Statement on Signing the White House Conference on Productivity Act

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.