March 20, 1973
Page 8851
Mr. MUSKIE. Mr. President, I strongly support the amendment of my distinguished colleague from Maine (Mr. HATHAWAY) to ensure that SEC publicly reported information not be excluded from the public reports of the Cost of Living Council on the prices, costs, and profits of large companies. I believe that the public has a right to know on what basis such prices and price increases are founded.
This amendment would apply only to companies with annual sales of $250 million or more which increase prices of their products by more than an average 1.5 percent. And it would not require publication of sensitive information, since it merely applies to information which the SEC can now require be made public.
To mandate public disclosure of such information by the Cost of Living Council encourages the success of two important weapons in our battle against inflation. It would help restore public confidence in the wage-price voluntary controls of phase III. And it would encourage large corporations to hold down prices within the 1.5 percent guideline.
I commend Senator HATHAWAY on his efforts to assure that the public has ready access to critical information about inflation.