A Joint Resolution to establish the National Commission on Inflation.

Establishes the National Commission on Inflation. Sets forth the duties of the Commission, including the following: (1) to 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) to promote the consistency of price and wage policies with fiscal, monetary, international, and other economic policies of the United States; (3) to 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) to 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) to 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; and (6) to 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.

States that to furthur promote voluntary wage and price restraints and to promote the level of consumer and international confidence in the Nation's ability to moderate the rate of inflation, the Commission shall: (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; (3) within ninety days from the date of passage of the resolution, report to the Congress and to the President specific anti-inflation policies and programs it believes to be needed; and (4) transmit to the President and the Congress within twelve months of the date of enactment of this resolution a final report on its findings and recommendations.

Enumerates the powers and privileges of the Commission. Authorizes appropriations of up to $1,500,000 to carry out the provisions of this resolution.