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



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                            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.

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                (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

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            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.)