Masonry Magazine July 1971 Page. 27
Washington Wire
(Continued from page 19)
It had, therefore, to keep pursuing a stimulative-if less aggressive-line.
But the money managers could not sit by and allow excess liquidity to build up in the economy. That would threaten a new outburst of inflation later this year or during 1972.
WHAT WILL INSPECTION PROCEDURES BE LIKE under the new job safety law? Officials now offer insights on what to expect when an inspector arrives. No prior warning of an impending health-safety inspection will be provided. When a checker arrives, he will ask to see safety statistics and records; companies should be certain this data is in order, complete and up to date. He will also want to talk over plant operations with management personnel. Then, the inspector will hold a meeting with representatives of employees.
Following discussions, the inspector will tour the facilities. An "exit interview" will be conducted with top management. The inspector will want a commitment to correct deficiencies.
A citation will arrive in three days after any violation is discovered. It must be posted immediately by the company, at or near the trouble-spot. The right of appeal by the firm must be taken within 15 working days after a citation.
THE LEGISLATION TO AID COMPANIES IN FINANCIAL DIFFICULTIES appears to be on the way through Congress. The lawmakers now lean to guarantees of bank loans to basically sound companies in trouble for temporary reasons. The failure of such firms would have to have serious effects on the economy of the nation or a major region. Restrictions on the companies will be voted.
ADVERTISERS WILL SOON HAVE TO BACK UP their claims with supporting data. The Federal Trade Commission intends to request submission of such information, but it may be six months before FTC action affects most firms. The FTC wants to review one industry at a time, beginning with automobiles. The data must prove the specific quantitative claims made for any product. Following FTC evaluation of the information, it will be released publicly. The Commission will also seek to ban unsubstantiated ads from the media.
The FTC isn't revealing the order of industry studies to follow autos. But major advertisers of consumer products such as appliances and food-seem to be likely candidates.
BUSINESSMEN SHOULD CHECK WITH THEIR TAX ADVISERS before using the new liberalized depreciation rules adopted by the Treasury. Some tax-consulting firms are advising their clients not to adopt the new system pending the outcome of an expected court suit challenging the rules. Consumer advocate Ralph Nader and his associates and Common Cause, the public interest lobby group, (Continued on page 30)
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