When the 1942 Revenue Act finally ground to passage, it contained under Title VIII, Section 801, this sentence: "The term 'excessive profits' means any amount of a contract or subcontract price which is found as a result of renegotiation to represent excessive profits."
Thus in a masterpiece of ambiguity did Congress recognize one all-important fact: what U.S. business can make on its war contracts (now some 3,000,000 in number) is coming to depend more & more on the decisions of Government price adjustment boards.
The Army, the Navy, the Maritime Commission and the Treasury now all have such boards. Their power...
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