May. 13 at 3:47 PM
The House Financial Services Committee is taking up a bill that would amend the Federal Reserve Act to eliminate the dual mandate & focus only on price stability.
Chairman (R-Ark) French Hill in support of H.R. 5396:
“It's Congress and the executive branch through their regulatory revenue policy spending decisions that have a dramatic and significant influence over the growth of the economy and labor market conditions. … Inflation is a tax on everyone, all of us. Yet it does not tax everyone equally. It disproportionately punishes and hurts the poor and minority communities more. Which then begs the question, why don't more of my colleagues on the other side of the aisle consider supporting the Price Stability Act, the very legislation that marginalized communities would benefit financially from the most if we were successful in targeting inflation and not have it run rampant as it does periodically, most recently in the late 2020 to 2022 time frame.”
Rep (R-IN) Stutzman in support of H.R. 5396:
“Many forget that the original Federal Reserve Act of 1913 did not have a dual mandate. No price stability goal, no maximum employment goal, just a goal to maintain elastic currency. People also forget that the Senate originally had drafted the Federal Reserve Act of 1913 to have the Federal Reserve to promote a stable price level. ... Price stability was on Congress's collective mind well before the introduction of the Fed's dual mandate. Not until the 70s did Congress provide the Fed with the mandate, with the dual mandate. Unfortunately, the dual mandate was not born from economic necessity. It was born from the politics of the Great Society era.”
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