Full Employment and Balanced Growth Act

Full Employment and Balanced Growth Act - Title I: Establishment of Goals and General Economic Policies - Amends the Employment Act of 1946 to declare full employment as a national goal. Declares further that inflation is a national problem requiring improvement of government policies, reform of outmoded government rules, and correction of structural defects in the economy. States that (1) nothing in this Act shall independently authorize production, wage, or price controls and (2) the effort to expand jobs under this Act shall focus on the private sector and shall use subsidized public employment only as a last resort.

Directs the President to recommend in each annual Economic Report numerical goals for five years for employment, production, real income, and productivity. Designates as a goal to be achieved within five years of the enactment of this Act three percent unemployment for the civilian labor force age 20 and over and of four percent unemployment for the civilian labor force age 16 and over. Directs that, in reducing unemployment, every effort be made to reduce differences in unemployment rates among teenagers, women, minorities, the elderly and groups in the labor force. Requires inclusion in each Economic Report of priority policies and programs to assure productive nonwasteful jobs. Specifies among such priorities (1) development of energy, transportation, small business and environmental improvement; (2) attention to the needs of rural America; (3) attention to the relationship between Federal policies and urban needs; and (4) improvement of the quality and quantity of health care, education, child care, and housing.

Requires that the President's Budget and Economic Report include projections of outlays and receipts which are consistent with the goals of this Act. Directs the Federal Reserve Board to transmit to Congress an independent annual report setting forth its intended policies and the relationship between such policies and short-term goals contained in the Economic Report.

Directs the President to initiate structural policies to reduce inflation, including policies relative to (1) more effective monitoring and analysis of inflationary trends, (2) stockpiling of critical commodities, (3) strengthening of antitrust laws, and (4) modification of government regulation.

Directs the President to establish an advisory board or boards to advise with respect to this Act and other matters related to national economic programs and policies.

Directs the Council of Economic Advisers to consult with such board or boards and to cooperate with other Federal agencies with respect to its work in connection with this Act.

Title II: Structural Economic Policies and Programs, Including Treatment of Resource Restraints - Requires the President to initiate supplementary programs and policies to facilitate achievement of the full employment and balanced growth goals and timetables set forth in Title I. States that any countercyclical employment programs so initiated shall (1) consider for inclusion specified activities, including standby public works projects and community development programs, and a trigger mechanism geared to times of rising unemployment and (2) contain policies to facilitate coordinated action among the Federal Government, State and local governments, and the private sector.

Directs the President to improve and expand existing youth employment programs, recommending legislation where required.

Directs the Secretary of Labor, in furtherance of the full employment policies contained in this Act, and after full utilization of programs under the Comprehensive Employment and Training Act of 1973 (CETA) and other laws, to undertake job training, counseling, and referral activities.

Directs the President to establish reservoirs of public employment and private nonprofit employment projects, to be approved by the Secretary, through expansion of CETA projects or through other existing or new employment and training programs. Stipulates that such projects which require authorizations under this Act shall not be put into operation less than two years after the enactment of this Act nor without a Presidential finding that other means of employment are not yielding enough jobs to meet goals and timetables.

Requires that the Economic Report review and assess (1) existing Federal programs which affect business investment decisions, (2) the effect of the overall economic policy environment and the inflation rate on business investment, and (3) Federal policies and programs which directly or indirectly affect public investments. Directs the President to make recommendations based upon such assessments.

Title III: Policies and Procedures for Congressional Review - Directs the appropriate Congressional committees to review and revise goals, priorities, policies, and programs proposed by the President and the Federal Reserve Board under this Act and the Employment Act of 1946. Specifies the oversight duties of the Joint Economic Committee under this Act, including the reporting of a concurrent resolution approving, disapproving, or modifying the policies, goals, and programs of the Economic Report. Sets forth procedures for the consideration of such a concurrent resolution.

Directs the Committees on the Budget of both Houses, after receiving the recommendation of the Joint Economic Committee, to review and make recommendations with respect to the annual numerical goals formulated pursuant to this Act.

Title IV: General Provisions - Makes general provisions with respect to nondiscrimination, labor standards, and authorizations of appropriations.