Employment Act
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The Employment Act of 1946 laid on the federal governments responsibility for the retention of the stability of the national economy. It allowed the President (Harry S. Truman at the time) to manage the economy by following policies suggested by an appointed advisory board, called the Council of Economic Advisors.
Economic council with the president was created in accordance with the law, and it was imputed to the President of the USA into the responsibility to present annual report about the state of the economy of the country to Congress.