seller in transactions with the class of purchaser concerned during the freeze base period. In computing the freeze price, a seller may not exclude any temporary special sale, deal or allowance in effect during the freeze base period.

"Class of purchaser" means all those purchasers to whom a seller has charged a comparable price for comparable commodities or services during the freeze base period pursuant to customary price differentials between those purchasers and other purchasers.

"Freeze base period" means

(a) the period June 1 to June 8, 1973; or

(b) in the case of a seller who had no transactions during that period, the nearest preceding seven-day period in which he had a transaction. "Transaction" means an arms length sale between unrelated persons and is considered to occur at the time of shipment in the case of commodities and the time of performance in the case of services.

STABILIZATION OF THE COUNTRY

SOURCE: 38 FR 19345, July 19, 1973.

On June 13, 1973, I ordered a freeze for a maximum period of 60 days on the prices of all commodities and services offered for sale except the prices charged for raw agricultural products. At that time, I stated that the freeze period would be used to develop a new and more effective system of controls to follow the freeze. Planning for the Phase IV program has proceeded rapidly and I have, therefore, decided that the freeze on food, except for beef, should be removed and more flexible controls substituted in a two-stage process in the food industry. The first stage will be effective at 4:00 p.m., e.st., July 18, 1973. The freeze in other sectors of the economy will continue through August 12, 1973. I am also directing the Cost of Living Council to publish for comment now, proposed plans for Phase IV controls in other sectors of the economy. I have determined that this action is necessary to stabilize the economy, reduce inflation, minimize unemployment, improve the Nation's competitive position in world trade and protect the purchasing power of the dollar, all in the context of sound fiscal management and effective monetary policies.

NOW, THEREFORE, by virtue of the authority vested in me by the Constitution and statutes of the United States, particularly the Economic Stabilization Act of 1970, as amended, it is hereby ordered as follows:

SECTION 1. Executive Order 11723 establishing a freeze on prices effective 9:00 p.m. e.s.t., June 13, 1973, for a maximum period of 60 days is hereby superseded except as hereinafter provided. Under the provisions of Executive Order 11695, the freeze regulations issued by the Cost of Living Council, pursuant to the authority of Executive Order 11723 remain in effect except as the Chairman of the Cost of Living Council may modify them. The price freeze established by Executive Order 11723 remains in effect until 11:59 p.m., e.s.t., August 12, 1973, except to the extent the Chairman of the Cost of Living Council may modify it.

SEC. 2. All orders, regulations, circulars, rulings, notices or other directives issued and all other actions taken by any agency pursuant to Executive Order 11723, and in effect on the date of this order are hereby confirmed and ratified, and shall remain in full force and effect unless or until altered, amended, or revoked by the Chairman of the Cost of Living Council.

SEC. 3. This order shall not operate to defeat any suit, action, prosecution, or administrative proceeding, whether heretofore or hereafter commenced, with respect to any right possessed, liability incurred, or offense committed prior to this date.

SEC. 4. Executive Order 11695 continues to remain in full force and effect.

FINDING AIDS

A list of current CFR volumes, a list of superseded CFR volumes, and a list of CFR titles, subtitles, chapters, subchapters and parts are included in the subject index volume to the Code of Federal Regulations which is published separately and revised annually.

Table of CFR Titles and Chapters

Alphabetical List of CFR Subtitles and Chapters
List of CFR Sections Affected

ment activities significantly affecting food costs and prices and make recommendations to the Chairman of the Council concerning these

matters.

(b) There is hereby established a Food Industry Advisory Committee. This Committee shall be composed of such members as the President may, from time to time, appoint. The President shall designate the Chairman of the Committee. The Committee shall provide advice to the Council on the operation of the Economic Stabilization Program in the food industry and other matters related to food costs and prices.

SEC. 8. There is hereby established a Labor-Management Advisory Committee. This Committee shall be composed of such members as the President may, from time to time, appoint. The Committee shall provide advice to the Chairman of the Council on methods for improving the collective bargaining process and for assuring wage and salary settlements consistent with gains in productivity and the goal of stemming the rate of inflation.

SEC. 9. The Committee on Interest and Dividends established by section 9 of Executive Order 11627 is hereby continued. The Committee shall be composed of the Chairman of the Board of Governors of the Federal Reserve System, the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Housing and Urban Development, the Chairman of the Federal Deposit Insurance Corporation, the Chairman of the Federal Home Loan Bank Board, and such others as the President may, from time to time, designate. The Chairman of the Board of Governors of the Federal Reserve System shall serve as Chairman of the Committee. This Committee shall, subject to review by the Council, formulate and execute a program for obtaining voluntary restraints on interest rates and dividends.

SEC. 10. (a) The Pay Board and Price Commission established by sections 7 and 8 of Executive Order 11627 are hereby abolished effective not more than 90 days from the date of this order or such earlier date as the Chairman of the Cost of Living Council may designate. The Board and the Commission during this transition period shall provide for winding up any outstanding matter involving them subject to the direction of the Chairman of the Council.

(b) The Committee on the Health Services Industry established by section 10 of Executive Order 11627 is hereby abolished.

(c) The Committee on State and Local Government Cooperation established by section 11 of Executive Order 11627 is hereby abolished.