The goal of the Economic Stabilization Act of 1970 was to stem inflation.
The Economic Stabilization Act of 1970 enacted August 15, 1970. It was a United States law that authorized the President to stabilize prices, rents, wages, salaries, interest rates, dividends and similar transfers. It established standards to be a guide for determining levels of wages, prices, so on, which would allow for adjustments, exceptions and variations to prevent inequities, considering changes in productivity, cost of living and other pertinent factors.