Statement by the President Upon Making Public the Interim Report of the Cabinet Committee on Price Stability for Economic Growth.
THE INTERIM Report submitted to me by the Cabinet Committee on Price Stability for Economic Growth, of which Vice President Nixon is chairman, contains recommendations for checking inflation that are important to all Americans. I am therefore making the Report public and sending copies of it to all members of the Congress. I urge that the Congress consider anew the Committee's three recommendations, all of which require legislative action. Each of these recommendations has been previously submitted by me to the Congress.
The Committee is continuing its work and will issue statements from time to time to inform the public on questions related to economic growth and price stability. A sound public understanding of the facts bearing on these questions is needed if we are to find constructive answers to them.
Note: Plans for the establishment of the Committee were announced in the State of the Union Message (Item 6) and in the Economic Report (see Item 15). On January 31, the White House announced that the Vice President would serve as Chairman, and that members would include the Secretary of the Treasury, the Postmaster General, the Secretaries of Agriculture, Commerce, and Labor, and the Chairman of the Council of Economic Advisers. On March 18 it was announced that W. Allen Wallis, Dean of the University of Chicago Graduate School of Business, would serve as the Committee's Executive Vice Chairman.
The interim report (13 pp., mimeographed) recommended (1) recognition by Congress of reasonable price stability as an explicit goal of Federal economic policy, (1) a balanced budget and a reduction in the debt, and (3) removal of the present limitation on the interest rate on long-term Government bonds. The report stated that, for the purpose of developing positive, long-run recommendations for increasing efficiency, productivity, and maximum economic progress, the Committee was conducting further studies in the following areas: tax reform, U.S. competitive position in foreign markets, Government regulations affecting industry, farm price support programs, labor and business practices, and public understanding of the problem of economic growth and price stability.
As a means of informing the public on these matters the White House released the following Committee statements in mimeographed or pamphlet form: "What Do We Really Want From Our Economy?" (August 17), "The Record of Prices" ( September 7 ), "Managing Our Money, Our Budget, and Our Debt" (October 25).
Dwight D. Eisenhower, Statement by the President Upon Making Public the Interim Report of the Cabinet Committee on Price Stability for Economic Growth. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/235083