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Economy Cost of Living Council Rules #454716

NBC Evening News for Wednesday, Nov 10, 1971
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(Studio) Cost of Living Council sets rules for wages and prices during phase II. Big business must get government approval to raise prices; medium business to make qtrly. reports; small business to be spot-checked. Companies with over 5,000 workers need prior approval of wage increases Companies with 1,000-5,000 workers must report wage adjustments. Companies below 1,000 workers will be spot-checked. 10% of wage increases and 45% of prices under strict government controls.
REPORTER: John Chancellor

(DC) Uncontrolled areas added to exemptions of taxes and unprocessed farm products others added used cars, commercial property and rent on new hses. [Council Director Don. RUMSFELD - says freeze becomes controls, on November 13, to get price stability; notes questions will be asked.] Price controls will depend on voluntary cooperation.
REPORTER: Irving R. Levine

Reporter(s):
Chancellor, John;
Levine, Irving R.
Duration:
00:02:50

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