
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC3101]

 
                      TITLE 15--COMMERCE AND TRADE
 
             CHAPTER 58--FULL EMPLOYMENT AND BALANCED GROWTH
 
Sec. 3101. Congressional findings

    (a) The Congress finds that the Nation has suffered substantial 
unemployment and underemployment, idleness of other productive 
resources, high rates of inflation, and inadequate productivity growth, 
over prolonged periods of time, imposing numerous economic and social 
costs on the Nation. Such costs include the following:
        (1) The Nation is deprived of the full supply of goods and 
    services, the full utilization of labor and capital resources, and 
    the related increases in economic well-being that would occur under 
    conditions of genuine full employment, production, and real income, 
    balanced growth, a balanced Federal budget, and the effective 
    control of inflation.
        (2) The output of goods and services is insufficient to meet 
    pressing national priorities.
        (3) Workers are deprived of the job security, income, skill 
    development, and productivity necessary to maintain and advance 
    their standards of living.
        (4) Business and industry are deprived of the production, sales, 
    capital flow, and productivity necessary to maintain adequate 
    profits, undertake new investment, create jobs, compete 
    internationally, and contribute to meeting society's economic needs. 
    These problems are especially acute for smaller businesses. 
    Variations in the business cycle and low-level operations of the 
    economy are far more damaging to smaller businesses than to larger 
    business concerns because smaller businesses have fewer available 
    resources, and less access to resources, to withstand nationwide 
    economic adversity. A decline in small business enterprises 
    contributes to unemployment by reducing employment opportunities and 
    contributes to inflation by reducing competition.
        (5) Unemployment exposes many families to social, psychological, 
    and physiological costs, including disruption of family life, loss 
    of individual dignity and self-respect, and the aggravation of 
    physical and psychological illnesses, alcoholism and drug abuse, 
    crime, and social conflicts.
        (6) Federal, State, and local government budgets are undermined 
    by deficits due to shortfalls in tax revenues and in increases in 
    expenditures for unemployment compensation, public assistance, and 
    other recession-related services in the areas of criminal justice, 
    alcoholism and drug abuse, and physical and mental health.

    (b) The Congress further finds that:
        (1) High unemployment may contribute to inflation by diminishing 
    labor training and skills, underutilizing capital resources, 
    reducing the rate of productivity advance, increasing unit labor 
    costs, and reducing the general supply of goods and services.
        (2) Aggregate monetary and fiscal policies alone have been 
    unable to achieve full employment and production, increased real 
    income, balanced growth, a balanced Federal budget, adequate 
    productivity growth, proper attention to national priorities, 
    achievement of an improved trade balance, and reasonable price 
    stability, and therefore must be supplemented by other measures 
    designed to serve these ends.
        (3) Attainment of these objectives should be facilitated by 
    setting explicit short-term and medium-term economic goals, and by 
    improved coordination among the President, the Congress, and the 
    Board of Governors of the Federal Reserve System.
        (4) Increasing job opportunities and full employment would 
    greatly contribute to the elimination of discrimination based upon 
    sex, age, race, color, religion, national origin, handicap, or other 
    improper factors.

    (c) The Congress further finds that an effective policy to promote 
full employment and production, increased real income, balanced growth, 
a balanced Federal budget, adequate productivity growth, proper 
attention to national priorities, achievement of an improved trade 
balance, and reasonable price stability should (1) be based on the 
development of explicit economic goals and policies involving the 
President, the Congress, and the Board of Governors of the Federal 
Reserve System, with maximum reliance on the resources and ingenuity of 
the private sector of the economy, (2) include programs specifically 
designed to reduce high unemployment due to recessions, and to reduce 
structural unemployment within regional areas and among particular labor 
force groups, and (3) give proper attention to the role of increased 
exports and improvement in the international competitiveness of 
agriculture, business, and industry in providing productive employment 
opportunities and achieving an improved trade balance.
    (d) The Congress further finds that full employment and production, 
increased real income, balanced growth, a balanced Federal budget, 
adequate productivity growth, proper attention to national priorities, 
achievement of an improved trade balance through increased exports and 
improvement in the international competitiveness of agriculture, 
business, and industry, and reasonable price stability are important 
national requirements and will promote the economic security and well-
being of all citizens of the Nation.
    (e) The Congress further finds that the United States is part of an 
interdependent world trading and monetary system and that attainment of 
the requirements specified in subsection (d) of this section is 
dependent upon policies promoting a free and fair international trading 
system and a sound and stable international monetary system.

(Pub. L. 95-523, Sec. 2, Oct. 27, 1978, 92 Stat. 1888.)


                               Short Title

    Section 1 of Pub. L. 95-523 provided in part that this Act [enacting 
this chapter and sections 1022a to 1022f of this title, amending 
sections 1021, 1022, 1023, and 1024 of this title, sections 632 and 636 
of Title 2, The Congress, and section 225a of Title 12, Banks and 
Banking, and enacting provisions set out as notes under section 1021 of 
title and section 225a of Title 12] may be cited as the ``Full 
Employment and Balanced Growth Act of 1978''.
