Public Law 93-28 93rd Congress, S. 398 April 30, 1973

An Act

To extend and amend the Economic Stabilization Act of 1970.

Be it enacted by the Senate and House of Representatives of the

United States of America in Congress assembled, That this Act may be Economic Stabili cited as the "Economic Stabilization Act Amendments of 1973".

AUTHORITY TO ALLOCATE PETROLEUM PRODUCTS

SEC. 2. (a) The first sentence of section 202 of the Economic Stabili

zation Act Amen ments of 1973.

zation Act of 1970 is amended by striking out the period at the end 85 Stat. 744. thereof and inserting in lieu thereof the following: ", and that in order 12 USC 1904 to maintain and promote competition in the petroleum industry and note.

assure sufficient supplies of petroleum products to meet the essential

needs of various sections of the Nation, it is necessary to provide for the rational and equitable distribution of those products."

(b) The first sentence of section 203 (a) of such Act is amended— (1) by striking out "and" at the end of clause (1);

(2) by striking out the period at the end of clause (2) and inserting in lieu thereof "; and"; and

(3) by adding at the end thereof a new clause as follows:

(3) provide after public hearing, conducted with such notice,

under such regulations and subject to such review as the exigencies 87 STAT. 27 of the case may, in his judgment, make appropriate for the 87 STAT. 28 establishment of priorities of use and for systematic allocation of supplies of petroleum products including crude oil in order to meet the essential needs of various sections of the Nation and to prevent anticompetitive effects resulting from shortages of such products."

DEFINITION OF SUBSTANDARD EARNINGS

SEC. 3. Section 203 (d) of the Economic Stabilization Act of 1970 is amended by adding at the end thereof the following new sentence: "The President shall prescribe regulations defining for the purposes of this subsection the term 'substandard earnings', but in no case shall such term be defined to mean earnings less than those resulting from a wage or salary rate which yields $3.50 per hour or less."

CLARIFICATION OF AUTHORITY CONFERRED BY ACT

SEC. 4. Section 203 of the Economic Stabilization Act of 1970 is amended by adding at the end thereof the following new subsection: "(j) Nothing in this title may be construed to authorize or require the withholding or reservation of any obligational authority provided by law or of any funds appropriated under such authority.

DEFINITION OF WAGES AND SALARIES

SEC. 5. Section 203 (g) of the Economic Stabilization Act of 1970 is amended to read as follows:

"(g) For the purposes of this title, the term 'wages' and 'salaries` do not include reasonable contributions by any employer pursuant to a compensation adjustment for

"(1) any pension, profit sharing, or annuity and savings plan which meets the requirements of section 401(a), 404 (a) (2), or 403(b) of the Internal Revenue Code of 1954;

26 USC 401, 404, 403.

85 Stat. 744. 12 USC 1904

note.

(2) any group insurance plan; or
"(3) any disability and health plan;

April 30, 1973

unless the President determines that the contributions for such pur poses made by any such employer are unreasonably inconsistent with the standards for wage, salary, and price increases issued under subsection (b) or under any other provision of this title. Employees in all industries subject to controls under this title shall be treated equally for purposes of this title."

PUBLIC DISCLOSURE

85 Stat. 747.

87 STAT. 28 87 STAT. 29

"Substantial product."

15 USC 78m, 780.

SEC. 6. Section 205 of the Economic Stabilization Act of 1970 is amended

(1) by striking "All" and inserting in lieu thereof “(a) Except as provided in subsection (b), all"; and

(2) by adding at the end thereof the following new subsection. (b)(1) Any business enterprise subject to the reporting requirements under section 130.21 (b) of the regulations of the Cost of Living Council in effect on January 11, 1973, shall make public any report (except for matter excluded in accordance with paragraph (2)) so required which covers a period during which that business enterprise charges a price for a substantial product which exceeds by more than 1.5 per centum the price lawfully in effect for such product on January 10, 1973, or on the date twelve months preceding the end of such period, whichever is later. As used in this subsection, the term substantial product' means any single product or service which accounted for 5 per centum or more of the gross sales or revenues of a business enterprise in its most recent full fiscal year.

"(2) A business enterprise may exclude from any report made public pursuant to paragraph (1) any information or data reported to the Cost of Living Council, proprietary in nature, which concerns or relates to the amount or sources of its income, profits, losses, costs, or expenditures but may not exclude from such report, data, or informa tion, so reported, which concerns or relates to its prices for goods and services.

"(3) Immediately upon enactment of this subsection, the President or his delegate shall issue regulations defining for the purpose of this subsection what information or data are proprietary in nature and therefore excludable under paragraph (2), except that such regula tions may not define as excludable any information or data which cannot currently be excluded from public annual reports to the Securities and Exchange Commission pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 by a business enterprise exclusively engaged in the manufacture or sale of a substantial product as defined in paragraph (1). Such regulations shall define as excludable any information or data which concerns or relates to the trade secrets. processes, operations, style of work, or apparatus of the business enterprise."

AGENCY HEARINGS

SEC. 7. Section 207 (b) of the Economic Stabilization Act of 1970 is amended by striking out the period at the end thereof and inserting the following in lieu thereof: ": Provided, That such agency shall issue no order which has the effect of reducing wages, or salaries in effect, or proposed to be put into effect, in an appropriate employee unit unless such order is made on the record after opportunity for a hearing. Not less than thirty days after issuance of such an order a statement of explanation shall be directed to the affected parties and made available to the public. Such statement shall include a full explanation of the reasons why the existing wage or salary, or proposed wage or salary adjustment, does not meet the requirements of or the standards established by the regulations prescribed by the agency."

85 Stat. 744. 12 USC 1904

note.

(2) any group insurance plan; or
"(3) any disability and health plan;

April 30, 1973

unless the President determines that the contributions for such pur poses made by any such employer are unreasonably inconsistent with the standards for wage, salary, and price increases issued under subsection (b) or under any other provision of this title. Employees in all industries subject to controls under this title shall be treated equally for purposes of this title."

PUBLIC DISCLOSURE

85 Stat. 747.

87 STAT. 28 87 STAT. 29

"Substantial product."

15 USC 78m, 780.

SEC. 6. Section 205 of the Economic Stabilization Act of 1970 is amended

(1) by striking "All" and inserting in lieu thereof “(a) Except as provided in subsection (b), all"; and

(2) by adding at the end thereof the following new subsection. "(b) (1) Any business enterprise subject to the reporting requirements under section 130.21 (b) of the regulations of the Cost of Living Council in effect on January 11, 1973, shall make public any report (except for matter excluded in accordance with paragraph (2)) so required which covers a period during which that business enterprise charges a price for a substantial product which exceeds by more than 1.5 per centum the price lawfully in effect for such product on January 10, 1973, or on the date twelve months preceding the end of such period, whichever is later. As used in this subsection, the term 'substantial product' means any single product or service which accounted for 5 per centum or more of the gross sales or revenues of a business enterprise in its most recent full fiscal year.

"(2) A business enterprise may exclude from any report made public pursuant to paragraph (1) any information or data reported to the Cost of Living Council, proprietary in nature, which concerns or relates to the amount or sources of its income, profits, losses, costs, or expenditures but may not exclude from such report, data, or informa tion, so reported, which concerns or relates to its prices for goods and services.

“(3) Immediately upon enactment of this subsection, the President or his delegate shall issue regulations defining for the purpose of this subsection what information or data are proprietary in nature and therefore excludable under paragraph (2), except that such regula tions may not define as excludable any information or data which cannot currently be excluded from public annual reports to the Securities and Exchange Commission pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 by a business enterprise exclusively engaged in the manufacture or sale of a substantial product as defined in paragraph (1). Such regulations shall define as excludable any information or data which concerns or relates to the trade secrets. processes, operations, style of work, or apparatus of the business enterprise.'

AGENCY HEARINGS

SEC. 7. Section 207 (b) of the Economic Stabilization Act of 1970 is amended by striking out the period at the end thereof and inserting the following in lieu thereof: ": Provided, That such agency shall issue no order which has the effect of reducing wages, or salaries in effect, or proposed to be put into effect, in an appropriate employee unit unless such order is made on the record after opportunity for a hearing. Not less than thirty days after issuance of such an order a statement of explanation shall be directed to the affected parties and made available to the public. Such statement shall include a full explanation of the reasons why the existing wage or salary, or proposed wage or salary adjustment, does not meet the requirements of or the standards established by the regulations prescribed by the agency."

SEC. 8. Section 218 of the Economic Stabilization Act of 1970 is 85 Stat. 752. amended by striking out "April 30, 1973" and "May 1, 1973" and 12 USC 1904 inserting in lieu thereof "April 30, 1974" and "May 1, 1974", note. respectively.

Approved April 30, 1973.

LEGISLATIVE HISTORY:

HOUSE REPORT No. 93-114 accompanying H. R. 6168 (Comm. on Banking and Currency).

SENATE REPORT No. 93-63 (Comm. on Banking, Housing and Urban

Affairs).

CONGRESS IONAL RECORD, Vol. 119 (1973):

Mar. 19, 20, considered and passed Senate.

Apr. 16, considered and passed House, amended, in lieu of

H. R. 6168.

Apr. 18, 30, Senate and House agreed to conference report.