A bill to amend the Economic Stabilization Act of 1970 to establish improved procedures for the implementation of that act, and to assure due process under that act.

Requires that any agency authorized by the President to issue rules, regulations, or orders under the Economic Stabilization Act of 1970 shall, in regulations prescribed by it, establish procedures which are available to any person for the purpose of seeking an interpretation, modification, or recission of, or seeking an exception or exemption from, such rules, regulations, and orders.

States that such regulations shall include provision for a statement of exhaustion of administrative remedies which must be issued within sixty days of a request therefor unless a grant or denial is made. Provides that if such person is aggrieved by the denial of a request for such action, he may request a reveiw of such denial by the agency.

Requires the agency, in regulations prescribed by it, to establish appropriate procedures, including hearings where deemed advisable, for considering such requests for action under this Act, except that such agency shall issue no order which has the effect of reducing wages, or salaries in effect, or proposal to be in effect, in an appropriate employee unit unless such order is made on the record after opportunity for a hearing.

Provides that 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. States that 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.

Provides for due process under the Economic Stabilization Act of 1970.