Fixing The Dollar Now: Why US Money Lost Its Integrity and How We Can Restore It by Shelton Judy

Author:Shelton, Judy [Shelton, Judy]
Language: eng
Format: epub
Publisher: Atlas Economic Research Foundation
Published: 2011-10-31T16:00:00+00:00

By 1978, Congress had embraced the notion that such fine-tuning of the economy could be implemented by the Fed through its monetary policy decisions. It adopted the ‘Full Employment and Balanced Growth Act’ (also known as the Humphrey-Hawkins Full Employment Act), which sought to coordinate monetary policy actions taken by the Chairman of the Federal Reserve with the economic policies of the President. * Though the Act expired in 2000, its legacy has remained in the dual mandate of the Fed and the requirement for the Chairman to report to Congress twice annually on monetary policy and the state of the economy.

Those who recognize that the Fed has become an overly dominant force in financial markets are quick to suggest that the responsibility to maximize employment should be eliminated; it leads to excessive government intervention in the economy. Price stability should be the single focus of the nation’s central bank, according to Bob Corker, the Republican Senator for Tennessee, a member of the Senate Banking Committee:

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