'Fed Mouthpiece' Discusses Federal Reserve Mission Reform Bill: New Bill to Focus on Fighting Inflation

Jin10 Data reported on May 13 that 'Fed Mouthpiece' Nick Timiraos wrote that the U.S. House Financial Services Committee is reviewing a bill aimed at amending the Federal Reserve Act to eliminate the Fed's dual mandate and focus solely on price stability. The text of the bill is as follows: Amend Section 2A of the Federal Reserve Act (Title 12, Section 225a of the United States Code) by deleting 'maximum employment, stable prices' and inserting 'stable prices.' Timiraos pointed out that it is worth pondering whether the Fed would have chosen to cut interest rates last year if this bill had already been law at the time.