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, to provide subpoena power for the Council.

Grants the Council on Wage and Price Stability additional authority to: (1) promulgate guidelines for noninflationary price and wage adjustments; (2) promulgate reporting requirements which direct persons to give prior written notice to the Council of price and wages increases; (3) suspend any wage or price increases for a period of ninety days; and (4) prohibit violators of the Councils' price guidelines from obtaining any contract with the U.S. Government for a period of one year.

Provides the Council with power to issue subpenas and compel the attendence of witnesses and the production of any evidence necessary to carry out its responsibilities.

Authorizes appropriations of such sums as are necessary to carry out the provisions of the Council on Wage and Price Stability Act.