Economic Stabilization Act Amendments

Economic Stabilization Act Amendments - Establishes an Economic Stablilzation Board, to be composed of three members, representing labor, business and the consuming public to be appointed by the President with the advice and consent of the Senate.

Freezes all prices, wages, rents, and interest rates at levels no higher than those prevailing on December 1, 1974. Allows the Board to make ajustments in such levels in order to correct gross inequities. Directs the Board, within 60 days of enactment of this Act, to roll back prices, rents and interest rates to levels lower than those necessary to eliminate windfall profits or to carry out the purposes of this Act.

Allows the Board, on petition of interested parties, to eliminate inequities which may have developed in the wage-price relationship by allowing upward adjustments in wages. Specifies that such increases not exceed the difference between the rate of price increases as measured by the Consumer Price Index between August 15, 1971 and the date of enactment, and the average wage increases in the firm or industry during the same period.

Exempts from the wage freeze all workers whose earnings are substandard or who are members of the working poor.

Specifies that this Act shall not preclude any increase in wages required by the Fair Labor Standards Act or other preexisting wage determinations.

Establishes in the legislative branch the Office of Consumer Counsel, to be headed by the Counsel, appointed for one year by the Temporary Emergency Court of Appeals. Authorizes the Consumer Counsel: (1) to investigate any complaints concerning actions of the Board; (2) to issue subpenas for the testimony of witnesses and the production of records; (3) to intervene as a party in rulemaking and other decisions by the Board which the Counsel believes may be contrary to law or to the public interest; and (4) to apply to the appropriate court for relief if the Board makes a decision notwithstanding the objections of the Consumer Counsel. Directs the Office of the Consumer Counsel to advise consumers of information necessary to make intelligent decisions on the purchase of goods and services.

Requires the Board to transmit quarterly reports to the Committee on Banking and Currency of the House of Representatives and to the Committee on Banking, Housing and Urban Affairs of the Senate, describing the actions taken and assessing the progress attained in achieving the purpose of this Act.

Makes technical and conforming amendments.