Executive Order 10434--Suspension of wage and salary controls under the Defense Production Act of 1950, as amended
Source: The provisions of Executive Order 10434 of Feb. 6, 1953, appear at 18 FR 809, 3 CFR, 1949-1953 Comp., p. 929, unless otherwise noted.
WHEREAS the production of materials and services and the demand therefore in the national economy are approaching a practicable balance; and
WHEREAS the earliest possible return to freedom of collective bargaining in the determination of wages will serve to strengthen the national economy and thereby the national security; and
WHEREAS the stabilization of wages, salaries, and other compensation is not now necessary to carry out the purposes of the Defense Production Act; and
WHEREAS, in view of the foregoing, it is appropriate to permit adjustments of wages, salaries, and other compensation arrived at through the processes of free collective bargaining or other voluntary action to become effective:
NOW, THEREFORE, by virtue of the authority vested in me by the Constitution and statutes, including the Defense Production Act of 1950, as amended, and as President of the United States, it is hereby ordered as follows:
1. All regulations and orders issued pursuant to the Defense Production Act of 1950, as amended, stabilizing wages, salaries, and other compensation, are hereby suspended.
2. The wage, salary, and other compensation adjustments proposed in petitions pending before wage and salary control agencies may now be placed in effect without the approval of such agencies. To the extent that agreements involved in such petitions are conditioned upon approval under Title IV of the Defense Production Act, this order shall be deemed such approval, but such approval shall be subject to paragraph 3 hereof.
3. This order shall not operate to defeat any suit, action, prosecution, or administrative enforcement proceeding, whether heretofore or hereafter commenced, with respect to any right, liability, or offense possessed, incurred, or committed, prior to this date.