Economic Stabilization Amendments

Economic Stabilization Amendments- Revises the Economic Stabilization Act of 1970 by stating that the objectives of this Act are to reduce inflation and unemployment. Directs the President to impose economic controls if he finds that the absence of controls would result in inflation and unemployment at levels in excess of the objectives stated in the Act. Sets forth the standards governing the imposition of such controls.

Establishes the Economic Stabilization Administration within the Executive Office of the President. Provides that the President shall not delegate powers under this Act to any agency other than the Administration and shall take steps promptly to transfer to the Administration the functions heretofore exercised by the Internal Revenue Service under the Act.

Sets forth additional duties for the Administration under the Act.

Provides that whenever the President takes any action under this Act to impose controls he shall submit to the Speaker of the House of Representatives and to the President pro tempore of the Senate a report setting forth the controls imposed.

Sets forth the procedures by which Congress may disapprove the controls imposed by the President and by which it may direct the President to act.