    [United States Senate Manual, 104th Congress]
    [S. Doc. 104-1]
    [USCODETITLE]
    [Pages 655-657]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    [[Page 655]]

                                TITLE 15.--COMMERCE AND TRADE

                         Chapter 21.--NATIONAL POLICY ON EMPLOYMENT

         446.5  Sec. 1022. Economic Report of President; coverage;
                    supplementary reports; reference to congressional joint
                    committee; percentage rate of unemployment; definitions.
                    (a) The President shall annually transmit to the
                Congress not later than 10 days after the submission of the
                budget under section 1105(a) of Title 31, United States
                Code, with copies transmitted to the Governor of each State
                and to other appropriate State and local officials, an
                economic report (hereinafter in this chapter referred to as
                the ``Economic Report'') together with the annual report of
                the Council of Economic Advisers submitted in accord with
                section 1023(c) of this title, setting forth--
                                (1) the current and foreseeable trends in
                            the levels of employment, unemployment,
                            production, capital formation, real income,
                            Federal budget outlays and receipts,
                            productivity, international trade and payments,
                            and prices, and a review and analysis of recent
                            domestic and international developments
                            affecting economic trends in the Nation;
                                (2)(A) annual numerical goals for employment
                            and unemployment, production, real income,
                            productivity, Federal outlays as a proportion of
                            gross national product, and prices for the
                            calendar year in which the Economic Report is
                            transmitted and for the following calendar year,
                            designated as short-term goals, which shall be
                            consistent with achieving as rapidly as feasible
                            the goals of full employment and production,
                            increased real income, balanced growth, fiscal
                            policies that would establish the share of an
                            expanding gross national product accounted for
                            by Federal outlays at the lowest level
                            consistent with national needs and priorities, a
                            balanced Federal budget, adequate productivity
                            growth, price stability, achievement of an
                            improved trade balance, and proper attention to
                            national priorities; and
                                (B) annual numerical goals as specified in
                            subparagraph (A) for the three successive
                            calendar years, designated as medium term goals;
                                (3) employment objectives for certain
                            significant subgroups of the labor force,
                            including youth, women, minorities, handicapped
                            persons, veterans, and middle-aged and older
                            persons; and
                                (4) a program for carrying out the policy
                            declared in section 1021 of this title, together
                            with such recommendations for legislation as the
                            President may deem necessary or desirable.
                    (b) The President may transmit from time to time to the
                Congress reports supplementary to the Economic Report, each
                of which shall include such supplementary or revised
                recommendations as he may deem necessary or desirable to
                achieve the policy declared in section 1021 of this title.

    [[Page 656]]

                    (c) The Economic Report, and all supplementary reports
                transmitted under subsection (b) of this section, shall,
                when transmitted to Congress, be referred to the joint
                committee created by section 1024 of this title.
                    (d) For the purposes of the Full Employment and Balanced
                Growth Act of 1978, [15 U.S.C.A. Sec. 3101 et seq.], the
                percentage rate of unemployment as a percentage of the
                civilian labor force as set forth by the Bureau of Labor
                Statistics in the Department of Labor as computed under the
                procedures in effect as of October 27, 1978.
                    (e) For the purpose of the Full Employment and Balanced
                Growth Act of 1978, [15 U.S.C.A. Sec. 3101 et seq.], the
                terms ``inflation'', ``prices'', and ``reasonable price
                stability'' refer to the rate of change or level of the
                consumer price index as set forth by the Bureau of Labor
                Statistics, United States Department of Labor. (Feb. 20,
                1946, ch. 33, Sec. 3, 60 Stat. 24; Aug. 2, 1946, ch. 753,
                Sec. 226, 60 Stat. 838; June 18, 1956, ch. 399, Sec. 1, 70
                Stat. 289; Oct. 27, 1978, Sec. 103, 92 Stat. 1892; May 10,
                1979, Sec. 6(d), 93 Stat. 24; Nov. 5, 1990, Pub. L. 101-508,
                Title XIII, Sec. 13112(e), 104 Stat. 1388.)
           447  Sec. 1024. Joint Economic Committee.
         447.1      (a) There is established a Joint Economic Committee, to
                be composed of ten Members of the Senate, to be appointed by
                the President of the Senate, and ten Members of the House of
                Representatives, to be appointed by the Speaker of the House
                of Representatives. In each case, the majority party shall
                be represented by six Members and the minority party shall
                be represented by four Members.
         447.2      (b) It shall be the function of the joint committee--
                                (1) to make a continuing study of matters
                            relating to the Economic Report;
                                (2) to study means of coordinating programs
                            in order to further the policy of this chapter;
                            and
                                (3) as a guide to the several committees of
                            the Congress dealing with legislation relating
                            to the Economic Report, not later than March 1
                            of each year (beginning with the year 1947) to
                            file a report with the Senate and the House of
                            Representatives containing its findings and
                            recommendations with respect to each of the main
                            recommendations made by the President in the
                            Ecomonic Report, and from time to time to make
                            such other reports and recommendations to the
                            Senate and House of Representatives as it deems
                            advisable.
         447.3      (c) Vacancies in the membership of the joint committee
                shall not affect the power of the remaining members to
                execute the functions of the joint committee, and shall be
                filled in the same manner as in the case of the original
                selection. The joint committee shall select a chairman and a
                vice chairman from among its members.
         447.4      (d) The joint committee, or any duly authorized
                subcommittee thereof, is authorized to hold such hearings as
                it deems advisable, and, within the limitations of its
                appropriations, the joint committee is empowered to appoint
                and fix the compensation of such experts, consultants,
                technicians, and clerical and stenographic assistants, to
                procure such printing and binding, and to make such
                expenditures, as it deems necessary and advisable. The cost
                of stenographic services to report hearings of the joint
                committee, or any subcommittee thereof, shall not exceed 25
                cents per hundred words. The joint committee is authorized
                to utilize

    [[Page 657]]

                the services, information, and facilities of the departments
                and establishments of the Government, and also of private
                research agencies.
         447.5      (e) To enable the joint committee to exercise its
                powers, functions, and duties there are authorized to be
                appropriated for each fiscal year such sums as may be
                necessary, to be disbursed by the Secretary of the Senate on
                vouchers signed by the chairman or vice chairman, except
                that vouchers shall not be required for the disbursement of
                salaries of employees paid at an annual rate.
         447.6      (f) Service of one individual, until the completion of
                the investigation authorized by Senate Concurrent Resolution
                26, Eighty-first Congress, as an attorney or expert for the
                joint committee, in any business or professional field, on a
                part-time basis, with or without compensation, shall not be
                considered as service or employment bringing such individual
                within the provisions of sections 281, 283, or 284 of Title
                18, or of any other Federal law imposing restrictions,
                requirements, or penalties in relation to the employment of
                persons, the performance of services, or the payment or
                receipt of compensation in connection with any claim,
                proceeding, or matter involving the United States. (Feb. 20,
                1946, ch. 33, Sec. 5, 60 Stat. 25; Aug. 2, 1946, ch. 753,
                Sec. 225, 60 Stat. 838; Feb. 2, 1948, ch. 42, 62 Stat. 16,
                Oct. 6, 1949, ch. 627, Secs. 1, 2, 63 Stat. 721; June
                18, 1956, ch. 399, Sec. 2, 70 Stat. 290; Feb. 17, 1959, Pub.
                L. 86-1, 73 Stat. 3; Oct. 13, 1964, Pub. L. 88-661, 78 Stat.
                1093; Jan. 25, 1967, Pub. L. 90-2, 81 Stat. 4; Dec. 27,
                1974, Pub. L. 93-554, Sec. 101, 88 Stat. 1776.) (Note:
                Section 5 of act of February 20, 1946, c. 33, 60 Stat. 25
                was redesignated Section 11 by Pub. L. 95-523, Title I,
                Sec. 104, Oct. 27, 1978, 92 Stat. 1893.)
           448  Sec. 1025. Same; printing of monthly publication entitled
                    ``Economic Indicators''; distribution.
                    The Joint Economic Committee is authorized to issue a
                monthly publication entitled ``Economic Indicators'', and a
                sufficient quantity shall be printed to furnish one copy to
                each Member of Congress; the Secretary and the Sergeant at
                Arms of the Senate; the Clerk, Sergeant at Arms, and
                Doorkeeper of the House of Representatives; two copies to
                the libraries of the Senate and House, and the Congressional
                Library; seven hundred copies to the Joint Economic
                Committee; and the required number of copies to the
                Superintendent of Documents for distribution to depository
                libraries; and the Superintendent of Documents is authorized
                to have copies printed for sale to the public. (June 23,
                1949, ch. 237, 63 Stat. 264.)