Anti Inflation Amendments of 1979

Anti-Inflation Amendments of 1979 - Amends the Employment Act of 1946 to require the President to include in the annual economic report to Congress, for the purpose of reducing the rate of inflation: (1) a set of price and wage guidelines; and (2) a coordinated set of fiscal, monetary, regulatory, antitrust, investment, productivity, international, and other economic policies. Requires that such guidelines be designed to reduce the amount of price increases or wage settlements by a significant anti-inflation factor. Limits their applicability to businesses and labor organizations of specified size. Specifies the manner in which such guidelines are to be formulated and requires the Council on Wage and Price Stability to assist the Council of Economic Advisors in such formulation.

Requires the Joint Economic Committee of Congress to hold special hearings to review the President's proposed guidelines. Establishes procedures for Congressional approval of the guidelines as an effective national standard.

Requires businesses to notify the Council on Wage and Price Stability of significant price changes at least 30 days before they become effective. Requires labor organizations to report annually to the Council on the fee structure of its members. Directs the Council to make a report on any price increase, wage settlement, or change in fee structure which exceeds the guidelines. Requires the President to institute and carry out a process of mediation to achieve compliance. Instructs the Council of Economic Advisors and the Council on Wage and Price Stability to jointly report to the appropriate committees of Congress their findings and recommendations on the use of tax incentives and penalties to induce compliance.