Nixon Price Control Act of 1970: President Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970) imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II. The price controls were part of package of three legislative items that formed the US default on gold convertibility of the dollar: Convertibility of the dollar into gold or other reserve assets was suspended; 90-day freeze on wages and prices; and a surcharge of 10 percent on imported goods was imposed. In a masterpiece of political wishful thinking Nixon promised his legislation would reduce inflation and stabilize the dollar.
