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U.S. Code as of:
01/19/04
Section 1022. Economic Report of President; coverage; supplementary reports; reference to Congressional joint committee; percentage rate of unemployment; definitions
(a) Time of submission; contents
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, 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) Supplementary reports
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.
(c) Referral to joint committee
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) Rate of unemployment
For the purposes of the Full Employment and Balanced Growth Act
of 1978 [15 U.S.C. 3101 et seq.] the percentage rate of
unemployment as (!1) 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) "Inflation"; "prices"; "reasonable price stability" defined
For the purpose of the Full Employment and Balanced Growth Act of
1978 [15 U.S.C. 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.
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