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15 U.S.C. § 1022a — Medium-term economic goals and policies respecting full employment and balanced growth

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15 U.S.C. § 1022a — Medium-term economic goals and policies respecting full employment and balanced growth

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Source location: Title 15, Chapter 21, § 1022a; chapter-021-national-policy-on-employment-and-productivity.md

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**(a) Incorporation of necessary programs and policies** In each Economic Report after October 27, 1978, the President shall incorporate (as part of the five-year numerical goals in each Economic Report) medium-term annual numerical goals specified in [section 1022(a)(2)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1022/a/2/B&num=0&edition=prelim), and in each President’s Budget submitted immediately prior thereto, the President shall incorporate the programs and policies the President deems necessary to achieve such medium-term goals and a balanced Federal budget and to achieve reasonable price stability as rapidly as feasible as provided for in [section 1022b(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1022b/b&num=0&edition=prelim). **(b) Interim numerical goals for initial Economic Reports** The medium-term goals in the first three Economic Reports and, subject to the provisions of subsection (d), in each Economic Report thereafter shall include (as part of the five-year goals in each Economic Report) interim numerical goals for— (1) reducing the rate of unemployment, as set forth pursuant to [section 1022(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1022/d&num=0&edition=prelim), to not more than 3 per centum among individuals aged twenty and over and 4 per centum among individuals aged sixteen and over within a period not extending beyond the fifth calendar year after the first such Economic Report; (2) reducing the rate of inflation, as set forth pursuant to [section 1022(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1022/e&num=0&edition=prelim), to not more than 3 per centum within a period not extending beyond the fifth calendar year after the first such Economic Report: Provided, That policies and programs for reducing the rate of inflation shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment; and (3) reducing the share of the Nation’s gross national product accounted for by Federal outlays to 21 per centum or less by 1981, and to 20 per centum or less by 1983 and thereafter, or the lowest level consistent with national needs and priorities: Provided, That policies and programs for achieving the goal specified in this clause shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment. For purposes of this subsection, the first Economic Report shall be the Report issued in the first calendar year after October 27, 1978. **(c) Achievement of full employment, balanced budget, zero inflation rate, and 20 per centum level of Federal outlays as a proportion of gross national product for succeeding Economic Reports** (1) Upon achievement of the 3 and 4 per centum goals specified in subsection (b)(1), each succeeding Economic Report shall have the goal of achieving as soon as practicable and maintaining thereafter full employment and a balanced budget. (2) Upon achievement of the 3 per centum goal specified in subsection (b)(2), each succeeding Economic Report shall have the goal of achieving by 1988 a rate of inflation of zero per centum: Provided, That policies and programs for reducing the rate of inflation shall be designed so as not to impede achievement of the goals and timetables specified in clause (1) of this subsection for the reduction of unemployment. (3) Upon achievement of the 20 per centum goal specified in subsection (b)(3), each succeeding Economic Report shall have the goal of establishing the share of an expanding gross national product accounted for by Federal outlays at a level of 20 per centum or less, or the lowest level consistent with national needs and priorities: Provided, That policies and programs for achieving the goal specified in this clause shall be designed so as not to impede achievement of the goals and timetables specified in subsection (b)(1) for the reduction of unemployment. **(d) Review by President; report to Congress; modification of timetables** In the second Economic Report after October 27, 1978, the President shall review the numerical goals and timetables for the reduction of unemployment, inflation, and Federal outlays as a proportion of gross national product, and the goal of balancing the Federal budget; report to the Congress on the degree of progress being made, the programs and policies being used, and any obstacles to achieving such goals and timetables; and, if necessary, propose corrective economic measures toward achievement of such goals and timetables: Provided, That beginning with the second Report and in any subsequent Reports, if the President finds it necessary, the President may recommend modification of the timetable or timetables for the achievement of the goals provided for in subsection (b) and the annual numerical goals to make them consistent with the modified timetable or timetables, and the Congress may take such action as it deems appropriate consistent with title III of the Full Employment and Balanced Growth Act of 1978 [[15 U.S.C. 3131](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section3131&num=0&edition=prelim) et seq.]. **(e) Interim numerical goals for succeeding Economic Reports** If, after achievement of the 3 and 4 per centum goals specified in subsection (b), the unemployment rate for a year as set forth pursuant to [section 1022(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1022/d&num=0&edition=prelim) is more than 3 per centum among individuals aged twenty and over or more than 4 per centum among individuals aged sixteen and over, the next Economic Report after such rate is set forth and each succeeding Economic Report shall include (as part of the five-year goals in each Economic Report) the interim numerical goal of reducing unemployment to not more than the levels specified in subsection (b)(1) as soon as practicable but not later than the fifth calendar year after the first such Economic Report, counting as the first calendar year the year in which such Economic Report is issued: Provided, That, if the President finds it necessary, the President may, under the authority provided in subsection (d), recommend modification of the timetable provided for in this subsection for the reduction of unemployment, and for the purposes of section 304 of the Full Employment and Balanced Growth Act of 1978, such recommendation by the President shall be treated as a recommendation made under subsection (d) of this section. **(f) Action taken to reduce unemployment** (1) In taking action to reduce unemployment in accord with the numerical goals and timetable established under section 11 So in original. Probably should be “subsection”. (b), every effort shall be made to reduce those differences between the rates of unemployment among youth, women 22 So in original. Probably should be followed by a comma. minorities, handicapped persons, veterans, middle-aged and older persons and other labor force groups and the overall rate of unemployment which are caused by any improper factors with the ultimate objective of removing such differentials to the extent possible. (2) Insofar as the differences specified in the preceding paragraph are due to lack of training and skills, occupational practices, and other relevant factors, the Secretary of Labor shall— (A) take such action as practicable to achieve the objectives of this subsection; (B) make studies, develop information, and make recommendations toward remedying these differences in rates of unemployment, and prepare and submit to the President an annual report containing the recommendations; and (C) make recommendations, as deemed necessary, to the Congress related to the objectives of this paragraph. **(g) Definitions** (1) The term “middle-aged and older persons” as used in this section includes any individual forty-five years of age or older. (2) For purposes of this section, the term “veteran” shall mean the same as defined in section 4211(1) or (2) of title 38.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1023 — Council of Economic Advisers

**(a) Creation; composition; qualifications; chairman and vice chairman** (1) **Creation** — There is created in the Executive Office of the President a Council of Economic Advisers (hereinafter called the “Council”). (2) **Composition** — The Council shall be composed of three members, of whom— (A) 1 shall be the chairman who shall be appointed by the President by and with the advice and consent of the Senate; and (B) 2 shall be appointed by the President. (3) **Qualifications** — Each member shall be a person who, as a result of training, experience, and attainments, is exceptionally qualified to analyze and interpret economic developments, to appraise programs and activities of the Government in the light of the policy declared in [section 1021 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1021&num=0&edition=prelim), and to formulate and recommend national economic policy to promote full employment, production, and purchasing power under free competitive enterprise. (4) **Vice chairman** — The President shall designate 1 of the members of the Council as vice chairman, who shall act as chairman in the absence of the chairman. **(b) Employment of specialists, experts, and other personnel** The Council is authorized to employ, and fix the compensation of, such specialists and other experts as may be necessary for the carrying out of its functions under this chapter, without regard to the civil-service laws, and is authorized, subject to the civil-service laws, to employ such other officers and employees as may be necessary for carrying out its functions under this chapter, and fix their compensation in accordance with chapter 51 and subchapter III of chapter 53 of title 5. **(c) Duties** It shall be the duty and f

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15 U.S.C. § 3101 — Exercise of rulemaking powers

**(a)** 11 So in original. No subsec. (b) has been enacted. The Provisions of this subchapter and the amendments made by such provisions are enacted by the Congress— (1) as an exercise of the rulemaking power of the House of Representatives and the Senate, respectively, and as such they shall be considered as part of the rules of each House, respectively, or of that House to which they specifically apply, and such rules shall supersede other rules only to the extent that they are inconsistent therewith; and (2) with full recognition of the constitutional right of either House to change such rules (so far as relating to such House), at any time, in the same manner and to the same extent as in the case of any other rule of such House.

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15 U.S.C. § 3131 — Youth employment policies and programs

**(a) Congressional findings** The Congress finds and declares— (1) That 11 So in original. Probably should not be capitalized. serious unemployment and economic disadvantage of a unique nature exist among youths even under generally favorable economic conditions; (2) that this group constitutes a substantial portion of the Nation’s unemployment, and that this significantly contributes to crime, alcoholism and drug abuse, and other social and economic problems; and (3) that many youths have special employment needs and problems which, if not promptly addressed, will substantially contribute to more severe unemployment problems in the long run. **(b) Improvement and expansion** To the extent deemed necessary in fulfillment of the purposes of this chapter, the President shall improve and expand existing youth employment programs, recommending legislation where required. In formulating any such program, the President shall— (1) include provisions designed to fully coordinate youth employment activities with other employment and training programs; (2) develop a smoother transition from school to work; (3) prepare disadvantaged and other youths with employability handicaps for regular self-sustaining employment; (4) develop realistic methods for combining training with work; and (5) develop provisions designed to attract structurally unemployed youth into productive full-time employment through incentives to private and independent sector businesses; 22 So in original. The semicolon probably should be a period.

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2 U.S.C. § 632 — Definitions

For purposes of this Act— (1) The terms “budget outlays” and “outlays” mean, with respect to any fiscal year, expenditures and net lending of funds under budget authority during such year. (2) **Budget authority and new budget authority.—** (A) *In general.—* — The term “budget authority” means the authority provided by Federal law to incur financial obligations, as follows: (i) provisions of law that make funds available for obligation and expenditure (other than borrowing authority), including the authority to obligate and expend the proceeds of offsetting receipts and collections; (ii) borrowing authority, which means authority granted to a Federal entity to borrow and obligate and expend the borrowed funds, including through the issuance of promissory notes or other monetary credits; (iii) contract authority, which means the making of funds available for obligation but not for expenditure; and (iv) offsetting receipts and collections as negative budget authority, and the reduction thereof as positive budget authority. (B) *Limitations on budget authority.—* — With respect to the Federal Hospital Insurance Trust Fund, the Supplementary Medical Insurance Trust Fund, the Unemployment Trust Fund, and the railroad retirement account, any amount that is precluded from obligation in a fiscal year by a provision of law (such as a limitation or a benefit formula) shall not be budget authority in that year. (C) *New budget authority.—* — The term “new budget authority” means, with respect to a fiscal year— (i) budget authority that first becomes available for obligation in that year, including budget authority that becomes available in that year s 11 So in original. Probably should be “as”. a result of a reappropriation; or (ii) a chan

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1021 — Congressional declarations

**(a) Generally** The Congress declares that it is the continuing policy and responsibility of the Federal Government to use all practicable means, consistent with its needs and obligations and other essential national policies, and with the assistance and cooperation of both small and larger businesses, agriculture, labor, and State and local governments, to coordinate and utilize all its plans, functions, and resources for the purpose of creating and maintaining, in a manner calculated to foster and promote free competitive enterprise and the general welfare, conditions which promote useful employment opportunities, including self-employment, for those able, willing, and seeking to work, and promote full employment and production, increased real income, balanced growth, a balanced Federal budget, adequate productivity growth, proper attention to national priorities, achievement of an improved trade balance through increased exports and improvement in the international competitiveness of agriculture, business, and industry, and reasonable price stability as provided in [section 1022b(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1022b/b&num=0&edition=prelim). **(b) Full opportunities for employment** The Congress further declares and establishes as a national goal the fulfillment of the right to full opportunities for useful paid employment at fair rates of compensation of all individuals able, willing, and seeking to work. **(c) Inflation** The Congress further declares that inflation is a major national problem requiring improved government policies relating to food, energy, improved and coordinated fiscal and monetary management, the reform of outmoded rules and regulations of the Federal Government, the correction o

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15 U.S.C. § 1022a — Medium-term economic goals and poli-

Page 1266 TITLE 15—COMMERCE AND TRADE § 1022a ning of each regular session (commencing with the year 1947)’’. 1946—Subsec. (a). Act Aug. 2, 1946, substituted ‘‘at’’ for ‘‘within 60 days after’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1946 AMENDMENT Amendment by act Aug. 2, 1946, effective Aug. 2, 1946, see section 245 of that act, set out as a note under sec- tion 4301 of Title 2, The Congress. § 1022a. Medium-term economic goals and poli- cies respecting full employment and bal- anced growth (a) Incorporation of necessary programs and policies In each Economic Report after October 27, 1978, the President shall incorporate (as part of the five-year numerical goals in each Economic Report) medium-term annual numerical goals specified in section 1022(a)(2)(B) of this title, and in each President’s Budget submitted imme- diately prior thereto, the President shall incor- porate the programs and policies the President deems necessary to achieve such medium-term goals and a balanced Federal budget and to achieve reasonable price stability as rapidly as feasible as provided for in section 1022b(b) of this title. (b) Interim numerical goals for initial Economic Reports The medium-term goals in the first three Eco- nomic Reports and, subject to the provisions of subsection (d), in each Economic Report there- after shall include (as part of the five-year goals in each Economic Report) interim numerical goals for— (1) reducing the rate of unemployment, as set forth pursuant to section 1022(d) of this title, to not more than 3 per centum among in- dividuals aged twenty and over and 4 per cen- tum among individuals aged sixteen and over within a period not extending beyond the fifth calendar year after the first such Economic Repor

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15 U.S.C. § 3131 — Congressional statement of purpose

Page 1991 TITLE 15—COMMERCE AND TRADE § 3131 and amendment by section 101(f) [title VIII, § 405(f)(10)] of Pub. L. 105–277 effective July 1, 2000, see section 101(f) [title VIII, § 405(g)(1), (2)(B)] of Pub. L. 105–277, set out as a note under section 3502 of Title 5, Government Or- ganization and Employees. § 3117. Capital formation (a) Congressional findings The Congress finds that— (1) promotion of full employment and bal- anced growth is in itself a principal avenue to high and sustained rates of capital formation; (2) high rates of capital formation are nec- essary to ensure adequate rates of capacity ex- pansion and productivity growth, compliance with governmental health, safety and environ- mental standards, and the replacement of ob- solete production equipment; (3) the ability of our economy to compete successfully in international markets, the de- velopment of new technology, improved work- ing conditions, expanding job opportunities, and an increasing standard of living depend on the availability of adequate capital at reason- able cost to commerce and industry; (4) an important goal of national policy shall be to remove obstacles to the free flow of re- sources into new investment, particularly those obstacles that hinder the creation and growth of smaller businesses because general national programs and policies to aid and stimulate private enterprise are not sufficient to deal with the special problems and needs of smaller businesses; and (5) while private business firms are, and should continue to be, the major source of in- vestment, the investment activities of the Federal, State, and local governments play an important role in affecting the level of output, employment, and productivity and in achiev- ing other national purpos

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