A bill to amend the Council on Wage and Price Stability Act to authorize the establishment of wage and price guidelines, to provide the Council with authority to suspend wage and price increases for 90 days, and for other purposes.

Provides, under the Council on Wage and Price Stability Act, that the Council shall have the authority to: (1) issue guidelines for noninflationary price and wage adjustment; (2) promulgate reporting requirements which direct persons to give prior notice to the Council of all price and wage increases; (3) suspend any wage or price increases for a period of 90 days; and (4) prohibit any person which the Council finds is violating its price guidelines from securing any contract during a one-year period to provide goods or services to any U.S. agency or instrumentality.

Allows the Council to hold meetings, take testimony, and issue subpenas. Gives U.S. courts, upon application by the Council, power to order the appearance of any person who refuses to obey a subpena issued by the Council.

Authorizes to be appropriated such sums as may be necessary to carry out this Act.