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Economy / Phase II #13059

ABC Evening News for Wednesday, Oct 27, 1971
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(Studio) Part of phase II begins.
REPORTER: Howard K. Smith

(DC) Pay board holds 1st meeting 5 labor representatives intent on getting back pay lost during freeze. Treasury Secretary John B. Connally appears before House Banking and Currency Committee to argue for extension of Nixon wage and price control authority. [CONNALLY - says goals of phase II can't be reached by Apr. 30; thinks 1 year extension reasonable.] Govt. will impose interest rate controls if necessary. Representative Henry South Reuss' view that pay bd. and price commission members should require Senator confirmation approved by Connally. [CONNALLY - says Apr. 30 not enough time to purge inflationary psychology from people.] Representative John H. Rousselot wanted to be assured controls wouldn't become permanent. [CONNALLY - says no dictatorship here and have had wage and price controls before.] AFL-CIO labor leader George Meany to testify Thursday
REPORTER: Sam Donaldson

Donaldson, Sam;
Smith, Howard K.

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