Balanced Growth and Economic Planning Act

Balanced Growth and Economic Planning Act - Establishes an Economic Planning Board in the Executive Office of the President. States that the objective of the Board shall be to develop a balanced economic growth plan. Directs that such plan shall include an appraisal of the Nation's economic needs, an evaluation of available national economic resources, assurances of an adequate supply of raw materials and energy, and an outline of economic goals.

Directs the Board to acquire the views of all segments of the economy, evaluate the effectiveness of the economic plan and to review major programs and activities of the Federal Government to determine if such programs are consistent with the Board's plan. Authorizes the Board to hold hearings and hire such personnel as necessary to carry out this Act.

Creates a Division of Economic Information within the Board for the purpose of gathering information necessary for policy decisions by the Board.

States that there shall also be created a Council on Economic Planning whose function shall be to review and revise the growth plan and submit such to the President. Gives the Council responsibility for reviewing the progress made in implementing the plan.

Establishes an Advisory Committee on Economic Planning. States that the Advisory Committee shall be composed of representatives of business, labor, and the public at large, who shall furnish advice to the Board in matters involved in formulating and implementing the growth plan. Authorizes the Advisory Committee to establish regional or industry subcommittees to furnish advice on the growth plan.

Provides that not later than April 1, 1977 and biannually thereafter, the President shall transmit to Congress a proposed long-term balanced economic growth plan. States that the plan shall include economic objectives, a forecast of the level of production and investment, and recommendations for legislative and administrative actions necessary to achieve the objectives of the plan. Directs the President to submit to the Congress with the proposed plan a report prepared by the Board and approved by the Council which shall give an economic analysis and examination in support of recommendations made in the proposed plan.

Requires the Board to seek widespread consultation with regional, State, and local planning agencies in preparation of the plan.

Provides for Congressional review of the plan. Places the responsibility for such review with the Joint Economic Committee. Authorizes the appropriation to the Joint Committee of such sums as may be necessary to carry out this responsibility.

Establishes within the Congressional Budget Office a Division of Balanced Growth and Economic Planning. Directs the Division to assist the Joint Economic Committee by supplying the Joint Committee with long-term economic analysis.

Authorizes the appropriation of such sums as may be necessary to carry out the provisions of this Act.