A joint resolution to establish the National Commission on Inflation.

Establishes the National Commission on Inflation to consist of the Secretary of the Treasury, who shall be the Chairman of the Commission, the Chairman of the Council of Economic Advisers, the Chairman of the Board of Governors of the Federal Reserve System, and ten public members to be appointed by the President.

Sets forth the duties of the Commission, including to: (1) develop and recommend to the President and the Congress policies, mechanisms, and procedures to achieve and maintain stability of prices and costs in a growing economy; (2) promote the consistency of price and wage policies with fiscal, monetary, international, and other economic policies of the United States; (3) provide information to the public, agriculture, industry, labor, and State and local governments concerning the need for controlling inflation and encourage and promote voluntary action to that end; (4) review the programs and activities of Federal departments and agencies and the private sector which may have adverse effects on supply and cause increases in prices and make recommendations for changes to increase supply and restrain prices; (5) review industrial capacity, demand, and supply in various sectors of the economy, working with the industrial groups concerned and appropriate governmental agencies to encourage price restraint; (6) work with labor and management in the various sectors of the economy having special economic problems, as well as with appropriate Government agencies, to improve the structure of collective bargaining and the performance of those sectors in restraining wages and prices; (7) improve wage and price data bases for the various sectors of the economy to improve collective bargaining and encourage wage and price restraint; (8) focus attention on the need to increase productivity in both the public and private sectors of the economy; and (9) monitor the economy as a whole, by requiring, as appropriate, reports on wages, productivity, prices, sales, profits, imports, and exports.

Directs the Commission to (1) conduct public hearings when appropriate to provide for public scrutiny of inflationary problems in various sectors of the economy; (2) report to the President, the Congress, and the public, when appropriate, of any decisions, actions, or price and wage increases which the Commission determines would substantially contribute to inflationary pressures in the economy; and (3) transmit to the President and the Congress an interim report not later than September 1, 1974, and a final report not later than March 1, 1975, on its findings and recommendations.

Authorizes to be appropriated such sums, not to exceed $1,500,000 as are necessary to carry out the provisions of this joint resolution.