Office of Economic Stabilization
Encyclopedia
The Office of Economic Stabilization was established within the United States Office for Emergency Management
on October 3, 1942, pursuant to the Stabilization Act of 1942
, as a means to control inflation
during World War II through regulations on price, wage, and salary increases.
Office for Emergency Management
The Office for Emergency Management was an office within the Executive Office of the United States President. It was established by administrative order, May 25, 1940, in accordance with EO 8248, September 8, 1939....
on October 3, 1942, pursuant to the Stabilization Act of 1942
Stabilization Act of 1942
The Stabilization Act of 1942 , formally entitled "An Act to Amend the Emergency Price Control Act of 1942, to Aid in Preventing Inflation, and for Other Purposes," and sometimes referred to as the "Inflation Control Act", was an act of Congress that amended the Emergency Price Control Act of 1942...
, as a means to control inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
during World War II through regulations on price, wage, and salary increases.
Directors
- 1942-1943 James ByrnesJames F. ByrnesJames Francis Byrnes was an American statesman from the state of South Carolina. During his career, Byrnes served as a member of the House of Representatives , as a Senator , as Justice of the Supreme Court , as Secretary of State , and as the 104th Governor of South Carolina...
- 1943-1945 Fred M. VinsonFred M. VinsonFrederick Moore Vinson served the United States in all three branches of government and was the most prominent member of the Vinson political family. In the legislative branch, he was an elected member of the United States House of Representatives from Louisa, Kentucky, for twelve years...
- 1945-1946 William H. DavisWilliam Hammatt DavisWilliam Hammatt Davis was the Chairman of the War Labor Board in the administration of President Franklin Roosevelt, where his job was keeping industrial peace between management and labor. He was also appointed US Economic Stabilizer in the last months of World War II, though Roosevelt's...