Limit the Federal Reserve to a single mandate of stable money
What the document says“Congress should limit its mandate to the sole objective of stable money.”
The central bank currently has a dual mandate covering both stable prices and maximum employment. The chapter argues that because of its expanded discretionary powers over monetary and regulatory policy it lacks both operational effectiveness and political independence, and that narrowing the mandate would protect its independence and improve outcomes.
What the document actually says“Congress should limit its mandate to the sole objective of stable money.”
The Fed should have one job only. That job is keeping money stable.
The Fed is told to do two things. Keep prices steady and keep people in work. The book says it should do only the first.
No action is recorded against this proposal. That is not evidence that none has been taken. See what the tracker does not yet cover.