A bill to increase the authorization for the Council on Wage and Price Stability, to extend the duration of such Council, and for other purposes.

(Measure passed Senate, amended (inserted text of S. 2352 as passed Senate))

Amends the Council on Wage and Price Stability Act to require that the Council on Wage and Price Stability be headed by a Chairperson appointed by the President.

Directs the Council to report to the Congress after reviewing; (1) proposals for reducing inflation through tax-based incomes policies and; (2) the impact on inflation that might result from supply side income tax reductions.

Requires that the Council file an annual, rather than a quarterly, report to the President and the Congress.

Increases the authorizations of appropriations for the Council for fiscal years 1980 and 1981.

Extends the authority of the Council through fiscal year 1981.

Prohibits the Council from prescribing an annual average price increase guideline lower than the percentage obtained by subtracting the average annual growth in nonfarm output per man-hour in the private sector since 1973, as measured by the Bureau of Statistics and stated as a percentage, from the average annual wage increase permitted under the voluntary wage standard, stated as a percentage.

Directs the Council to: (1) increase the number of positions which involve the review of proposed and existing Federal regulations for fiscal year 1981 by 50 percent over those allocated for fiscal year 1980; and (2) identify, in conducting such review, those regulations which have the greatest inflationary impact on the economy or on specific industry sectors.

Requires that the annual report of the Council contain an evaluation of the inflationary impact reviews undertaken by the Council in the previous year, including a listing and description of all regulatory proceedings in which the Council participated, the Council's recommended action, the projected cost of each such regulation, the cumulative inflationary impact of such regulations, and the final disposition of each such regulatory proceeding.

Requires the Director of the Council to establish an Office of Productivity with responsibility for improving private-sector productivity in the United States. Requires such Office to: (1) evaluate the impact of government regulations on productivity; (2) inventory and evaluate Federal programs designed to improve productivity; and (3) report annually to Congress on such evaluations, steps to improve such Federal programs, and recommendations of new Federal programs and policies to increase private-sector productivity growth.

Terminates the authority conferred by the Credit Control Act at the close of July 1, 1981.

Provides that the aggregate amount of funds made available to the Senate in fiscal year 1981 shall not exceed 90 percent of such amount for fiscal year 1980.