A bill to amend the Council on Wage and Price Stability Act to require the preparation and publishing in the Federal Register of economic impact statements respecting proposed rules and regulations.

Amends the Council on Wage and Price Stability Act to require each Federal agency to prepare an economic impact statement for each rule it proposes that will have a significant impact on prices and employment. Requires such statement to be published in the Federal Register along with comments thereon made by the Director of the Council of Wage and Price Stability. Enumerates topics to be included in such statements including: (1) impact on the productivity of wage earners and business; (2) effects on competition; and (3) possible alternatives to such rule.