October 25, 1982
Today I am signing H.R. 7292, a bill which would establish a White House Conference on
Productivity. Approval of this legislation reflects my continuing concern for improving
productivity in the United States -- a concern that lies at the heart of our economic recovery
program, which focuses on reduced growth in Federal spending, incentive-based tax reductions,
regulatory relief, and steady, moderate growth in the money supply. All these measures contribute
significantly to the growth of productivity.
Greater productivity growth is necessary for achieving full employment, price stability, and
sustained economic growth. It is vital to regaining our competitive position in world markets and
creating job opportunities for an expanding American labor force. Productivity is essential to
raising incomes and maintaining stable prices. It also contributes to real economic growth and
rising standards of living.
Our concern for and awareness of the productivity problems confronting the Nation led to the
establishment last November of the National Productivity Advisory Committee to advise the
President and the Cabinet on specific actions the Federal Government can take to improve
productivity in the United States. The Committee is comprised of 34 distinguished leaders from
business, labor, government, and academia, representing a broad cross section of economic and
business experience. The Advisory Committee, which has met several times during the year, has
already developed a number of recommendations for specific actions that will further promote
productivity growth.
While I am concerned about the need for yet another Conference, I believe that under the auspices
of the National Productivity Advisory Committee, a White House Conference on Productivity can
make a significant contribution to the ongoing efforts in this area.
William Simon, who chairs the Advisory Committee, has agreed to undertake this added
responsibility, and he will work with me, the Secretaries of Commerce and Treasury, and my
other advisers to select a Conference Director.
Note: As enacted, H.R. 7292 is Public Law 97 - 367, approved October 25.