According to Nick Timiraos, a Wall Street Journal (WSJ) reporter, the U.S. House Financial Services Committee is reviewing a bill to amend the Federal Reserve Act, abolishing the Federal Reserve's (Fed) dual mandate (maximum employment and price stability) and focusing solely on price stability. The bill seeks to remove the phrase 'maximum employment, price stability' from Section 2A of the Federal Reserve Act, leaving only 'price stability.' Timiraos pointed out that it is worth considering whether the Fed would have cut interest rates last year if this bill had already been enacted into law at that time.
