Keeping an Eye on Regulators

Four decades ago this month, in one of his first acts as president following the resignation of Richard Nixon, Gerald Ford signed into law the Council on Wage and Price Stability Act of 1974. The bill authorized the creation of an agency tasked with identifying key causes of inflation, a pernicious problem that was posing a serious threat to the American economy. Over the next seven years, the new agency, nicknamed CWPS, would play a key role not just in the fight against inflation, but in reforming the American regulatory system as well.

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