Economic Stabilization Act Amendments

Economic Stabilization Act Amendments - Establishes an Economic Stablilzation Board. Provides that all prices, wages, rents, and interest rates will be frozen at levels no higher than those prevailing on the date of enactment of this Act. Directs the Board, after full explanation of its actions, to roll back prices, rents, and interest rates to levels lower than those prevailing on the date of enactment in order to eliminate windfall profits or to carry out the purposes of this Act.

States that, in order to eliminate inequities in the wage-price relationship which may have developed in certain firms or industries since August 15, 1971, the Board shall, on petition of any interested person after reviewing all relevant data, allow upward adjustments in wages in amounts which at the maximum would be equal to the difference between the rate of price increases as measured by the Consumer Price Index (all items - United States city average) as compiled by the Bureau of Labor Statistics, United States Department of Labor occurring between August 15, 1971, and the date of enactment of the Economic Stablilzation Act Amendments of 1975 and average wage increases occurring in a firm or industry during the same period.

Provides that in carrying out the authority vested in it by this Act, the Board shall issue standards which shall: (1) be fair and equitable; (2) call for generally comparable sacrifices by business and labor as well as other segments of the country; and (3) permit passthrough of bona fide increases in costs.

Sets forth limitations on the authority of the Board.

Establishes in the executive branch the Office of Consumer Counsel.

States that the Office of the Consumer Counsel, under the direction of the Consumer Counsel, shall have authority to investigate fully, on complaint from a consumer, or otherwise, all official actions of the Board, which shall promptly upon request make fully available to the Office of the Consumer Counsel all records, information, and testimony relating to any matter which such Office investigates.

Directs the Board to transmit quarterly reports to the Committee on Banking and Currency of the House of Representatives and the Committee on Banking, Housing and Urban Affairs of the Senate not later than ninety days after the close of each calendar quarter describing the actions taken under this Act during the preceding quarter and giving its assessment of the progress attained in achieving the purposes of this Act.