H.R. 6042 (110th): Price Stability and Inflation Targeting Act of 2008

Introduced:
May 13, 2008 (110th Congress, 2007–2009)
Sponsor:
Rep. James “Jim” Saxton [R-NJ3]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on May 13, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced May 13, 2008
Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

To mandate price stability as the primary goal of the monetary policy of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee.

Summary

No summaries available.

Text

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Last updated May 13, 2008.
4 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/13/2008--Introduced.
Price Stability and Inflation Targeting Act of 2008 - Declares that the primary and overriding goal of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee with regard to monetary policy shall be the achievement of price stability. Authorizes the Board and the Committee to suspend such goal if the Committee, by a majority vote, and the President jointly determine such suspension necessary due to war or an economic emergency. Requires the Board and the Committee to: (1) establish a definition of the goal of price stability; (2) implement such definition through inflation targets; and (3) specify a timeframe for achieving such goal. Directs the Board to determine in advance what action it will take if the goal of fully achieving price stability is not met within the timeframe established by the Board and the Committee.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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