To amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment.

Amends the Federal Reserve Act to repeal the joint mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to make maximum employment one of the goals of their duty to maintain long run growth of the monetary and credit aggregates commensurate with the U.S. economy's long run potential to increase production.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 245 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 245

To amend the Federal Reserve Act to remove the mandate on the Board of 
  Governors of the Federal Reserve System and the Federal Open Market 
               Committee to focus on maximum employment.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 2011

  Mr. Pence introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Reserve Act to remove the mandate on the Board of 
  Governors of the Federal Reserve System and the Federal Open Market 
               Committee to focus on maximum employment.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REMOVAL OF DUAL MANDATE.

    Section 2A of the Federal Reserve Act (12 U.S.C. 225a) is amended 
by striking ``maximum employment, stable prices,'' and inserting 
``stable prices''.
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