Economic Stabilization Board Establishment Law Contents Chapter I. General Provisions (Articles 1-5) Chapter II. Board Proper Section 1. Internal Subdivisions (Articles 6-14) Section 2. Auxiliary Organs (Article 15) Section 3. Local Branch Offices (Articles 16-18) Chapter III. External Organs (Articles 19-34) Section 1. Price Agency (Articles 20-32) Part 1. General Provisions (Articles 20-21) Part 2. Internal Subdivisions (Articles 22-27) Part 3. Local Branch Offices (Articles 28-31) Part 4. Price Adjustment Kodan (Article 32) Section 2. Economic Investigation Agency (Article 33) Section 3. Foreign Investment Commission (Article 34) Chapter IV. Personnel (Articles 35-38) Supplementary Provisions Chapter I. General Provisions

(Purpose of this Law) Article 1. The purpose of this Law is to define clearly the scope of responsibilities and the powers of the Economic Stabilization Board and to provide an organization fit for the efficient conduct of the administrative affairs under the jurisdiction of the Board.

(Definitions) Article 2. For the purpose of this Law, the following definitions shall apply: 2 "Construction capacity" as used in this Law shall mean capacity to construct required facilities in proper time selecting and using land, labour, fund and materials. 3 "Prices and the like" as used in this Law shall mean prices and the like as stipulated in Article 2 of the Price Control Ordinance (Imperial Ordinance No.118 of 1946), and "controlled amount" shall mean controlled amount as stipulated in Articles 4 and 7 of the said Ordinance.

(Establishment) Article 3. The Economic Stabilization Board is hereby established temporarily on the basis of the provisions of Article 24 paragraph 1 of the National Government Organization Law (Law No.120 of 1948). 2 The Economic Stabilization Board shall be headed by the President of the Economic Stabilization Board, which position shall be filled by the Prime Minister. The President shall be responsible for the affairs of the Board. 3 The Economic Stabilization Board shall have a Director General, which position shall be filled by a Minister of State. The Director General shall administer the affairs of the Board. 4 The Economic Stabilization Board shall have one Deputy Director General. The Deputy Director General shall assist the Director General and administer the affairs of the Board as prescribed by the Director General.

(Mission of Economic Stabilization Board) Article 4. The Economic Stabilization Board shall be the administrative organ responsible for the integrated administration of the following affairs of the National Government: (1) Planning of basic measures for economic stabilization; (2) Coordination, adjustment and propulsion of the affairs of the administrative organs concerned; (3) Control of prices; (4) Securing of economic control; (5) Adjustment of investment and business activities of foreign nationals.

(Powers of the Board) Article 5. For the purpose of carrying out the responsibilities provided for in this Law, the Economic Stabilization Board shall have the powers as listed below. Such powers shall, however, be exercised in accordance with law (including orders issued thereunder): (1) To make within the limits of budgetary appropriations obligations necessary for carrying out its responsibilities; (2) To collect revenues and make payments necessary for carrying out its responsibilities; (3) To establish and maintain offices and other facilities directly required for carrying out its responsibilities; (4) To procure office supplies, etc. which are directly required for carrying out its responsibilities; (5) To dispose of unnecessary properties; (6) To administer personnel affairs, including appointment, dismissal, awards and discipline; (7) To establish and maintain facilities required for the welfare and health of personnel; (8) To establish and maintain housing to be rented to personnel; (9) To distribute or publish statistics and research data concerning the affairs under its jurisdiction; (10) To inspect the affairs under its jurisdiction and take necessary measures in accordance with the provisions of laws and orders; (11) To disseminate information to the public concerning the affairs under its jurisdiction; (12) To adopt the official seals of the Economic Stabilization Board; (13) To establish plans and policies and to coordinate, adjust and propel the affairs of the administrative organs concerned concerning fundamental measures of economic stabilization related to production, distribution and consumption of materials, labour, price, public finance, money and banking, foreign exchange, foreign trade, construction, transportation, etc.; (14) To issue necessary orders to the heads of the administrative organs concerned in order to carry out the responsibilities of the Board; (15) To issue necessary orders or make recommendations to the administrative organs concerned in connection with appeals made to the President of the Economic Stabilization Board against orders based on Article 1 paragraph 1 of the Temporary Demand and Supply Adjustment Law (Law No.32 of 1946) or other laws or orders issued thereunder; (16) To give necessary permit or approval, exercise guidance and supervision and conduct inspectional visit and examination with respect to the matters under the jurisdiction of the Kodans as provided for in the Foodstuffs Control Law (Law No.40 of 1942), Sempaku Kodan Law (Law No.52 of 1947), Solid Fuel Distribution Public Corporation Law (Law No.56 of 1947), Industrial Reconstruction Public Corporation Law (Law No.57 of 1947), Foreign Trade Public Corporation Law (Law No.58 of 1947), Price Adjustment Public Corporation Law (Law No.62 of 1946), Fertilizer Distribution Kodan Ordinance (Imperial Orkinance No.171 of 1947), Liquor Distribution Kodan Law No.172 of 1947), Grocery Distribution Kodan Law (Law No.201 of 1947), Feedstuffs Distribution Kodan Law (Law No.202 of 1947) and Oilstuffs Distribution Kodan Law (Law No.203 of 1947), and to exercise powers given by the foregoing laws to the Director General of the Economic Stabilization Board or to the Director General of the Price Agency; (17) To designate controlled amount of prices and the like and to decide, order, permit, approve or make other dispositions, concerning the amount of prices and the like; (18) To issue necessary orders to those who perform transactions on business in exchange for receiving prices and the like concerning the report on and indication of prices and the like; (19) To impose restriction or prohibition on the specifications and or qualities of goods, method and or place of sale, etc.; (20) To have the costs of prices and the like calculated; (21) To order those who perform transactions on business in exchange for receiving prices and the like to put premium as stipulated in Article 20 of the Price Control Ordinance; (22) To order those who perform transactions on business in exchange for receiving prices and the like to pay the National Treasury whole or a part of the differential profits as stipulated in Article 19 of the Price Control Ordinance and the premium referred to in the preceding item; (23) To make subsidy payment from the National Treasury for price stabilization; (24) To plan on measures to secure economic control; (25) To conduct administrative inspection on the execution by administrative organs of economic measures related to economic laws and orders (laws and orders enumerated in Attached Table No.1 of the Economic Investigation Agency Law (Law No.206 of 1948), laws and orders designated by Cabinet Order and orders issued on the basis of the foregoing laws and orders;the same shall apply hereinafter); (26) To conduct investigation of violations of economic laws and orders; (27) To made recommendations to and cooperate with the police and other administrative organs concerned with regard to their activities in prevention and investigation of violations of economic laws and orders; (28) To enlighten members of the National Rural Police and the Autonomous Police concerning the requirements of the provisions of economic laws and orders; (29) To collect general informations on the activities of the police and other administrative organs concerned in prevention and investigation of violations of economic laws and orders and on the improvement thereof; (30) To conduct investigation into and promote delivery of hidden and hoarded goods; (31) To adjust investment and business activities of foreign nationals; (32) Such powers, in addition to those listed in the preceding items, as are placed by laws (including orders issued thereunder) under the Economic Stabilization Board, the Price Agency, the Economic Investigation Agency and the Foreign Investment Commission.

Chapter II. Board Proper

Section 1. Internal Subdivisions

(Internal subdivisions) Article 6. The Board shall have the President's Secretariat and the following six bureaus: Production Bureau; Power Bureau; Civilian Rationing Bureau; Finance Bureau; Foreign Trade Bureau: Construction and Transportation Bureau. 2 The President's Secretariat shall have the Liaison Division.

(Special positions) Article 7. The President's Secretariat shall be headed by the Chief of Secretariat. The Chief of Secretariat shall administer, under orders, the affairs of the President's Secretariat. 2 The President's Secretariat shall have two Deputy Chiefs. The Deputy Chief of Secretariat shall assist the Chief of Secretariat and regulate the affairs of the Secretariat. 3 The Production Bureau shall have two Deputy Directors, the Power Bureau one Deputy Director, the Civilian Rationing Bureau two Deputy Directors, the Finance Bureau one Deputy Director, the Foreign Trade Bureau one Deputy Director, and the Construction and Transportation Bureau two Deputy Directors. The Deputy Director shall assist the the respective Bureau Director and regulate the affairs of the respective Bureau. 4 The Board shall have Advisors and Counsellors. The Advisors shall render advise to the Director-General with respect to important affairs of the Board, and the Counsellors shall participate in the affairs of the Board.

(Functions of President's Secretariat) Article 8. The President's Secretariat shall take charge of the following affairs in connection with the responsibilities of the Board: (1) Confidential matters; (2) Classification, appointment and dismissal of personnel, their status, disciplinary punishment, performance of duty and other personnel affairs, also their refinement and training; (3) Custody of the official seals of the President, the Director General and the Board; (4) Receipt, dispatch, compilation and custody of official documents; (5) Budget estimates for expenditures and revenues, settlement of accounts, accounts and account audit; (6) Control of administrative properties and goods; (7) Health, medical treatment and other welfare measures for personnel; (8) Planning in general; (9) Research and statistics; (10) Inspection of administration; (11) Liaison; (12) Matters relating to the Economic Rehabilitation Program; (13) Establishment of fundamental policies, and plans concerning labour and coordination, adjustment and propulsion of the affairs of the administrative organs concerned; (14) Dissemination of information; (15) Coordination and adjustment, such as examination of draft bills and orders; (16) Coordination and adjustment of the affairs of the Regional Economic Stabilization Bureaus; (17) Such responsibilities of the Board, in addition to the affairs listed in the preceding items, as are not in the charge of other bureaus and organs. 2 The Liaison Division shall take charge of the affairs referred to in item (11) of the preceding paragraph.

(Functions of Production Bureau) Article 9. The Production Bureau shall take charge of the following affairs: (1) Coordination of policies and plans concerning demand and supply of materials; (2) Establishment of fundamental policies and plans concerning production of materials (excluding those falling under the jurisdiction of other bureaus); (3) Establishment of fundamental policies and plans concerning allocation and rationing of materials (excluding those falling under the jurisdiction of other bureaus); (4) Coordination, adjustment and propulsion of the affairs of the administrative organs concerned concerning the production, allocation and rationing of materials prescribed in the preceding two items.

(Functions of Power Bureau) Article 10. The Power Bureau shall take charge of the following affairs: (1) Establishment of fundamental policies and plans concerning production, allocation and rationing (excluding allocation and rationing for household use) of coal, petroleum, gas, coke and electric power; (2) Coordination, adjustment and propulsion of the affairs of the administrative organs concernsd concerning the production, allocation and rationing of materials prescribed in the preceding item.

(Functions of Civilian Rationing Bureau) Article 11. The Civilian Rationing Bureau shall take charge of the following affairs: (1) Establishment of fundamental policies and plans concerning reasonable standard of living and its improvement; (2) Establishment of fundamental policies and plans concerning production of necessities of life; (3) Establishment of fundamental policies and plans concerning allocation and rationing of necessities of life (excluding allocation and rationing for household use of coal, petroleum, gas, coke and electric power); (4) Coordination, adjustment and propulsion of the affairs of the administrative organs concerned concerning reasonable standard of living and its improvement and production, allocation and rationing of necessities of life prescribed in the preceding three items.

(Functions of Finance Bureau) Article 12. The Finance Bureau shall take charge of the following affairs: (1) Establishment of fundamental policies and plans concerning public finance and money and banking; (2) Establishment of fundamental policies and plans concerning reconstruction and reorganization of enterprises and financial institutions; (3) Coordination, adjustment and propulsion of the affairs of the administrative organs concerned concerning public finance and money and banking and reconstruction and reorganization of enterprises and financial institutions prescribed in the preceding two items. (4) Establishment of the national fund program; (5) Research in the national income.

(Functions of Foreign Trade Bureau) Article 13. The Foreign Trade Bureau shall take charge of the following affairs: (1) Establishment of fundamental policies and plans concerning foreign trade; (2) Coordination, adjustment and propulsion of the affairs of the administrative organs concerned concerning foreign trade.

(Functions of Construction and Transportation Bureau) Article 14. The Construction and Transportation Bureau shall take charge of the following affairs: (1) Establishment of fundamental policies and plans concerning construction and management of construction capacity; (2) Coordination, adjustment and propulsion of the affairs of the administrative organs concerned concerning construction and management of construction capacity prescribed in the preceding item; (3) Planning and supervision of the public works; (4) Establishment of fundamental national land program; (5) Establishment of fundamental policies and plans concerning transportation and communication; (6) Coordination, adjustment and propulsion of the affairs of the administrative organs concerned concerning transportation and communication prescribed in the preceding item.

Section 2. Auxiliary Organs

(Auxiliary Organs) Article 15. The following organs enumerated in the left column shall be established as auxiliary organs of the Board for the purpose stated respectively in the right column: Name Purpose Ecconomic Rehabilitation Planning Council To collect and arrange basic data and make research and deliberation on various programs of economic rehabilitation, establish rehabilitation program and to make necessary reports and recommendations to the President. Resources Council To make research and deliberation concerning efficient and coordinated utilization of essential resources and make necessary reports and recommendations to the President. Economic Reconstruction and Reorganization Council To exercise powers placed thereunder by the provisions of the Enterprise Reconstruction and Reorganization Law (Law No.40 of 1946) and the Financial Institutions Reconstruction and Reorganization Law (Law No.39 of 1946). National Food and Nutrition Council To make research and deliberation, at the inquiry of the President, concerning the stabilization of national food supply and improvement of nutrition, and to make recommendations to the President concerning these matters. Currency Issuance Deliberation Council To exercise powers, placed thereunder by the provisions of Article 1 of the Currency Issuance Deliberation Council Law (Law No.197 of 1947).

2 The organization, responsibilities and members and other personnel of auxiliary organs enumerated in the preceding paragraph shall be provided for by Cabinet Order unless otherwise provided for by law (including orders issued thereunder) separately.

Section 3. Local Branch Offices

(Local Branch Offices) Article 16. The Board shall have Regional Economic Stabilization Bureaus as local branch offices.

(Functions of Regional Economic Stabilization Bureau) Article 17. The Regional Economic Stabilization Bureau shall take charge of a part of the functions of the Board which concerns with coordination, adjustment and propulsion of the affairs of the administrative agencies concerned.

(Name, location and area of jurisdiction) Article 18. The names, locations and areas of jurisdiction of the Regional Economic Stabilization Bureaus shall be as follows: Name Location Area under jurisdiction Sapporo RESB Sapporo-shi Hokkaido Sendai RESB Sendai-shi Aomori, Iwate, Miyagi, Akita, Yamagata and Fukushima Prefectures Tokyo RESB Tokyo-to Tokyo-to and Ibaragi, Gumma, Tochigi, Saitama, Chiba, Kanagawa, Yamanashi, Niigata and Nagano Prefectures Nagoya RESB Nagoya-shi Shizuoka, Gifu, Aichi, Mie, Toyama and Ishikawa Prefectures Osaka RESB Osaka-shi Kyoto-fu, Osaka-fu and Fukui, Shiga, Hyogo, Nara and Wakayama Prefectures Hiroshima RESB Hiroshima-shi Tottori, Shimane, Okayama, Hiroshima and Yamaguchi Prefectures Takamatsu RESB Takamatsu-shi Tokushima, Kagawa, Ehime and Kochi Prefectures Fukuoka RESB Fukuoka-shi Fukuoka, Saga, Nagasaki, Kumamoto, Oita, Miyazaki and Kagoshima Prefectures

Chapter III. External Organs

(Establishment of external organs) Article 19. The following external organs shall be established under the Economic Stabilization Board on the basis of the provisions of Article 3 paragraph 2 of the National Government Organization Law: Price Agency; Economic Investigation Agency; Foreign Investment Commission.

Section 1. Price Agency Part 1. General Provisions

(Mission, Director and Deputy Director of Price Agency) Article 20. The Price Agency shall be the Government organ mainly responsible for control of prices and the like and other affairs relating to price. 2 The Price Agency shall be headed by the Director of the Price Agency, which position shall be filled by a Minister of State who is the Director General of the Economic Stabilization Board. 3 The Price Agency shall have one Deputy Director. The Deputy Director shall assist the Director and regulate the affairs of the Agency.

(Powers of Price Agency) Article 21. For the purpose of carrying out the responsibilities provided for in this Law, the Price Agency shall exercise powers stipulated in Article 5 items (1) to (23) inclusive and such other powers as are placed under the Price Agency by law (including orders issued thereunder).

Part 2. Internal Subdivisions

(Internal Subdivisions) Article 22. The Price Agency shall have the Director's Secretariat and the following four Divisions: First Division; Second Division; Third Division; Fourth Division.

(Functions of Director's Secretariat) Article 23. The Director's Secretariat shall take charge of the following affairs: (1) Confidential matters; (2) Classification, appointment and dismissal of personnel, their status, disciplinary punishment, performance of duty and other personnel affairs;also, their refinement and training; (3) Custody of the official seals of the Director and the Agency; (4) Budget estimates for expenditures and revenues, settlement of accounts, accounts and account audit; (5) Control of administrative properties and goods; (6) Health, medical treatment and other welfare measures for personnel; (7) Administrative inspection.

(Functions of First Division) Article 24. The First Division shall take charge of the following affairs: (1) Establishment of fundamental policies and plans concerning price; (2) Coordination, adjustment and propulsion of the affairs of the administrative organs concerned concerning price; (3) Establishment of general plans concerning the affairs of the Agency; (4) Coordination and adjustment, such as examination of draft bills and orders; (5) Coordination and adjustment concerning the affairs of the Regional Price Bureaus; (6) General affairs concerning the Price Adjustment Kodan; (7) Receipt, dispatch, compilation and custody of official documents; (8) Liaison; (9) Research and statistics; (10) Unification of costs calculation; (11) Dissemination of information; (12) Government subsides for price stabilization; (13) Differentials and premiums stipulated in Articles 19 and 20 of the Price Control Ordinance; (14) Such responsibilities of the Price Agency, in addition to the affairs listed in the preceding items, as are not in the charge of the Secretariat and other Divisions.

(Functions of Second Division) Article 25. The Second Division shall take charge of the affairs concerning the control of prices of foods and other agricultural, forestry, livestock and marine products and of prices and the like related thereto.

(Functions of Third Division) Article 26. The Third Division shall take charge of the following affairs: (1) Control of prices of mineral products (including earth and stones) and industrial products (excluding manufactured foods and vessels) and of prices and the like related thereto; (2) Control of electricity and gas charges and of prices and the like related thereto.

(Functions of Fourth Division) Article 27. The Fourth Division shall take charge of the following affairs: (1) Control of transportation charges and of prices and the like related thereto; (2) Control of prices and rents of land, buildings and vessels and of prices and the like related thereto; (3) Control of communication charges and of prices and the like related thereto; (4) Control of custody charges, insurance premium, rental charges, processing charges, repair charges, commissions and such other charges as are not in the charge of other divisions and of prices and the like related thereto.

Part 3. Local Branch Offices

(Regional Price Bureau) Article 28. The Price Agency shall have Regional Price Bureaus as local branch offices.

(Functions) Article 29. The Regional Price Bureau shall take charge of a part of the functions of the Price Agency as follows: (1) Control of prices and the like as determined by the Director of the Price Agency; (2) Matters relating to the differentials and premiums stipulated in Articles 19 and 20 of the Price Control Ordinance; (3) Such matters related to price, in addition to the affairs listed in the preceding two items, as are determined by the Director of the Price Agency.

(Name, location and area of jurisdiction) Article 30. The names, locations and areas of jurisdiction of the Regional Price Bureaus shall be as follows: Name Location Area under jurisdiction Sapporo RPB Sapporo-shi Hokkaido Sendai RPB Sendai-shi Aomori, Iwate, Miyagi, Akita, Yamagata and Fukushima Prefectures Tokyo RPB Tokyo-to Tokyo-to, and Ibaragi, Gumma, Tochigi, Saitama, Chiba, Kanagawa, Yamanashi, Niigata and Nagano Prefectures Nagoya RPB Nagoya-shi Shizuoka, Gifu, Aichi, Mie, Toyama and Ishikawa Prefectures Osaka RPB Osaka-shi Kyoto-fu, Osaka-fu and Fukui, Shiga, Hyogo, Nara and Wakayama Prefectures Hiroshima RPB Hiroshima-shi Tottori, Shimane, Okayama, Hiroshima and Yamaguchi Prefectures Takamatsu RPB Takamatsu-shi Tokushima, Kagawa, Ehime and Kochi Prefectures Fukuoka RPB Fukuoka-shi Fukuoka, Saga, Nagasaki, Kumamoto, Oita, Miyazaki and Kagoshima Prefectures

(Internal Subdivisions) Article 31. The Regional Price Bureau shall have the following two Divisions: First Division; Second Division. 2 The details of the internal subdivisions of the Price Bureau shall, in addition to the provisions of the preceding paragraph, be provided for in Economic Stabilization Board Ordinance.

Part 4. Price Adjustment Kodan

(Price Adjustment Kodan) Article 32. The Price Adjustment Kodan shall be under the jurisdiction of the Price Agency. 2 The Price Adjustment Kodan shall be as provided for in the Price Adjustment Public Corporation Law.

Section 2. Economic Investigation Agency

(Economic Investigation Agency) Article 33. The organization, functions and powers of the Economic Investigation Agency shall be as provided for in the Economic Investigation Agency Law (Law No.206 o 1948).

Section 3. Foreign Investment Commission

(Foreign Investment Commission) Article 34. The organization, functions and powers of the Foreign Investment Commission shall be as provided for in the Cabinet Order concerning the Acquisition of Properties and or Rights by Foreign Nationals (Cabinet Order No.51 of 1949).

Chapter IV. Personnel

(Personnel) Article 35. The provisions of the National Public Service Law (Law No.120 of 1947) shall apply with respect to appointment, dismissal, promotion, disciplinary punishment and other matters concerning personnel administration of the Economic Stabilization Board.

(Fixed number of personnel) Article 36. The fixed number of personnel of the Economic Stabilization Board shall be provided for by law separately.

(Advisor and Counseller) Article 37. The advisors stipulated in Article 7 item (4) shall not exceed twenty in number and be appointed by the President from among persons of learning and experience. 2 The Counsellors stipulated in Article 7 item (4) shall not exceed twenty in number and be appointed by the President from among persons of learning and experience.

Article 38. Allowances and travel expenses shall be paid to the Advisor and Counsellor within the limits of budgetary appropriations.

Supplementary Provisions: 1. This Law shall come into force as from June 1, 1949. 2. The Economic Stabilization Board shall exist till May 31, 1950. 3. The Economic Stabilization Board Ordinance (Imperial Ordinance No.193 of 1947) and the Price Board Organization Ordinance (Imperial Ordinance No.381 of 1946) shall be abolished. 4. The organs of the Economic Stabilization Board, the Price Board, the Economic Investigation Board and the Foreign Investment Commission existing heretofore and personnel thereof shall, in spite of the provisions of the preceding paragraph, become the corresponding organs and personnel under this Law and retain their respective identities unless otherwise provided for by law (including orders issued thereunder) separately. 5. The provisions of the preceding paragraph shall not affect the application of the provisions of the law concerning the fixed number of personnel. 6. The provisions concerning the Ministers of of various Ministries and the various Ministries in the following laws and orders shall apply to the President of the Economic Stabilization Board and the Economic Stabilization Board: Public Finance Law (Law No.34 of 1947). Accounts Law (Law No.135 of 1947). National Property Law (Law No.73 of 1948). Law Administering New Pay (Law No.46 of 1948). National Public Service Mutual Aid Association Law (Law No.69 of 1948). Budget, Settlement of Accounts and Accounts Ordinance (Imperial Ordinance No.65 of 1947). Temporary Exceptions to the Budget, Settlement of Accounts and Accounts Ordinance (Imperial Ordinance No.558 of 1946). National Property Law Enforcement Order (Cabinet Order No.246 of 1948). 7. A part of of the Currency Issuance Deliberation Council Law shall be amended as follows: In Article 1, Article 3 paragraphs 1 and 3 and Article 5 "Prime Minister" shall be amended as "President of the Economic Stabilization Board." 8. A part of the Cabinet Order concerning the Acquisition of Properties and or Rights by Foreign Nationals shall be amended as follows: In Article 11, "Prime Minister's Office" shall be amended as "Economic Stabilization Board." 9. A part of the Enterprise Reconstruction and Reorganization Law shall be amended as follows: "Economy Reconstruction and Reorganization Committee (Iinkai In Japanese)" shall be amended as "Economic Reconstruction and Reorganization Council (Shingikai in Japanese)," and the following paragraph shall be added next to Article 45 parapraph 1. "The Council may, in addition to carrying out the matters provided for in the preceding paragraph, make recommendations to the President of the Economic Stabilization Board with respect to the basic matters of reconstruction and reorganization of enterprises." 10. A part of the Financial Institutions Reconstruction and Reorganization Law shall be amended as follows: "Economy Reconstruction and Reorganization Committee (Iinkai in Japanese)" shall be amended as "Economic Reconstruction and the Reorganization Council (Shingikai in Japanese)," and the following Article shall be added next to Article 61:

"Article 61-(2). The Economic Reconstruction and Reorganization Council may, in addition to carrying out the matters provided for in Articles 7, 41, 49 and 50 of the Financial Institutions Reconstruction and Reorganization Law, make recommendations to the President of the Economic Stabilization Board with respect to the basic matters of reconstruction and reorganization of financial institutions."

11. A part of the Price Control Ordinance shall be amended as follows: "Prime Minister" and "Prime Minister's Office Ordinance" shall be amended as "President of the Economic Stabilization Board" and "Economic Stabilization Board Ordinance" respectively.