumers, State and local governments, and the Federal Government (not taking into account any increased or decreased investment or expenditure which might be expected to result from the programs set forth in such Budget). The estimates and information herein called for shall take account of such foreign investments and expenditure for exports and imports as affect the volume of the gross national product. (b) The extent, if any, by which the estimated aggregate volume of prospective investment and expenditure for any fiscal year or other period, as set forth in the National Budget in accordance with paragraph (a) (3) of this section, is less than the estimated aggregate volume of investment and expenditure required to assure a full employment volume of production, as set forth in the National Budget in accordance with paragraph (a) (2) of this section, shall for the purposes of this title be regarded as a prospective deficiency in the National Budget. When there is a prospective deficiency in the National Budget for any fiscal year or other period, the President shall set forth in such Budget a general program for encouraging such increased non-Federal investment and expenditure, particularly investment and expenditure which will promote increased employment opportunities by private enterprise, as will prevent such deficiency to the greatest possible extent. The President shall also include in such Budget such recommendations for legislation. relating to such program as he may deem necessary or desirable. Such program may include, but need not be limited to, current and projected Federal policies and activities with reference to banking and currency, monopoly and competition, wages and working conditions, foreign trade and investment, agriculture, taxation, social security, the development of natural resources, and such other matters as may directly or indirectly affect the level of non-Federal investment and expenditure. (c) To the extent, if any that such increased non-Federal investment and expenditure as may be expected to result from actions taken under the program set forth in accordance with subsection (b) of this section are deemed insufficient to provide a full employment volume of production, the President shall transmit a general program for such Federal investment and expenditure as will be sufficient to bring the aggregate volume of investment and expenditure by private business, consumers, State and local governments, and the Federal Government, up to the level required to assure a full employment volume of production. Such program shall be designed to contribute to the national wealth and well-being, and to stimulate additional non-Federal investment and expenditure. Any of such programs calling for the construction of public works by the Federal Government shall provide for the performance of the necessary construction work by private concerns under contracts awarded in accordance with applicable laws, except where the performance of such work by some other method is necessary by reason of special circumstances or is authorized by other provisions of law. (d) If the estimated aggregate volume of prospective investment and expenditure for any fiscal year or other period, as set forth in the National Budget in accordance with paragraph (a) (3) of this section, is more than the estimated aggregate volume of investment and expenditure required to assure a full em

ployment volume of production, as set forth in the National Budget in accCordance with paragraph (a) (2) of this section, the President shall set forth in such Budget a general program for preventing inflationary economic dislocations, or diminishing the aggregate volume of investment and expenditure to the level required to assure a full employment volume of production, or both.

(e) The programs referred to in subsections (b), (c), and (d) of this section shall include such measures as may be necessary to assure that monopolistic practices with respect to prices, production, or distribution, or other monopolistic practices, will not interfere with the achievement of the purposes of this Act.

(f) The National Budget shall include a report on the distribution of the national income during the preceding fiscal year, or such longer period as the President may deem appropriate, together with an evaluation of the effect upon the distribution of the national income of the programs set forth in such Budget.

(g) The President may from time to time transmit to Congress such supplemental or revised estimates, information, programs, or legislative recommendations as he may deem necessary or desirable in connection with the National Budget.

PREPARATION OF NATIONAL BUDGET

SEc. 4. (a) The National Budget shall be prepared in the Executive Office of the President under the general direction and supervision of the President, and in consultation with the members of his Cabinet and other heads of departments and establishments.

(b) The President shall transmit to the several departments and establishments such preliminary estimates and other information as will enable them to prepare such plans and programs as may be needed during the ensuing or subsequent fiscal years to help achieve a full employment volume of production.

(c) The President may establish such advisory boards or committees composed of representatives of industry, agriculture, labor, and State and local governments, and others, as he may deem advisable for the purpose of advising and consulting on methods of achieving the objectives of this Act.

JOINT COMMITTEE ON THE NATIONAL BUDGET

SEC. 5 (a) There is hereby established a Joint Committee on the National Budget, to be composed of the chairman and ranking minority members of the Senate Committees on Appropriations, Banking and Currency, Elucation and Labor, and Finance, and seven additional Members of the Senate, to be appointed by the President of the Senate; and the chairmen and ranking minority members of the House Committees on Appropriations, Banking and Currency, Labor, and Ways and Means, and seven additional Members of the House of Representatives to be appointed by the Speaker of the House of Representatives. The party representation of the Joint Committee shall reflect the relative membership of the majority and minority parties in the Senate and the House of Representatives. (b) It shall be the function of the Joint Committee— (1) to make a study of the National Budget transmitted to Congress by the President in accordance with section 3 of this Act; and (2) to report to the Senate and the House of Representatives, not later than March 1 of each year, its findings and recommendations with respect to the National Budget, together with a joint resolution setting forth for the ensuing fiscal year a general policy with respect to such National Budget to serve as a guide to the several committees of Congress dealing with legislation relating to such National Budget. (c) Vacancies in the membership of the Joint Committee shall not affect the power of the remaining members to execute the functions of the committee, and shall be filled in the same manner as in the case of the original selection. The committee shall select a chairman and a vice chairman from among its members. (d) The Joint Committee, or any duly authorized subcommittee thereof, is authorized to sit and act at such places and times, to require by subpena or otherwise the attendance of such witnesses and the production of such books, papers, and documents, to administer such oaths, to take such testimony, to procure such printing and binding, and to make such expenditures at it deems advisable. The cost of stenographic services to report such hearings shall not be in excess of 25 cents per hundred words. The provisions of sections 102 to 104, inclusive, of the Revised Statutes shall apply in case of any failure of any witness to comply with any subpena, or to testify when summoned, under authority of this section.

(e) The Joint Committee is empowered to appoint and fix the compensation of such experts, consultants, technicians, and clerical and stenographic assistance as it deems necessary and advisable, but the compensation so fixed shall not exceed the compensation prescribed under the Classification Act of 1923, as amended, for comparable duties. The committee may utilie such voluntary and uncompensated services as it deems necessary and is authorized to utilize the services, information, facilities, and personnel of the departments and establishments.

(f) The expenses of the Joint Committee shall be paid one-half from the contingent fund of the Senate and one-half from the contingent fund of the House of Representatives upon vouchers signed by the chairman or vice chairman.

RATE OF ExPENDITURES

SEC. 6. (a) The President shall review quarterly all Federal investment and expenditure for the purpose of ascertaining the extent to which the current and anticipated level of non-Federal investment and expenditure warrants any change in the volume of such Federal investment and expenditure.

(b) Subject to such principles and standards as may be set forth in applicable appropriation Acts and other statutes, the rate of Federal investment and expenditure may be varied to whatever extent and in whatever manner the President may determine to be necessary for the purpose of assisting in assuring continuing full employment, with due consideration being given to current and anticipated variations in savings and in investment and expenditure by private business, consumers, State and local governments, and the Federal Government.

AID TO COMMITTEES

SEc. 7. The heads of departments and establishments shall, at the request of any committee of either House of Congress, furnish such committee with such aid and information with regard to the National Budget as it may request.

INTERPRETATION

SEC. 8. Nothing in this Act shall be construed as calling for or authorizing— (a) the operation of plants, factories, or other productive facilities by the Federal Government; (b) the use of compulsory measures of any type whatsoever in determining the allocation or distribution of manpower; (c) any change in the existing procedures on appropriations; or (d) the carrying out of, or any appropriation for, any program set forth in the National Budget, unless such program shall have been authorized by provisions of law other than this Act. (e) the disclosure of trade secrets or other information, the publication of which might have a harmful effect upon the firm or person supplying such information.

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AN ACT To establish a national policy and program for assuring continuing full exployment and full production in a free competitive economy, through the concerted efforts of , industry, agriculture, labor, State and local governments, and the Federal Government

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SHORT TITLE SECTION 1. This Act may be cited as the “Full Employment Act of 1945". FREE ENTERPRISE AND FULL, EMPLOYMENT SEC. 2. (a) It is the responsibility of the Federal Government to foster free competitive private enterprise and the investment of private capital. (b) All Americans able to work and seeking work are entitled to an oppor

tunity for useful, remunerative, regular, and full-time employment, including self-employment in agriculture, commerce, industry or the professions.

(c) In order to assure the free exercise of the opportunity for employment set forth above and in order to (1) foster free competitive private enterprise and the investment of private capital; (2) promote the general health and welfare of the Nation; (3) foster the American home and American education as the foundation of the American way of life; (4) raise the standard of living of the American people; (5) provide adequate employment opportunities for returning veterans; (6) develop trade and commerce among the several States and with foreign nations; (7) maintain expanding markets for agricultural products and assure expanding income for agricultural enterprises; (8) contribute to the economic development of underdeveloped areas of the country; (9) encourage and strengthen competitive small business enterprises; (10) strengthen the national defense and security; and (11) contribute to the establishment and maintenance of lasting peace among nations, the Federal Government has the responsibility, with the assistance and concerted efforts of industry, agriculture, and labor and State and local governments and consistent with the needs and obligations of the Federal Goyernment and other essential considerations of national policy, to assure continuing full employment, that is, the existence at all times of sufficient employment opportunities for all Americans able to work and seeking work. (d) To that end the Federal Government shall, in cooperation with industry, agriculture, labor, State and local governments, and others, develop and pursue a consistent and carefully planned economic program with respect to, but not limited to, taxation; banking, credit, and currency; monopoly and monopolistic practices; wages, hours, and working conditions; foreign trade and investment; agriculture; education; housing; social security; natural resources; the provision of public services, works, and research; and other revenue, investment, expenditure, service, or regulatory activities of the Federal Government. Such program shall, among other things— (1) stimulate, encourage, and assist private enterprises to provide, through an expanding production and distribution of goods and services, the largest feasible volume of employment opportunities; (2) stimulate, encourage, and assist State and local governments, through the exercise of their respective functions, to make their most effective contribution to assuring continuing full employment; (3) provide for an income for the aged sufficient to enable them to maintain a decent and healthful standard of living, and promote the retirement from the labor force of the older citizens; and (4) to the extent that continuing full employment cannot otherwise be attained, provide, consistent with the needs and obligations of the Federal Government and other essential considerations of national policy, such volume of Federal investment and expenditure as may be needed, in addition to the investment and expenditure by private enterprises, consumers, and State and local governments, to achieve the objective of continuing full employment. Federal investment and expenditure, whether direct or indirect, or whether for public works, for public services, for assistance to business, agriculture, home owners, veterans, or consumers, or for other purposes, shall be designed to contribute to the national wealth and wellbeing and to stimulate increased employment oportunities by private enterprises. Any such Federal investment and expenditure calling for the construction of public works by the Federal Government shall provide for the performance of the necessarv construction work by private enternrises under contract, except where the performance of such work by some other method is necessary by reason of special circumstances or is authorized by other provisions of law; and all such work shall be performed in accordance with all applicable laws, including laws relating to labor standards: Provided, That any program of Federal investment and expenditure for the fiscal year 1948 or any subsequent fiscal year when the nation is at peace shall be accompanied by a program of taxation over a period comprising the year in question and a reasonable number of years thereafter designed and calculated to prevent during that period any net increase in the national . debt (other than debt incurred for self-liquidating projects and other reimople expenditures), without interfering with the goal of full employment. (e) It is the policy of the United States to discharge the responsibilities herein set forth in such a manner as will contribute to an expanding exchange of goods and services among nations and without resort to measures or programs that would contribute to economic warfare among nations.

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THE NATIONAL PRODUCTION AND EMPLOYMENT BUDGET

SEc. 3. (a) The President shall transmit to Congress at the beginning of each regular session the National Production and Employment Budget (hereinafter referred to as the “National Budget”), which shall set forth– (1) for the ensuing fiscal year and such longer period as the President may deem appropriate, an estimate of the number of employment opportunities needed for full employment, the production of goods and services at full employment, and the volume of investment and expenditure needed for the purchase of such goods and services; (2) current and foreseeable trends in the number of employment opportunities, the production of goods and services, and the volume of investment and expendituré for the purchase of goods and services, not taking into account the effects of the general program provided for in paragraph (3) hereof; and (3) a general program, pursuant to section 2, for assuring continuing full employment, together with such recommendations for legislation as he may deem necessary or desirable. Such program shall include whatever measures he may deem necessary to prevent inflationary or deflationary dislocations or monopolistic practices from interfering with the assurance of continuing full employment. (b) The National Budget shall include a review of the economic program of the Federal Government during the preceding year and a report on its effect upon the amount of the national income and upon the distribution of the national income among agriculture, industry, labor, and others. (c) The President shall transmit quarterly to Congress a report on economic developments, together with such modifications in the National Budget and such legislative recommendations as he may deem necessary or desirable. (d) When the National Budget and the quarterly reports thereon are transmitted to the Congress, they shall be referred to the Joint Committee on the National Budget hereinafter established.

PREPARATION OF NATIONAL BUDGET

SEC. 4. (a) The National Budget shall be prepared under the general direction and supervision of the President, and in consultation with heads of departments and establishments.

(b) The President shall consult with industry, agriculture, labor, consumers, State and local governments, and others, with regard to the preparation of the National Budget, and for this purpose shall establish such advisory boards, committees, or commissions as he may deem desirable.

JOINT COMMITTEE ON THE NATIONAL BUDGET

SEC. 5. (a) There is hereby established a Joint Committee on the National Budget, to be composed of fifteen Members of the Senate, to be appointed by the President of the Senate; and fifteen Members of the House of Representatives to be appointed by the Speaker of the House of Representatives. The party representation of the Joint Committee shall as nearly as may be feasible reflect the relative membership of the majority and minority parties in the Senate and the House of Representatives. (b) It shall be the function of the Joint Committee— (1) to make a continuing study of matters relating to the National Budget and to consult with the President with respect thereto; (2) to make a study of the National Budget transmitted to Congress by the President in accordance with section 3 of this Act; and (3) as a guide to the several committees of Congress dealing with legislation relating to the National Budget, not later than April 1 of each year to file a report with the Senate and the House of Representatives containing its findings and recommendations with respect to each of the main recommendations made by the President in the National Budget. (c) Wacancies in the membership of the Joint Committee shall not affect the power of the remaining members to execute the functions of the committee, and shall be filled in the same manner as in the case of the original selection. The committee shall select a chairman and a vice chairman from among its members.

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