WASHINGTON, D.C. — Today, Congressman Byron Donalds (R-FL) and French Hill (R-AR) introduced the Price Stability Act, which would bring an end to the Federal Reserve’s dual mandate and ensure that the central bank centers its focus exclusively on curbing inflation.

“The mounting failures of the Biden administration are having a devastating impact on the nation. With consumer prices soaring across the board and inflation jumping nearly 8% in a year, the sole focus of the Federal Reserve should be protecting the purchasing power of the U.S. dollar,” said Rep. Donalds. “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.”

“The Fed should focus exclusively on containing inflation and steer clear of economic policy fads and calls for an expanded mission. As prices continue to rise, it’s time for Congress to reassess the central bank’s core mission and consider a mandate focused on keeping prices in check for the American people at the gas pump, in the grocery store, and any time they pull out their wallet,” said Rep. Hill. “As a former commercial banker and Treasury official, I am pleased to introduce this bill to provide relief to central Arkansans, and I thank my friend, Rep. Byron Donalds, for joining me in introducing this bill.”

This legislation can be read in its entirety here.

###