Cost of Living Stabilization Act of 1979

Cost of Living Stabilization Act of 1979 - Authorizes the President to issue appropriate orders and regulations to stabilize prices, rents, wages, and salaries at levels not less than those prevailing on October 31, 1979. Permits the President to stabilize prices below such level if necessary to eliminate windfall profits or to otherwise carry out the purposes of this Act.

Directs the President, in carrying out such authority, to issue standards which: (1) are generally fair and equitable; (2) provide exemptions necessary to foster economic growth and prevent economic disruptions; (3) take into account changes in productivity and the cost of living; (4) provide for reductions in prices and rents when warranted by economic factors; and (5) call for comparable sacrifices by business, labor, and other segments of the economy.

Authorizes the President to delegate the authority conferred by this Act. Empowers the President to enforce orders promulgated pursuant to this Act in the United States courts. Grants jurisdiction to the courts to hear such claims and to issue appropriate injunctive relief.