Nick Timiraos: US House of Representatives deliberates on bill to cancel Fed's dual mandate

Nick Timiraos stated that the US House Financial Services Committee is considering a bill to amend the Federal Reserve Act, which aims to eliminate the Fed's dual mandate and focus solely on price stability. The bill proposes to amend Section 225a of Title 12 of the United States Code by deleting "maximizing employment and stabilizing prices" and replacing it with "stabilizing prices". Timiraos pointed out that if the bill had already taken effect at the time, the Fed's decision to cut interest rates last year would have been worth considering.