This is just one excerpt, published Dec 1 by EPI. The whole piece, Fact Sheet | Economic Growth can be found at EPI.org.Not in historical context. The Fed was created by Congress and gets its guidance from Congress. Under the law, the Fed is supposed to pursue a policy that promotes maximum employment and price stability. Congress decided that these goals should be the basis for policy when it enacted the Humphrey-Hawkins Full Employment Act of 1978. The concern is that the Fed has placed more emphasis on the price stability portion of its mandate than Congress had intended when it passed the law. The purpose of the Full Employment Federal Reserve Act is to emphasize the need for the Fed to give more weight to the full employment part of its mandate. Passing this law would be no more of an interference with the Fed's independence than passing the 1978 law The Fed was created by Congress and gets its guidance from Congress. Under the law, the Fed is supposed to pursue a policy that promotes maximum employment and price stability. Congress decided that these goals should be the basis for policy when it enacted the Humphrey-Hawkins Full Employment Act of 1978. The concern is that the Fed has placed more emphasis on the price stability portion of its mandate than Congress had intended when it passed the law. The purpose of the Full Employment Federal Reserve Act is to emphasize the need for the Fed to give more weight to the full employment part of its mandate. Passing this law would be no more of an interference with the Fed's independence than passing the 1978 law.
-- Won't strengthening the Fed's full-employment mandate impinge on the Fed's independence?
Not in historical context. The Fed was created by Congress and gets its guidance from Congress. Under the law, the Fed is supposed to pursue a policy that promotes maximum employment and price stability. Congress decided that these goals should be the basis for policy when it enacted the Humphrey-Hawkins Full Employment Act of 1978. The concern is that the Fed has placed more emphasis on the price stability portion of its mandate than Congress had intended when it passed the law. The purpose of the Full Employment Federal Reserve Act is to emphasize the need for the Fed to give more weight to the full employment part of its mandate. Passing this law would be no more of an interference with the Fed's independence than passing the 1978 law The Fed was created by Congress and gets its guidance from Congress. Under the law, the Fed is supposed to pursue a policy that promotes maximum employment and price stability. Congress decided that these goals should be the basis for policy when it enacted the Humphrey-Hawkins Full Employment Act of 1978. The concern is that the Fed has placed more emphasis on the price stability portion of its mandate than Congress had intended when it passed the law. The purpose of the Full Employment Federal Reserve Act is to emphasize the need for the Fed to give more weight to the full employment part of its mandate. Passing this law would be no more of an interference with the Fed's independence than passing the 1978 law.
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