Bill Proposes End to Feds Stimulus Role, Return to Single Mandate

Posted To: MND NewsWireTwo members of the Senate Banking Committee have introduced legislation which, if enacted, would severely restrict activities of the Federal Reserve Bank . Bob Corker (R-TN) and David Vitter (R-LA) are sponsors of the Federal Reserve Single Mandate Act of 2013 which will reduce the Banks role to re-establishing price stability. The bill would eliminate what Corker called "the broad, bipolar mandate" the Bank has today which, he said, blurs the line between fiscal and monetary policy and allows Congress to shirk its responsibility to enact sound budgets and policies that produce economic growth." Section 2A, (Monetary Policy Objectives) of the Federal Reserve Act currently reads: The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.http://www.mortgagenewsdaily.com/02052013_federal_reserve.asp @ uwad.com