CHAIRMAN HILL REINTRODUCES BILL TO FOCUS FEDERAL RESERVE SOLELY ON CURBING INFLATION

The following information was released by the U.S. House of Representatives Committee on Financial Services:

House Committee on Financial Services Chairman French Hill (AR-02), Rep. Byron Donalds (FL-19), and Rep. Marlin Stutzman (IN-03) reintroduced the Price Stability Act aiming to end the Federal Reserve's dual mandate and ensure the central bank focuses exclusively on containing inflation.

"For too long, the Federal Reserve has been stretched between competing objectives. It's time to return to a clear, singular focus: protecting the wallets of American families by keeping inflation in check," said Chairman Hill. "This legislation brings the Fed back to its core responsibilityprice stabilityand away from an overly broad agenda that weakens its effectiveness. As someone who has spent a career in banking and public service, I'm proud to lead this effort to bring clarity and focus back to our monetary policy. I thank my friends and colleagues, Rep. Donalds and Rep. Stutzman, for leading this effort with me."

"The last four years of economic mismanagement has been catastrophic and all Americans are bearing the brunt of Washington's failures," said Rep. Donalds. "Rather than trying to artificially manipulate the market, the Fed should be solely focused on combatting inflation. I'm proud to join Chairman Hill's effort to restore price stability as the singular mandate for the Federal Reserve."

"Having an independent and focused Federal Reserve is the best hope for Americans who want to make smart investments and keep their money in their pockets," said Rep. Stutzman. "The Fed's dual mandate has been a distraction from its true mission of keeping inflation under control. I am proud to support Chairman Hill's Price Stability Act which allows the Fed to refocus on its primary objective and keep prices low for everyday Americans."

Further Background:

The bill would amend the Federal Reserve Act to replace the Federal Reserve System's congressional mandate of effectively promoting maximum employment, stable prices, and moderate long-term interest rates with a single price stability mandate.