WASHINGTON – Representatives Byron Donalds (R-FL) and French Hill (R-AR) reintroduced the Price Stability Act to end the Federal Reserve's dual mandate and ensure that the central bank and Federal Open Market Committee (FOMC) focus their efforts exclusively on containing inflation. The bill's introduction comes as the FOMC is convening for its monthly meeting, where they will decide whether to raise interest rates.

“The mounting failures of the Biden Administration are devastatingly impacting the nation. With consumer prices still sky high across the board and inflation continuing to decimate American wallets everywhere, the sole focus of the Federal Reserve should be protecting the purchasing power of the U.S. dollar. I’m excited to partner with Congressman French Hill on this legislation to realign the Federal Reserve’s priorities with the needs of the American people.” – Rep. Byron Donalds

"The Federal Reserve should direct its focus towards taming inflation and steer clear of economic policy fads and an expanded mission. In light of the persistently rising prices, it is past time for Congress to reconsider the central bank's core mission and contemplate a mandate centered on safeguarding the American people's wallets. As a former community banker and Treasury official, I am pleased to reintroduce this legislation to restore sanity to our nation's monetary policy. I thank my colleague, Rep. Donalds, for joining me in reintroducing this bill." – Rep. French Hill

Background:

This bill has the support of experts: Alex Pollock, Senior Fellow at the Mises Institute, Joseph Salerno, Academic Vice President at the Mises Institute, and Paul H. Kupiec, Senior Fellow at the American Enterprise Institute. If a single mandate were to be adopted in the United States, it would align with that of the European Central Bank, Swiss National Bank, Bank of Japan, and Bank of Canada - among others.