U.S. House Committee Reviews Bill to Amend Federal Reserve Act

The U.S. House Financial Services Committee is currently reviewing a bill aimed at amending the Federal Reserve Act to focus solely on price stability, according to Nick Timiraos, often referred to as the 'Fed's mouthpiece.' According to Jin10, the proposed legislation seeks to revise Section 2A of Title 12 of the United States Code by removing the dual mandate of 'maximizing employment and stabilizing prices' and replacing it with 'stabilizing prices.' Timiraos noted that it is worth considering whether the Federal Reserve would have chosen to cut interest rates last year if this bill had already been enacted into law.