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T HE W H I T E H O U S E WASHIN GTON March 31, 1977 MEiMORANDUM FOR THE PRESIDENT FROM: STU EIZENSTAT SUBJECT: Arthur Burns Pursuant to your request, I followed up on your telephone call with Arthur Burns on his inflation statement. Attached are his talking points. He indicated that he would like to supplement these after his forthcoming trip to Phoenix. CHAIRMAN O F T H E B O A R D O F G O V E R N O R S FEDERAL R E SE R V E SYSTEM W A S H IN G T O N , O. C . 2 0 5 5 1 M a r c h 31, 1 9 7 7 T h e President The White House W a s h i n g t o n , D. C. Dear Mr. Pres i d e n t : I w a s p l e a s e d to h e a r f r o m y o u this m o r n i n g . A n d I v e r y m u c h h o p e that the a t t a c h e d m e m o r a n d u m , w h i c h I h a d to t h r o w together v e r y quickly, m a y b e of s o m e help to you. I realize, of c o u r s e , that s o m e i t e m s in m y listing -particularly N o . 18 a n d N o . 19 -- a r e e x t r e m e l y difficult, if not practically i m p o s s i b l e , in t o d a y 1s political e n v i r o n m e n t . I a m going off to P h o e n i x t o m o r r o w m o r n i n g , but I'll b e b a c k o n S u n d a y a n d I w o u l d b e glad to clarify or to e x p a n d u p o n a n y i t e m s in the e n c l o s e d m e m o r a n d u m that m a y be of interest to you. W i t h e v e r y g o o d wi s h , S i n c e r e l y yours, A r t h u r F. B u r n s Enclosure M arch M EM ORANDUM FOR ARTHUR S U B JE C T : P r o p o s a l s to R e d u c e In fla tio n F. BURNS C u rb t h e e x p a n s io n of F e d e r a l sp en d in g and w o rk d ilig e n tly s 2. 1977 T H E P R E S ID E N T FRO M : 1. 31, to w a r d s th e g ra d u a l e lim in a tio n of b u d get d e fic its . U rg e C o n g r e s s to p a s s t a x m e a s u r e s th a t w ill e n c o u r a g e th e e x p a n s io n and m o d e rn iz a tio n of o u r in d u s tria l p lan t. 3. R e s i s t in c r e a s e d b a r r i e r s to o u r im p o r ts fro m and le a d th e e n tire w o rld fo re ig n co u n trie s, co m m u n ity to w a rd a g e n e r a l re d u ctio n in t r a d e b a r r i e r s . 4. R e s i s t n ew r e s t r i c t i o n s on a g r i c u ltu ra l p ro d u ctio n an d u r g e C o n g r e s s to r e m o v e 5. R e l a x th e re g u la tio n o f t r a n s p o r t in d u s tr ie s ra ilro a d s, a irlin e s, in to th e b u s in e s s , ra te s 6 . s o m e of th e r e m a in in g r e s t r i c t i o n s . w a te r tra n sp o rt re la x re strictio n s -- in t r u c k i n g , so a s to e a s e e n tr y on ro u te s , and p e r m it to m o v e f r e e l y w ith in a z o n e of r e a s o n a b l e n e s s . M o d e r a te th e e ffe c ts of F e d e r a l e n v i r o n m e n ta l s ta n d a r d s o n p ro d u c tio n c o s ts b y p o stp o n in g t a r g e t d a te s fo r 7. E s t a b l i s h m o d e l bu ild ing co d e s th a t e lim in a te o u td a te d o r u n n ecessary re strictio n s, S ta te , are 8. co m p lia n ce . and ra tio n a liz e p re se n t F e d e r a l, and lo c a l e n v iro n m e n ta l re g u la tio n s -- s o m e of w h ich o v e rla p p in g o r c o n tr a d ic to r y . D ir e c t m o r e v ig o ro u s e n fo rc e m e n t of th e a n titru s t la w s . -2- 9. A p p o i n t a n e n e r g e t i c y o u n g b u s i n e s s m a n w ith , a g o o d b a c k g r o u n d in l a b o r r e l a t i o n s to h e a d th e C o u n c il on W a g e a n d P r i c e S ta b i l it y . 10. O r d e r th e C o u n c il on W a g e an d P r i c f t S ta b ility t o b e a l e r t to a p p a re n t a b u se s of eco n o m ic p o w er, la b o r, an d to h o ld p u b lic h e a r i n g s w h e n th e p u b lic i n t e r e s t is 11. In th e s k ille d w h eth er by b u sin ess o r on p r ic e o r w ag e i n c r e a s e s s ig n ific a n tly in v o lv e d . co n stru ctio n tra d e s , e s ta b lis h n a tio n a l b a rg a in in g c o m m i t t e e s t h a t w ou ld h a v e th e p o w e r to r e j e c t l o c a l b a r g a in i n g a g re e m e n ts w age 12. and, th e re b y , r e d u c e th e lik e lih o o d of le a p fro g g in g se ttle m e n ts. E s t a b l i s h a n a tio n a l p r o d u c tiv ity c e n t e r to a s s i s t l o c a l l a b o r and b u sin e ss l e a d e r s to f o r m p ro d u ctiv ity in d i v i d u a l e n t e r p r i s e s in e a c h o f o u r c o u n c ils w ith in sizab le c itie s , w ith th e o b j e c t i v e o f r a i s i n g o u tp u t p e r m a n h o u r . 13. R eform p re s e n t F e d e ra lly -fu n d e d tra in in g p ro gram s so a s to e m p h a s i z e t r a i n i n g on th e job an d t r a i n i n g f o r n e e d e d s k i l l s . 14. R e d u c e o r e lim in a te u n re a s o n a b le r e s t r i c t i o n s o n e n tr y in to v a r i o u s p r o f e s s io n s and sk ille d t r a d e s . 15. R eform p e n s io n la w s and re g u la tio n s s o a s to e n a b le o r e n c o u r a g e in d iv id u a ls to p o stp o n e r e t i r e m e n t . 16. E s ta b lis h a co m p reh en siv e p ro g ra m o f job v a c a n c y s t a t i s t i c s to s u p p le m e n t c u r r e n t s ta tis tic s on u n e m p lo y m e n t. 17. 18. S p e e d d e v e l o p m e n t o f fu lly c o m p u t e r i z e d jo b b a n k s . U rge th e 19. U rg e a s to also 20. C o n g r e s s to r e p e a l th e D a v i s - B a c o n A c t in o r d e r to c u r b e s c a la tio n of co n stru ctio n c o s ts . C on gress en cou rage g iv e th e m to r e d u c e th e m i n i m u m w a g e fo r t e e n a g e r s so e m p l o y e r s to h i r e u n s k ille d y o u th s an d p e r h a p s o n -th e -jo b tra in in g . A d d r e s s b y th e P r e s i d e n t on th e d ig n ity of h o n e s t w o r k an d th e e v ils of feath erb ed d in g . "