The White House announced yesterday the creation of a new, six-member Price Advisory Committee, and scheduled its first meeting later this week.
Named to the committee were: Albert T. Sommers, chief economist of the Conference Board; Barbara Bergmann, economics professor at the University of Maryland; Stanley Ruttenberg, former assistant secretary of Labor and now a consultant; Robert Atwood, national affairs director for an accounting firm; Carol Schwartz Greenwald, visiting professor at Harvard University's business school; and John Sheahan, economics professor at Williams College.
The panel was established as part of the revamped wage-price guidelines program primarily to assuage organized labor, which insisted on a counterpart to the more critical Pay Advisory Committee. It is not expected to make major changes in the price guidelines.
The pay committee, headed by John T. Dunlop, the former secretary of Labor, has been revising the administration's wage guuidelines. That panel contains top representatives from business and labor..
Under the terms of the agreement with labor leader, the price panel will be able to recommend changes in the administration's price guidelines, but will not have the power to put them into effect without White House approval.
The announcement yesterday did not specify who will be the chairman of the new committee.