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INTERNATIONAL ECONOMIC POLICY
ACT OF 1972 AUTHORIZATIONS

REPORT

OF THE

COMMITTEE ON BANKING, HOUSING
AND URBAN AFFAIRS

UNITED STATES SENATE

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INTERNATIONAL ECONOMIC POLICY ACT OF 1972 AUTHORIZATIONS

JULY 31, 1975.-Ordered to be printed

Mr. STEVENSON, from the Committee on Banking, Housing and Urban Affairs, submitted the following

REPORT

[To accompany H.R. 5884]

The Committee on Banking, Housing and Urban Affairs, to which were referred S. 1262 and II.R. 5884, identical bills to authorize appropriations for carrying out the provisions of the International Economic Policy Act of 1972, as amended, and for other purposes, having considered the same, reports favorably on H.R. 5884 without amendment and recommends that the same do pass.

HISTORY OF THE BILL

S. 1262 was introduced in the Senate at the request of the administration by Senators Proxmire, Stevenson, and Tower on March 20, 1975 and subsequently referred to the committee. The International Finance Subcommittee held hearings on the bill on June 16 and July 18, 1975 and thereafter agreed to report the bill favorably without amendment to the full committee for final action.

In an open executive session on July 29, 1975 the committee met to consider the legislation and agreed to report without amendment the companion measure, H.R. 5884, which had passed the House on July 9, 1975 and was then pending before the committee.

PURPOSE OF THE BILL

The purpose of the bill is to authorize appropriations for the Council on International Economic Policy ("CIEP") for fiscal years 1976 and 1977: to extend CIEP's underlying authority to September 30, 1977 in conformity with the new fiscal year arrangements prescribed by the Congressional Budget Act of 1974; to provide an exemption for CIEP from the provisions of the United States Code regulating the employment and compensation of persons in the Federal service; and to allow compensation in excess of the GS-15 level but not in excess of the GS-18 level for up to eight CIEP employees.

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