Summary: S.40 — 95th Congress (1977-1978)All Information (Except Text)

There is one summary for S.40. Bill summaries are authored by CRS.

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Introduced in Senate (01/10/1977)

Job Opportunities and Economic Reform Act - Sets forth the findings of Congress with respect to economic disruption, inflation, unemployment, and underemployment.

Title I: Establishment of Goals and General Economic Policies - Amends the Employment Act of 1946 to declare that it is the responsibility of the Federal Government to avoid and reduce whenever possible intervention in the economy.

Title II: Balanced Budgets and Economic Stability - Amends the Congressional Budget Act of 1974 to declare that for fiscal years beginning on October 1, 1977, the appropriate level of total budget outlays shall not exceed the recommended level of Federal revenues by more than seven percent, with subsequent reductions in future fiscal years. States that for fiscal year 1979 and thereafter, the appropriate level of total budget outlays shall not exceed the recommended level of Federal revenues.

Title III: Sound Currency - States the findings of Congress relative to monetary policy. Directs the Secretary of the Treasury, beginning in fiscal year 1980, to offer for sale gold from United States gold stocks at the price of $185 per troy ounce.

Provides for fluctuating percentage adjustments in the sale and purchase price of gold.

Permits the President to extend for up to one year any purchase price or selling established under this Act if he determines that the market price of gold has been manipulated in order to affect the actions of the Secretary of the Treasury under this Act.

Title IV: Federal Commission on Barriers to Employment - Establishes a seven-member Federal Commission on Barriers to Employment to undertake a study of the costs of various barriers to the employment of individuals to businesses, to the economy, and to the Government.

Requires the Commission to report to Congress at least semiannually.