Equal Opportunity and Full Employment Act

(Reported to House from the Committee on Education and Labor with amendment, H. Rept. 94-1164)

Full Employment and Balanced Growth Act - =Title I: Establishment of Goals, Planning, and General Economic Policies= - Amends the Employment Act to declare that all adult Americans able, willing, and seeking work have the right to useful paid employment at fair rates of compensation.

Directs the President in each annual Economic Report to recommend numerical goals for employment, production, and purchasing power, as well as policies to support these goals and achieve balanced growth and full employment.

Requires the preparation of a Full Employment and Balanced Growth Plan, prepared with the assistance of Economic Advisers and in consultation with the Office of Management and Budget. Requires the plan to analyze developing economic conditions to recommend long-term goals for full employment, production, and purchasing power; and to propose priority policies.

Sets the long-term full employment goal at three percent adult unemployment.

Directs the President to submit proposals improving the efficency and economy of the Federal Government.

Requires that monetary and fiscal policies be utilized to achieve full employment and balanced growth. Directs the Federal Reserve Board to report to the President and Congress, identifying the extent to which the Federal Reserve will support the economic goals recommended by the President.

Stipulates that each Economic Report contain a comprehensive set of anti-inflation policies to supplement monetary and fiscal policy.

Directs the Council of Economic Advisers to prepare the Full Employment and Balanced Growth Plan and to consult with the Advisory Committee.

Establishes an Advisory Committee on Full Employment and Balanced Growth to advise and assist the Council of Economic Advisers.

=Title II: Countercyclical, Structural, and Youth Employment Policies= - Requires the President to submit a flexible countercyclical program to reduce high unemployment arising from cyclical movements in the economy. Stipulates specified characteristics the program is required to include. Requires as part of the President's countercyclical program the development of policies that will stabilize State and local budgets during periods of recession and high unemployment.

Directs the President to transmit to Congress a comprehensive regional and structural employment proposal designed to reduce the chronic underutilization of human and capital resources.

Directs the President to transmit to Congress legislation creating a comprehensive youth employment program which utilizes existing resources and facilities and provides additional employment programs.

Directs the President, through the Secretary of Labor, to develop policies, procedures,and programs to provide employment opportunities to adult Americans unable to find work. Establishes, within the Department of Labor, a Full Employment Office to assist in creating such employment opportunities.

Directs the President to transmit to Congress a proposal, together with such legislation as is necessary, on how the income maintenance and employment policies can be integrated to insure that employment is substituted for income maintenance to the maximum extent feasible.

=Title III: Policies and Procedures for Congressional Review= - Requires the Joint Economic Committee to carry out overall review of executive branch policies under this Act. Requires the Committee on the Budget of the Senate and the Committee on the Budget of the House of Representatives to review the fiscal policy, economy in government policies, and Federal budget priorities recommended by the President.

Requires the Joint Economic Committee to review and make recommendations to Congress on annual numerical goals for employment, production, and purchasing power proposed by the President.

Provides for Congressional review of the Full Employment and Balanced Growth Plan, including reports to the Joint Economic Committee from the Standing committees of Congress on matters that relate to the plan, public hearings before the Joint Economic Committee, and consideration of State and local views on the plan.

Establishes a Division of Full Employment and Balanced Growth within the Congressional Budget Office to assist the Joint Economic Committee in the discharge of its duties under this Act.

Provides that the provisions of this title, with specified exceptions, be incorporated into the rules of the House of Representatives and Senate, respectively.

=Title IV: General Provisions= - Makes general provisions with respect to nondiscrimination, labor standards, and authorizations of appropriations.