Nick Timiraos: U.S. House Committee Considers Bill to Eliminate Fed's Dual Mandate

Odaily Planet Daily reported that Nick Timiraos, often referred to as the "Fed whisperer," stated that the U.S. House Financial Services Committee is considering a bill to amend the Federal Reserve Act, aiming to eliminate the Fed's dual mandate and focus it solely on price stability. The text of the bill shows an amendment to Section 2A of the Federal Reserve Act (12 U.S.C. § 225a), deleting "maximum employment, stable prices" and inserting "stable prices." Timiraos pointed out that if this bill had been law at the time, the Fed's decision to cut interest rates last year would be worth reconsidering.