
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC1022]

 
                      TITLE 15--COMMERCE AND TRADE
 
       CHAPTER 21--NATIONAL POLICY ON EMPLOYMENT AND PRODUCTIVITY
 
Sec. 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.
---------------------------------------------------------------------------
    \1\ So in original. Probably should be ``is''.
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(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.

(Feb. 20, 1946, ch. 33, Sec. 3, 60 Stat. 24; Aug. 2, 1946, ch. 753, 
title II, Sec. 226, 60 Stat. 838; June 18, 1956, ch. 399, Sec. 1, 70 
Stat. 289; Pub. L. 95-523, title I, Sec. 103, Oct. 27, 1978, 92 Stat. 
1892; Pub. L. 96-10, Sec. 6(d), May 10, 1979, 93 Stat. 24; Pub. L. 101-
508, title XIII, Sec. 13112(e), Nov. 5, 1990, 104 Stat. 1388-609.)

                       References in Text

    The Full Employment and Balanced Growth Act of 1978, referred to in 
subsecs. (d) and (e), is Pub. L. 95-523, Oct. 27, 1978, 92 Stat. 1887, 
as amended, which is classified principally to chapter 58 (Sec. 3101 et 
seq.) of this title. For complete classification of this Act to the 
Code, see Short Title note set out under section 3101 of this title and 
Tables.

                          Codification

    In subsec. (a), ``section 1023(c) of this title'' was in the 
original ``section 11(c) of this Act'', which is classified to section 
1024(c) of this title. The citation has been editorially translated as 
indicated to reflect the probable intent of Congress because the 
reporting requirements appear in section 10(c) of the Act, which is 
classified to section 1023(c) of this title.


                               Amendments

    1990--Subsec. (a). Pub. L. 101-508, which directed the substitution 
of ``annually transmit to the Congress not later than 10 days after the 
submission of the budget under section 1105(a) of title 31'' for 
``transmit to the Congress during the first twenty days of each regular 
session'' in section ``103(a) of the Full Employment and Balanced Growth 
Act of 1978 (15 U.S.C. 1022(a)'', was executed to this section, section 
3 of the Employment Act of 1946, as amended by that Act, to reflect the 
probable intent of Congress.
    1979--Subsec. (a)(2)(A). Pub. L. 96-10 inserted reference to Federal 
outlays as a proportion of gross national product.
    1978--Subsec. (a). Pub. L. 95-523, Sec. 103(a), among other changes, 
inserted provisions relating to the annual report of the Council of 
Economic Advisers and the inclusion in the President's Economic Report 
of annual numerical goals for employment, unemployment, production etc., 
and employment objectives for certain subgroups and struck out 
provisions relating to the review of the Federal Government's economic 
program and economic conditions affecting employment in the United 
States.
    Subsecs. (d), (e). Pub. L. 95-523, Sec. 103(b), added subsecs. (d) 
and (e).
    1956--Subsec. (a). Act June 18, 1956, substituted ``not later than 
January 20 of each year'' for ``at the beginning of each regular session 
(commencing with the year 1947)''.
    1946--Subsec. (a). Act Aug. 2, 1946, substituted ``at'' for ``within 
60 days after''.


                    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 section 72a of Title 2, The 
Congress.

                  Section Referred to in Other Sections

    This section is referred to in sections 1022a, 1022d, 1022e, 3116, 
3132 of this title; title 2 sections 632, 636.
