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(Studio) Nixon discontinues most mandatory price controls. Food and health industries keep what controls already have, but otherwise system will be mainly voluntary.
REPORTER: Dan Rather
(White House) Pay Board and Price Commission abolished. Cost of Living Council will take over their work, aided by 10-man labor-management advisory board. AFL-CIO leader George Meany will serve on new advisory board. [Treasury Secretary George SHULTZ - says Cost of Living Council retains power to step in if voluntary controls not working.] Food prices worst problem. Govt. moving grain reserves into market and removing restrictions on land to be cultivated.
REPORTER: Robert Pierpoint
(Studio) Reaction to new program in Congress mainly followed party lines.
REPORTER: Dan Rather
- Pierpoint, Robert;
- Rather, Dan
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