This bill would change the Federal Reserve Act by removing the words "maximum employment" from Section 2A. After the change, the law would name "stable prices" without also naming maximum employment. The bill text is a short amendment introduced by Representatives J. Hill, Marlin Stutzman, and Byron Donalds.
If this bill became law, the text of the Federal Reserve Act would no longer direct the Board of Governors and the Federal Open Market Committee to focus on maximum employment. The statute would refer only to stable prices. No publicly available information on specific effects for workers, consumers, inflation, or interest rates is included in the bill text.
No publicly available information.
The sponsors introduced the amendment to remove the Fed's statutory mandate to focus on maximum employment. The bill text itself does not include further explanation of expected outcomes or reasoning.
No publicly available information.