Employment and Inflation Act

Employment and Inflation Act - States that the purpose of the Act is to so control administrative inflation so that fiscal and monetary measures can bring about full employment without an excessive rise in prices, rates of pay, interest rates, or rents; and to adopt 4 percent unemployment as the interim goal for calendar year 1973, and 3.8 percent unemployment as the interim goal for calendar year 1974.

Establishes a Price-Wage Board, composed of five members, appointed by the President by and with the advice and consent of the Senate for a term of one year. Authorizes the Board to issue orders and regulations to stabilize prices and rates of pay at levels not less than those prevailing on January 10, 1973.

Requires the Board to issue standards and guidelines for noninflationary price and pay adjustments. Authorizes the Board to make such exceptions with respect to price and pay adjustments as are necessary to foster orderly economic growth and to prevent gross inequities, hardships, serious market disruptions, domestic shortages of raw materials, localized shortages of labor, and windfall profits.

Authorizes the President to issue orders and regulations to stabilize rents, interest rates, corporate dividends, and similar transfers at levels not less than those prevailing on May 25, 1970. Requires the President to issue fair and equitable standards to serve as a guide for determining such levels of rents, interest rates, and corporate dividends. Extends the authority to issue regulations under the Economic Stabilization Act of 1970 through April 30, 1974.